Obama win will inject much needed confidence into global property markets

The real estate industry in the US is confident that Barack Obama, the next President, will be able to boost the economy and help the property sector.

At the annual National Association of Realtors conference taking place in Florida this weekend many delegates were upbeat about the election results.

'Political uncertainty is over. Realtors believe that if the economy starts to stabilise buyers will return,' said NAR chief executive Peter Bolton King.

Other experts agree that his election alone is a positive step. 'With the US property market in a state of disarray, Obama has a long road ahead of him if he is to be true to his word and bring change to America. But his election is the first step towards bringing back confidence,' said Chintan Mahida, global property analyst.

Obama is also expected to introduce measures to help stem the foreclosure explosion. During his campaign he talked of plans to invest a $10 billion foreclosure prevention fund to help homeowners modify their loans.

'We've got to make sure that we're helping homeowners, because the root problem here has to do with the foreclosures that are taking place all across the country,' he said.

He has also talked about major regulatory changes. 'To renew our economy and to ensure that we are not doomed to repeat a cycle of bubble and bust again and again we need to address not only the immediate crisis in the housing market; we also need to create a 21st century regulatory framework,' he also said.

Obama's win is also seen as a positive move for property markets around the world. Global estate agents Hamptons International said it anticipates that the world economy and housing markets will feel the benefit in the coming months.

'Should Barack Obama follow through on his pledges for change for the US housing market, this should have a ripple effect on housing markets across the globe, with the US widely regarded as the economic trend setter,' a spokesman said.

'Even simply considering the confidence factor, this will re-inject trust into the market. Shoots of optimism are badly needed and Barack Obama's leadership will help to instill the buyer confidence that the market is crying out for,' he added.