Institute for Economic Studies, Keio University


The Impact of Earthquake Risk on Housing Market Before and After the Great East Japan Earthquake

Shohei Yasuda、Norifumi Yukutake、Michio Naoi


JEL Classification codes : R14, R21, R32

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[ Abstract ]

This paper examines the impact of earthquake risks on real estate market, and whether this is changed after the Great East Japan Earthquake. The primary purpose of this paper is to examine whether homeowners and/or renters alter their subjective risk assessments after the Great East Japan Earthquake. We found that housing rents/prices went up in risky areas after the Great East Japan Earthquake, suggesting that earthquake risk was overestimated before the earthquake.