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Estimating the Potential Risks of Sea Level Rise for Public and Private Property Ownership, Occupation and Management

Author

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  • Georgia Warren-Myers

    (Thrive, Faculty of Architecture, Building and Planning, The University of Melbourne, Melbourne 3010, Australia)

  • Gideon Aschwanden

    (Faculty of Architecture, Building and Planning, The University of Melbourne, Melbourne 3010, Australia)

  • Franz Fuerst

    (Department of Land Economy, University of Cambridge, Cambridge CB3 9EP, UK)

  • Andy Krause

    (Greenfield Advisors, Seattle, WA 98121, USA)

Abstract

The estimation of future sea level rise (SLR) is a major concern for cities near coastlines and river systems. Despite this, current modelling underestimates the future risks of SLR to property. Direct risks posed to property include inundation, loss of physical property and associated economic and social costs. It is also crucial to consider the risks that emerge from scenarios after SLR. These may produce one-off or periodic events that will inflict physical, economic and social implications, and direct, indirect and consequential losses. Using a case study approach, this paper combines various forms of data to examine the implications of future SLR to further understand the potential risks. The research indicates that the financial implications for local government will be loss of rates associated with total property loss and declines in value. The challenges identified are not specific to this research. Other municipalities worldwide experience similar barriers (i.e., financial implications, coastal planning predicaments, data paucity, knowledge and capacity, and legal and political challenges). This research highlights the need for private and public stakeholders to co-develop and implement strategies to mitigate and adapt property to withstand the future challenges of climate change and SLR.

Suggested Citation

  • Georgia Warren-Myers & Gideon Aschwanden & Franz Fuerst & Andy Krause, 2018. "Estimating the Potential Risks of Sea Level Rise for Public and Private Property Ownership, Occupation and Management," Risks, MDPI, vol. 6(2), pages 1-21, April.
    • Handle: RePEc:gam:jrisks:v:6:y:2018:i:2:p:37-:d:141106
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    References listed on IDEAS

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    3. Wieteska-Rosiak Beata, 2020. "Real Estate Sector in the Face of Climate Change Adaptation in Major Polish Cities," Real Estate Management and Valuation, Sciendo, vol. 28(1), pages 51-63, March.
    4. Andrew Kirby, 2022. "The Right to Make Mistakes? The Limits to Adaptive Planning for Climate Change," Challenges, MDPI, vol. 13(1), pages 1-10, June.

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