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


  • Shohei Yasuda

    (Housing Research and Advancement Foundation of Japan/Graduate School of Economics, Keio University)

  • Norifumi Yukutake

    (Faculty of Economics, Nihon University)

  • Michio Naoi

    (Faculty of Economics, Keio University)


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.

Suggested Citation

  • Shohei Yasuda & Norifumi Yukutake & Michio Naoi, 2018. "The Impact of Earthquake Risk on Housing Market Before and After the Great East Japan Earthquake," Keio-IES Discussion Paper Series 2018-011, Institute for Economics Studies, Keio University.
  • Handle: RePEc:keo:dpaper:2018-011

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    More about this item


    Hedonic method; Earthquake risk; Real estate market;

    JEL classification:

    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R32 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other Spatial Production and Pricing Analysis

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