Investors gamble on Vegas property
Investors gambled on Vegas property this summer, according to TheMoveChannel.com’s latest Investment Watch report. The portal’s research found that with a US recovery on the cards, condos in Las Vegas were a safe bet for buyers, receiving the highest number of enquiries in August 2013.
The condos, located in the 37-storey Veer Towers in MGM’s CityCenter complex, are the only private residential buildings in the heart of the Las Vegas strip. With units starting from £147,959 and a rental scheme guaranteeing income for two years, the combination of yields, price and location proved a small risk for investors willing to buy a stake in US real estate.
Indeed, property in the USA was the most popular on TheMoveChannel.com last month; North Dakota’s oil boom drew in enough buy-to-let investors to receive the seventh highest number of enquiries, ahead of a building plot in Florida, which attracted the eighth highest number of enquiries. Together, America accounted for three of the top 10 listings in August.
Buyers were also willing to bank on the eurozone. An investment scheme in Portugal’s Madeira generated the second highest level of demand, followed closely by a hotel investment in Germany. A maisonette in Greece and a hotel in France completed the top five listings.
UK property bonds seized the sixth spot, taking the eurozone’s share of the Investment Watch chart to half, as buyers return to familiar, affordable destinations where holiday homes and investment yields are more accessible. Indeed, all of the eurozone listings in the top 10 have prices below £110,000, while four out of the five cost less than £50,000.
Greece’s rebound and Portugal’s positive performance are promising signs for the eurozone, but Las Vegas led interest in August, as investors look to win big from the ongoing US recovery.
Director Dan Johnson comments: “With the eurozone home to four of the top five properties last month and five of the top 10, Europe’s appeal is clearly still strong, but the sheer momentum of the US recovery makes American property even more attractive. Florida remains a popular destination but the tables are turning in Las Vegas’ favour: according to recent figures, prices in the city surged by more than 30 per cent in July 2013 year-on-year. Values remain lower than other markets, though, making Nevada’s gambling strip a sure bet for investors seeking strong capital growth. As stakes climb higher in the Veer Towers, the odds are that buyers will continue to back US real estate for the foreseeable future.”
