A Hedonic Modelling of Land Property Value Based on the Effect of Flooding: A Case for Peninsular Malaysia

Ismail, Nur Hafizah; Karim, Mohd Zaini Abd; Basri, Bakti Hasan

doi:10.1007/978-981-10-8730-1_17

Cited by 6 publications

(4 citation statements)

References 20 publications

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“…According to statistics, Sriharjo Village homes' selling prices are positively and significantly impacted by the building area. This research is in line with that conducted by Ismail et al (2019) [21] which states that the building area affects the selling price of the house, the wider the size of the house, the higher the price. The large size of the building area means that the house has a large number of rooms that can attract individuals to buy the house.…”

Section: Specification Of the Hedonic Pricesupporting

confidence: 90%

“…The variable age of the building in this study has a statistically significant effect with a negative coefficient on the selling price of houses in Sriharjo Village. The results of this study are in line with Ismail, et al (2019) and Lee (2015) [23] explaining that the longer the age of the house building, the selling value of the house will decrease. This is because old or old houses require more maintenance and repair costs, as well as maintenance and repairs on building structures or electrical problems.…”

Section: Specification Of the Hedonic Pricesupporting

confidence: 84%

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Willingness to pay for flood risk mitigation among residents living near river’s confluence in Yogyakarta, Indonesia

Saptutyningsih,

Nursetiawan

2024

IOP Conf. Ser.: Earth Environ. Sci.

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Both property buyers and owners are concerned about the impact of flooding on residential property price. Although several studies have investigated the possibility of property devaluation in flood-prone areas, there are still few that have looked into the effects of flooding on residential properties in Sriharjo, Imogiri, Indonesia. This study aims to examined housing characteristics such as structure, neighborhood, and environment on residential property value. We also created an interaction variable between flood and structural attributes to see whether the impact of flood inundation on property value varies depending on the age of the building, the size of the building area, and the number of bedrooms. Using the hedonic pricing model, we found that flooding reduces the market value of residential property value. The characteristics of property like land square, building square, building age, and number of rooms have influence on property price. The characteristics of neighborhoods are also influence to property price such as distance to city, distance to main road, distance to school and distance to the river. Only one environmental characteristic which influence to property price is height of flood inundation. We discovered that, on average, a rise in the amount of flood inundation decreased property prices in the research region by.015% by using a two-stage estimating approach to evaluate these associations. We calculated IDR 698,500 as the marginal implicit cost of reducing flood inundation. According to subsequent estimates, homeowners would be ready to pay an extra 0.685 percent for a decrease in flood inundation. The study’s findings will help property owners better understand the elements that contribute to property depreciation due to floods. This paper also suggests flood insurance plans since flooding is a significant issue for real estate owners.

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Section: Specification Of the Hedonic Pricesupporting

confidence: 90%

Section: Specification Of the Hedonic Pricesupporting

confidence: 84%

Willingness to pay for flood risk mitigation among residents living near river’s confluence in Yogyakarta, Indonesia

Saptutyningsih,

Nursetiawan

2024

IOP Conf. Ser.: Earth Environ. Sci.

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“…The use of traditional valuations, especially the comparison method, has widely been adopted by most valuers. Earlier studies by Newell et al (2010), Yahya et al (2012), Sunderajoo (2017), Ismail et al (2019a, b), and Zulkarnain et al (2020) revealed most valuers in Malaysia rely heavily on traditional methods for valuations. The use of advanced methods such as automated valuation model (AVM) and artificial neural network (ANN) have been rarely used or rejected by most of the local valuers.…”

Section: Introductionmentioning

confidence: 95%

The Delphi method to identify attributes for a valuation approach for residential property exposed to flood risk

Zulkarnain

Razali

2021

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PurposeThis study is aimed to identify the attributes for a valuation approach of flood risk exposure, in particular for residential property. With frequent flood events in Malaysia, there is a need for valuation methods to evolve and represent the increased risk of natural disasters.Design/methodology/approachThis study employed the Delphi method which is a systematic and interactive research technique in obtaining variables for a valuation approach for residential property exposed to flood risk.FindingsResults from the Delphi method revealed four categories of attributes, namely environmental, locational, structural and economical.Originality/valueThe findings from this research will transform the valuation approach in Malaysia to identify the value of residential property exposed to flood risk. The determination of variables will represent the current risk in valuations, especially for residential property in flood-prone areas.

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“…Flooding can also cause severe property damage, which lowers property values (Ismail et al, 2019) but also can directly damage or obstruct the factors of production-labor and physical capital (Sun et al, 2022). They can harm all productive activities such as farmland and crops, reducing agricultural output and raising food prices, manufacture and tourism.…”

Section: Introductionmentioning

confidence: 99%

A near real time flood hazard assessment tool using Satellite Data and Artificial Intelligence

Gemitzi,

Kopsidas,

Stefani

et al. 2023

Preprint

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This work aims to develop a constantly updated flood hazard assessment tool that utilizes readily available datasets. It is based on the recently released global land use/land cover (LULC) dataset Dynamic World, which is readily available as an open data source within Google Earth Engine platform. It is updated constantly following the release rate of Senitnel-2 images, i.e., every 2 to 5 days depending on the location. The tool presented herein identifies the number of times each 10 m pixel is characterized as flooded for a selected time period, and it is updated accordingly with the new flood events, thus providing a near real time detection of flooded areas. The detected areas are compared against the Regional Flood Hazard Maps developed in the frames of the EU Water Framework Directive, and several inconsistencies of the two approaches were highlighted and commented on. Besides, a new variable is proposed, named Maximum Potential Economic Loss is introduced in order to assess the socioeconomic implications. The presented methodology demonstrates how remotely sensed based datasets, becoming available at increasing rates, can be used as an operational instrument in order to define and update the flood hazard zones required for water resources management plans and policy makers. Our results indicated the usefulness of the complementary use of the conventional flood hazard mapping approaches with those based on emerging techniques and datasets.

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A Hedonic Modelling of Land Property Value Based on the Effect of Flooding: A Case for Peninsular Malaysia

Cited by 6 publications

References 20 publications

Willingness to pay for flood risk mitigation among residents living near river’s confluence in Yogyakarta, Indonesia

Willingness to pay for flood risk mitigation among residents living near river’s confluence in Yogyakarta, Indonesia

The Delphi method to identify attributes for a valuation approach for residential property exposed to flood risk

A near real time flood hazard assessment tool using Satellite Data and Artificial Intelligence

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