US property slump 'brings investment opportunities'

The slump in the US property market has created a number of buying opportunities for those looking to invest in the country, one expert has claimed.

David Giles, director of Property Deals Florida, explained that interest in purchasing US homes has been growing over the past four months.

However, he noted that prices for property in the country are unlikely to "bottom out" until the second half of 2009, with a recovery expected to begin within the next two years.

"Nothing new is starting [in terms of] construction as developers simply cannot get finance," he noted, adding that current housing stock needs to be "absorbed into the market" before prices will begin to rise.

It was recently claimed that the election of Barack Obama as president has helped to restore confidence in the country's real estate sector, with director of Mayfair International Realty Annette Reeve stating that many buyers are "hopeful that he will make amends" to the US economy.

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