This paper provides an exploratory look at whether climate risk was incorporated in land prices. The data sample explored land transactions located in seven wards in Tokyo. The initial results indicate that land unit price was lower by 7% for land parcels located near live water bodies.
Variables like area characteristics and land use zoning were statistically significant in explaining for the variation in land unit prices, lending support to the hypothesis that more informed buyers priced in climate risk in the land prices.
Impact of Rising Sea Levels in Japan: A Study into the Price Dynamics of Residential Real Estate
EMS_2023_01
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