Blantis, Angelos (2024) Cumbria's Property Market Under the Surge: A Flood Risk Examination. A case study on how flood risk in flood-prone area of Cumbria, England affects residential real estate property prices. Master thesis.
|
Text
Angelos Blantis S5406714 Final Thesis.pdf Download (2MB) | Preview |
Abstract
This study examines the relationship between flood risk and property prices in the area of Cumbria, England. Natural disasters have become a global menace due to global warming, and, in particular, Europe has experienced numerous storms and flooding in recent years. Understanding the diverse effects of these dangers has thus become critical in order to adapt preventative as well as urban planning of infrastructure and real estate. I explore the relationship between real estate property sales prices and three floods that occurred in January 2005, November 2009, and December 2015, using a hedonic pricing model. For my research model, I utilized a sample of 184,048 real estate transactions in Cumbria, UK's third-largest county, from 2003 to 2022. I find evidence indicating a statistically significant negative correlation between the November 2009 flood and real estate property prices, whereas there is no statistical negative evidence on the consequences of the January 2005 and December 2015 flood. I contribute to the literature by expanding related research to other regions and cities in England, aiming to close the gap of empirical evidence on market behavior and reaction patterns in the case of flooding and natural disasters in general. Specifically, this thesis focuses on flood events that occurred not in one specific place but in several areas and cities of the county that have been affected. Additionally, results show that the discount differs after the effects of flooding among residential properties, considering their property types and price segments, ranging from low-end, middle-end, and high-end housing.
| Item Type: | Thesis (Master) |
|---|---|
| Degree programme: | Real Estate Studies |
| Supervisor: | Liu, X. |
| Date Deposited: | 07 Feb 2024 11:17 |
| Last Modified: | 07 Feb 2024 11:17 |
| URI: | https://frw.studenttheses.ub.rug.nl/id/eprint/4456 |
Actions (login required)
 |
View Item |