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The Influence Of The Great Hanshin†Awaji Earthquake On The Local Housing Market

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  • Yasuo Kawawaki
  • Mitsuru Ota

Abstract

The Great Hanshin†Awaji Earthquake destroyed a huge number of houses and caused housing problems in the disaster area. This paper investigates the influence of the earthquake on the related housing market, mainly in terms of changes in house prices and housing rents, and analyzes the machanism of the changes. Empirical results by Hedonic analyses indicate the influences are different between house prices and housing rents and also between the disaster district and the surrounding area. Those differences are explained by the factors of the earthquake that would affect the housing market, such as decrease in income, diversity of damage among the districts and others.

Suggested Citation

  • Yasuo Kawawaki & Mitsuru Ota, 1996. "The Influence Of The Great Hanshin†Awaji Earthquake On The Local Housing Market," Review of Urban & Regional Development Studies, Wiley Blackwell, vol. 8(2), pages 220-233, July.
    • Handle: RePEc:bla:revurb:v:8:y:1996:i:2:p:220-233
    DOI: 10.1111/j.1467-940X.1996.tb00119.x
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    Cited by:

    1. Naoi, Michio & Seko, Miki & Sumita, Kazuto, 2009. "Earthquake risk and housing prices in Japan: Evidence before and after massive earthquakes," Regional Science and Urban Economics, Elsevier, vol. 39(6), pages 658-669, November.
    2. Miyakoshi, Tatsuyoshi & Shimada, Junji & Li, Kui-Wai, 2016. "The impacts of the 2008 and 2011 crises on the Japan REIT market," Journal of the Japanese and International Economies, Elsevier, vol. 41(C), pages 30-40.
    3. Dakshina Silva & Jamie Kruse & Yongsheng Wang, 2008. "Spatial dependencies in wind-related housing damage," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 47(3), pages 317-330, December.
    4. Masako Ikefuji & Roger J. A. Laeven & Jan R. Magnus & Yuan Yue, 2022. "Earthquake Risk Embedded in Property Prices: Evidence From Five Japanese Cities," Journal of the American Statistical Association, Taylor & Francis Journals, vol. 117(537), pages 82-93, January.
    5. Fumihiro Yamane & Hideaki Ohgaki & Kota Asano, 2013. "The Immediate Impact of the Fukushima Daiichi Accident on Local Property Values," Risk Analysis, John Wiley & Sons, vol. 33(11), pages 2023-2040, November.

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