Registered real estate agents in areas affected by the country’s worst oil spill in the Gulf of Mexico will be entitled to around $12,000 per claim.

Reports said the five state real estate associations along the US Gulf Coast – Louisiana, Florida, Alabama, Mississippi and Texas – will receive a total of $60 million in compensation. The money will be sourced from the Gulf Coast Claims Facility, which is managed by fund administrator Kenneth Feinberg.

News of the compensation followed a survey by analytics firm Clear Capital that showed that more than 50% of agents believe the tragedy has a negative impact. One-fourth of respondents said the oil spill prevented them from selling homes. The survey also showed the event led to a 5% to 15% decline in home prices.

“Many real estate claims for loss of income due to the oil spill have been in limbo, leaving people with no way to pay their bills, take care of their families or keep their businesses going,” said Florida Realtors president Wendell Davis. He described many of local agents as “suffering from the loss of their livelihood because of the oil spill crisis.” Florida realtors will get $16 million of the $60 million compensation for agents. Among the worst-affected areas in Florida is Panama City, wherein a 32.5% plunge in sales volume was seen.

Meanwhile, Alabama Association of Realtors president Keith Kelley called the news an “historic agreement.” “It will help restore economic vitality to the Gulf Coast and ensure that a unique culture and way of life continues into the future,” Kelley added.

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