While the country’s worst oil spill in the hit only a few areas of Florida, a new study suggests that the real estate market across the Sunshine State is affected by the tragedy.

“Our respondents indicate that the effect of the oil spill is being felt across Florida despite the fact that oil is currently only showing up on beaches in the Panhandle,” a University of Florida (UF) official said. Timothy Becker, director of UF’s Bergstrom Center for Real Estate Studies, made the remark as the center released its quarterly survey.

“The devastating effect of the spill on the Panhandle’s economy has created a giant cloud of uncertainty that is affecting all markets across the state,” he added. Staring in gas in April, the Deepwater Horizon has so far spilled between 90 million and 180 million gallons of oil.

Apart from the effects of the BP oil spill in the Gulf of Mexico, the study also believes that Florida’s unemployment rate will continue to haunt the real estate market. Becker said that until the state starts seeing an improvement in job rates, the local real estate market is unlikely to see a rebound. “Unemployment drives everything for the real estate market, and while unemployment has gotten slightly better this past quarter, it’s not a significant difference.”

At present, Florida hold’s the fifth highest unemployment rate in the country. The figure stood at a seasonally adjusted average of 11.4% in June, slightly better from May’s 11.7%.

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