View metadata

dc.titleExtreme Weather and Real Estate: A Case Study of the Jamaican Housing Market
dc.contributor.authorSpencer, Nekeisha
dc.contributor.orgunitDepartment of Research and Chief Economist
dc.coverageJamaica
dc.date.available2023-06-29T00:06:00
dc.date.issue2023-06-29T00:06:00
dc.description.abstractThe damaging effects of extreme weather on residential real estate are concerning for many countries around the world. Results from combining hurricane and rainfall events with 16 years of data on sale prices of land, apartments and the value of mortgages across different localities in Jamaica reveal that the housing market should take urgent adaptation measures. While hurricanes play a role in reducing apartment prices, they do not affect residential housing prices and the value of existing mortgages. The study also demonstrates that extreme rainfall reduces the value of new mortgages. The results point to the importance of climate adaptation for the real estate market and property investment.
dc.format.extent24
dc.identifier.doihttp://dx.doi.org/10.18235/0004984
dc.identifier.urlhttps://publications.iadb.org/publications/english/document/Extreme-Weather-and-Real-Estate-A-Case-Study-of-the-Jamaican-Housing-Market.pdf
dc.language.isoen
dc.publisherInter-American Development Bank
dc.subjectClimate Change
dc.subjectHurricane
dc.subjectHousing Market
dc.subjectRainfall
dc.subjectFlood Damage
dc.subjectDisaster
dc.subjectHousing
dc.subjectNatural Disaster
dc.subject.jelcodeQ5 - Environmental Economics
dc.subject.jelcodeD01 - Microeconomic Behavior: Underlying Principles
dc.subject.jelcodeQ54 - Climate • Natural Disasters and Their Management • Global Warming
dc.subject.jelcodeQ58 - Government Policy
dc.subject.keywordshousing;Extreme weather;adaptation;Jamaica
dc.typeDiscussion Papers
idb.identifier.pubnumberIDB-DP-01014
idb.operationRG-K1198
Return to Publication