A review of climate change (floods) and economic attributes response to residential property value in Malaysia

The art and science of determining residential property value has evolved due to the changing external factors, such as the economy, environmental (climate change) and social aspects. This research aims to identify the impact of climate change (floods) to determine residential economic attributes th...

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Bibliographic Details
Published in:Journal of water and climate change 2020-12, Vol.11 (4), p.1084-1094
Main Authors: Zulkarnain, Siti Hafsah, Tsujimura, Maki, Yuzir, Muhamad Ali, Razali, Muhammad Najib, Tarmidi, Zakri
Format: Article
Language:English
Subjects:
Climate change
Climate effects
Economics
Environmental impact
Environmental risk
Flood hazards
Flood risk
Flooding
Floods
Housing
Impact analysis
Land use
Property values
Rain
Real estate
River basins
Social factors
Social interactions
Sociology
State court decisions
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Summary:The art and science of determining residential property value has evolved due to the changing external factors, such as the economy, environmental (climate change) and social aspects. This research aims to identify the impact of climate change (floods) to determine residential economic attributes that could affect the value for residential property in flood risk areas. The case study covers all residential housing schemes in Langat River Basin area, which has been considered as the highest flood risk area in the State of Selangor, Malaysia. The methodology of this research is based on the conceptual analysis from previous studies from local and international scenarios. The systematic analysis of previous literature of real estate valuation theory consists of economic attributes such as structural, locational and environmental attributes involved in residential property valuation in relation to flooding. The findings reveal that the economic attributes' response to flood hazards for residential properties can be divided into three conditions, and they are: positive, negative or no effect on the climate change factor.
ISSN:2040-2244
2408-9354
DOI:10.2166/wcc.2019.044