An analysis on relationship between flood depth and decline in residential property prices after Hurricane Sandy

Authors: Ryo Inoue*, Tohoku University, Hayato Otsu, Tohoku University, Kanako Iuchi, Tohoku University
Topics: Hazards, Risks, and Disasters
Keywords: awareness of flood risk, residential property price, flood depth, Hurricane Sandy
Session Type: Paper
Day: 4/12/2018
Start / End Time: 5:20 PM / 7:00 PM
Room: Napoleon D1, Sheraton 3rd Floor
Presentation File: No File Uploaded

Non-structural measures is increasingly considered critical to secure life and property from flooding. Provided measures would have no effect without residents’ well understanding on flood risk; however, residents’ awareness level is unknown. Previous research, based on the analysis of real estate property prices, suggest that residents’ experiences on flood strengthens their awareness. Such studies, however, have overlooked magnitude of damage. This study analyzes a relationship between flood depth and residential property prices in areas damaged by Hurricane Sandy, where detailed flood depth data are available. Results indicate that the residential property value drops more as flood depth increases, and the level of flood risk awareness corresponds to the magnitude of flood damage experienced.

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