US recovery not certain despite large increase in sales

Experts are remaining cautious about the recovery of the US property market, despite recent figures which show that activity in New York has increased during the first quarter of 2010.

Despite posting a sales increase of 99.5 per cent over the opening three months of the year compared to 2009, the Prudential Douglas Elliman real estate agency is unsure it represents a step towards full market recovery.

"The market is definitely recovering, with stabilised prices and a spring sales boom, but this is not yet the big turn. I am cautious," said Douglas Elliman, executive vice president of Ariel Cohen.

"We have a lot of foreign buyers, including Asian and European."

One of the primary reasons that the property expert is unwilling to commit to full recovery is the fact that prices remain low in comparison to the boom experienced before the market collapse.

Another US market that is experiencing an increase in the number of investors is Florida.

An increasing amount of individuals are heading to the sunshine state to take advantage of a large number of heavily reduced properties.

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