Los Angeles has become a highly desired destination. The continuing, record-breaking growth of tourism is generating significant revenues to the local economy, benefiting the real estate market and local businesses. We are noticing a significant increase of interest by foreign enterprises and private investors in entering the LA real estate market.LA has positioned itself as a leading global tourist destination with a new set record of 44.2 million visitors in 2014. Hotel occupancy grew to the highest-ever level of 78.9%, and hotel room nights sold set all-time record highs. Expectations are that Los Angeles will reach 50 million visitors by 2020.
California is now competing on an international level. Its economy is up to the seventh largest in the world. We are experiencing statewide economic growth on multiple fronts which is beneficial to Angelinos. Besides the expansion of business investments, Los Angeles, with its variety of diverse neighborhoods, offers a warm sense of community and attracts home buyers from all over the world. It’s a wonderful place to live.
(Statistics provided by LA Tourism Board, U.S. Bureau of Economic Analysis)