Environmental Disasters and Property Values: Evidence from Nepal’s Forest Fires

This article uses satellite data on real-time active fire locations to evaluate the effect of forest fires on property values in Nepal. Results show that an additional unit increase in fire radiative power from last month's forest fires causes a 0.61% decrease in residential property values. Pr...

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Bibliographic Details
Published in:Land economics 2022-02, Vol.98 (1), p.115-131
Main Author: Paudel, Jayash
Format: Article
Language:English
Subjects:
Active satellites
Disasters
Fire prevention
Forest & brush fires
Forest fires
Forests
Policy making
Prevention programs
Property values
Real estate
Wildfires
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Summary:This article uses satellite data on real-time active fire locations to evaluate the effect of forest fires on property values in Nepal. Results show that an additional unit increase in fire radiative power from last month's forest fires causes a 0.61% decrease in residential property values. Property values decline by 4.48% for every additional unit increase in the number of forest fire incidents over the past year. These estimates suggest that policy makers should prioritize wildfire-risk awareness and fire-prevention programs in areas with higher levels of declined property values associated with recurring forest fire incidents.
ISSN:0023-7639
1543-8325
DOI:10.3368/le.98.1.110519-0159R2