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Distant Event, Local Effects? Fukushima and the German Housing Market

  • Thomas K. Bauer
  • Sebastian Braun
  • Michael Kvasnicka

The Fukushima Daiichi accident in Japan in March 2011 caused a fundamental change in Germany's energy policy which led to the immediate shut down of nearly half of its nuclear power plants. This paper uses data from Germany's largest internet platform for real estate to investigate the effect of Fukushima on the German housing market. Using a difference-in-differences approach, we find that Fukushima reduced house prices near nuclear power plants that were in operation before Fukushima by almost 6%. House prices near sites that were shut down right after the accident even fell by 10.8%. Our results suggest that economic reasons are of prime importance for the observed fall in house prices near nuclear power plants

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File URL: https://www.ifw-members.ifw-kiel.de/publications/distant-event-local-effects-fukushima-and-the-german-housing-market/KWP%201857.pdf
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Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1857.

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Length: 23 pages
Date of creation: Jul 2013
Date of revision:
Handle: RePEc:kie:kieliw:1857
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  1. Michael Greenstone & Justin Gallagher, 2005. "Does Hazardous Waste Matter? Evidence from the Housing Market and the Superfund Program," NBER Working Papers 11790, National Bureau of Economic Research, Inc.
  2. Lucas W. Davis, 2011. "The Effect of Power Plants on Local Housing Values and Rents," The Review of Economics and Statistics, MIT Press, vol. 93(4), pages 1391-1402, November.
  3. John I. Carruthers & David E. Clark, 2010. "Valuing Environmental Quality: A Space-Based Strategy," Journal of Regional Science, Wiley Blackwell, vol. 50(4), pages 801-832.
  4. repec:icr:wpmath:06-2013 is not listed on IDEAS
  5. Luc Anselin & Nancy Lozano-Gracia, 2008. "Errors in variables and spatial effects in hedonic house price models of ambient air quality," Empirical Economics, Springer, vol. 34(1), pages 5-34, February.
  6. Cho, Seong-Hoon & Poudyal, Neelam C. & Roberts, Roland K., 2008. "Spatial analysis of the amenity value of green open space," Ecological Economics, Elsevier, vol. 66(2-3), pages 403-416, June.
  7. Sherman Folland & Robbin Hough, 2000. "Externalities of Nuclear Power Plants: Further Evidence," Journal of Regional Science, Wiley Blackwell, vol. 40(4), pages 735-753.
  8. Jon P. Nelson, 1981. "Three Mile Island and Residential Property Values: Empirical Analysis and Policy Implications," Land Economics, University of Wisconsin Press, vol. 57(3), pages 363-372.
  9. Jeffrey P. Cohen & Cletus C. Coughlin, 2008. "Spatial Hedonic Models Of Airport Noise, Proximity, And Housing Prices," Journal of Regional Science, Wiley Blackwell, vol. 48(5), pages 859-878.
  10. Kiel Katherine A. & McClain Katherine T., 1995. "House Prices during Siting Decision Stages: The Case of an Incinerator from Rumor through Operation," Journal of Environmental Economics and Management, Elsevier, vol. 28(2), pages 241-255, March.
  11. Ghebreegziabiher Debrezion & Eric Pels & Piet Rietveld, 2007. "The Impact of Railway Stations on Residential and Commercial Property Value: A Meta-analysis," The Journal of Real Estate Finance and Economics, Springer, vol. 35(2), pages 161-180, August.
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