Agents and developers in the southern United States are worried BP's oil spill may affect rental income and drive down property prices in the Gulf Coast Shore-area by 10 percent per annum for the next three years, according to the data group CoStar.

Florida could be one of the worst-hit states, not least because of its hundreds of miles of gulf coast tourist beaches and its state policy of not levying an income tax. Florida relies on sales tax revenue.

A CoStar spokesman said: “Owners of rental income-producing property who had hoped to see healthier summer vacation rental this year are now faced with vacation and meeting cancellations and a lengthy clean up.

According to CoStar research vice president Norm Miller, the Florida Coast housing market is already weak and the crisis is only going to make matters worse.

“Land prices along much of the Florida coast are running between $2 million and $8 million an acre,” said Miller, who added: “Using an average of $3 million an acre and subtracting a 10 percent value hit from the oil slick, lost value would total about $4.32 billion.”

The oil spill is the worst environmental disaster in US history and is estimated to be spewing 25,000 to 35,000 barrels of oil a day into the Gulf of Mexico.

Financial analysts Bloomberg claim the oil will further harm property values in an area where Moody’sEconomy.com estimates prices fell by as much as 34 percent from the peak of the US residential real estate market in 2006.

• International developer the Beltico Group, owners of the award-winning Praia D’El Rey Golf and Beach Resort on Portugal’s Silver Coast, are launching another five star golf and leisure resort at Falésia D’El Rey.

The new attraction is situated across 230 hectares on the cliffs overlooking the sea and beaches of the nearby Óbidos lagoon.

Beltico plans to develop an 18-hole links golf course and golf clubhouse, a five-star contemporary hotel overlooking the sea plus a boutique hotel with spa, swimming pools, tennis courts, shops and exercise circuits.

It has been declared a Project of National Interest by the Portuguese authorities and will include 475 luxury properties - apartments, townhouses and detached villas - around the new golf course, which has been designed by the American golf course architect Pete Dye.

Beltico Chairman Stuart Swycher, said: “We are determined that Falésia D’El Rey will be a world renowned resort which will perfectly complement our sister resort Praia D’El Rey.

“We have built Praia D’El Rey into one of Portugal’s most famous destinations over the last 15 years, but I am confident that Falésia will be the key element in expanding the luxury offer in the area”.

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