Economic impact of purchasing a home near a casino
According to data released over the last few years house prices have continued to rise as the UK economy has once again gained momentum.
With the rise of house prices and an increased demand for property, the question of buying in a good location once again comes to the fore. The question regarding purchasing a house near an entertainment complex or casino recently arose due to developers eyeing empty or unused plots of land in several smaller towns in the UK and the debate regarding the economic impact a casino could have on house prices arose.
It’s doubted that any corner of the UK would suddenly be turned into a casino destination such as Las Vegas but the development of smaller complexes can both attract and drive people from an area, depending on location, current traffic or anchor tenants.
Whilst many casino patrons have turned their attention to playing online or mobile games at sites such as Lucky Nugget casino there is no denying that there is still a demand for brick and mortar casinos, and that they often add value to an area as they include restaurants, shops and additional entertainment options geared towards the whole family. This creates employment opportunities and can enrich an area and boost its portfolio, increasing the cost of houses or at least keeping their value stable. Enhanced amenities can increase property value and a borough can benefit greatly from the added infrastructure. Transport routes can also benefit and if a casino is one of few in the region it could be a boost for tourism and the immediate local economy.
In past case studies the economic impact of a casino on property price has been variable, with often a greater area benefiting from the development of an entertainment complex, and houses in the immediate vicinity either taking a slight dip in value or remaining stable. There are negatives to having a casino on your doorstep and this can include increased traffic, congestion and noise, however these negative factors can be associated with almost all developments.
The impact a casino will have on the value of your property is essentially site specific. A successful casino will attract other business to make an investment in the area, thus stimulating growth and buyer activity, but property located in an inconvenient location may experience a decline in value.