Wind and Water: How Extreme Weather Conditions Impact Residential Real Estate in Developing Countries

Nekeisha Spencer

doi:10.1007/s13753-023-00518-6

Volume 14 Issue 5

Nov. 2023

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Nekeisha Spencer. Wind and Water: How Extreme Weather Conditions Impact Residential Real Estate in Developing Countries[J]. International Journal of Disaster Risk Science, 2023, 14(5): 813-821. doi: 10.1007/s13753-023-00518-6

Citation:

Nekeisha Spencer. Wind and Water: How Extreme Weather Conditions Impact Residential Real Estate in Developing Countries[J]. International Journal of Disaster Risk Science, 2023, 14(5): 813-821. doi: 10.1007/s13753-023-00518-6

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Wind and Water: How Extreme Weather Conditions Impact Residential Real Estate in Developing Countries

doi: 10.1007/s13753-023-00518-6

Nekeisha Spencer^,

Department of Economics, University of the West Indies Mona, Kingston, Jamaica

Funds:

This article is based on research done for the Interamerican Development Bank.

Accepted Date: 2023-10-14

Available Online: 2023-11-23

Publish Date: 2023-10-30

Abstract

Abstract

The damaging effects of extreme weather is concerning for many countries across the globe. Though the impact of these events on the housing market has been studied extensively, one aspect that remains unexplored is the value of mortgages. Further, there is no clarity on the impact of the specific types of homes. This study analyzed mortgages and apartment values and included residential land sale prices over 16 years for different localities across Jamaica. The analysis revealed that mortgages are adversely affected by excess rainfall while apartment sale prices are reduced by hurricanes but increased by excess rain. However, residential land prices remain unaffected by both events. The results point to the importance of climate adaptation for the local real estate market and property investment.
- Excess rainfall,
- Hurricanes,
- Jamaica,
- Residential real estate

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References(61)

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