US investors fear for coastal property

Property investors with real estate on the south coast of the US are hoping the clean-up operation from the recent oil spill is successful after fears that the fall out from the disaster could have long-term effects on the market.

If the oil, which is claimed to be leaking 5,000 barrels a day, comes ashore it has the potential to damage the desirability of the area, which relies on luxurious beaches to support its tourism and property markets.

Many investors in the region are looking into getting compensation from BP for a loss of rental earnings.

Although the organisation has not made its position clear on whether it would reimburse losses incurred by property owners, it said that it would contribute towards "all necessary and appropriate clean-up costs".

"We'll determine the legitimacy of claims on a case-by-case basis," said Curtis Thomas, spokesman for BP, when questioned on the topic.

Individuals looking for homes in the US may want to take advantage of the plethora of foreclosed property currently on the market.

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