Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Daily Overview |
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Egg-timer session: Extreme weather events Location: Auditorium H Session Chair: Laurine Anna de Wolf, Vrije Universiteit Amsterdam | |
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Floods do not sink prices, historical memory does: How flood risk affects housing prices in Italy 1: Università di Torino, Turin, Italy; 2: CENTAI Institute, Turin, Italy; 3: Institute for Biocomputation and Physics of Complex Systems, University of Zaragoza, Zaragoza, Spain; 4: Intesa Sanpaolo Innovation Center, Turin, Italy; 5: Intesa Sanpaolo, Turin, Italy Do home prices incorporate flood risk in the immediate aftermath of specific flood events, or is it the repeated exposure over the years that plays a more significant role? We address this question through the first systematic study of the Italian housing market, which is an ideal case study because it is highly exposed to floods, though unevenly distributed across the national territory. Using a novel dataset containing about 550,000 mortgage-financed transactions between 2016 and 2024, as well as hedonic regressions and a difference-in- difference design, we find that: (i) specific floods do not decrease home prices in areas at risk; (ii) the repeated exposure to floods in flood-prone areas leads to a price decline, up to 4% in the most frequently flooded regions; (iii) responses are heterogeneous by buyers’ income and age. Young buyers (with limited exposure to prior floods) do not obtain any price reduction for settling in risky areas, while experienced buyers do. At the same time, buyers who settle in risky areas have lower incomes than buyers in safe areas in the most affected regions. Our results emphasize the importance of cultural and institutional factors in understanding how flood risk affects the housing market and socioeconomic outcomes. | |