Natural Sciences

Global warming impacting the price of real estate

However the evolution of climate on earth is proving very disruptive. Climate disruption is already having a discernible impact on different facets of our lives. Researchers in Australia have already noted that homes exposed to sea level rises sell at a 7% discount relative to observable equivalent unexposed properties equidistant from the beach. In a paper by Bernstein, Gustafson &Lewis they show that this discount has grown substantially over the past decade. At the beginning of our sample in 2007 we find no significant difference between the prices of exposed and unexposed properties. By the end of our sample in 2016, exposed non-owner occupied properties are priced approximately 13.5% below comparable unexposed properties.

This article was attributed and provided by PG International

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