| dc.description.abstract | This study focuses on whether the flood disaster has an impact on the price of real estate in its neighboring areas, and whether the flood disaster has a differential effect between the lower and higher value of real estate. Our research divides the study area into two categories: the northern and southern areas in Taiwan. The northern area includes Beitou District, Da′an District of Taipei city, and Luzhou District of New Taipei city in addition to distinct areas along the Keelung River. The southern research area includes Annan District, North District, and Rende District of Tainan City, and Nanzi District of Kaohsiung City.
The source of data is from the Department of Land Administration, M. O. I. Our study selected the housing transaction records from January 1, 2015 to September 30, 2020. In addition, NCDR provides the location of historical data of flooding disasters from 2015 to 2019. Furthermore, QGIS is used to calculate the number of flooding record points and check the location of real estate, so as to facilitate the follow-up measurement of the shortest distance between real estate and schools, parks, hospitals and MRT stations.
This research uses semi logarithmic form of the hedonic price model to investigate the pricing effects of housing. We uses the OLS and quantile regression estimation method to analyze whether flood has different effects on low price and high price of real estate. We also adopt the similar difference-in-difference method which the control group is the houses outside the flood disaster area, and the experimental group is the houses located in the flood disaster area.
The results show that the houses located in both the northern and the southern areas will be affected by flooding. If the house is located in the flood disaster area, the house price will be lower than those outside the disaster area. The estimated coefficients of all explanatory neighborhood characteristic variables are almost at the 10% significant level, which are consistent with the expectation of this study. In the northern region, the negative impact of flood disaster is most obvious among the higher value of houses. It is estimated that the housing price will be decreased by about 9.08%. In the southern region, the negative impact on the middle, low and high value of housing has little differences. | en_US |