ANALYSIS OF MATTERS AFFECTING LAND PRICE FLUCTUATIONS IN THE GREAT EAST JAPAN EARTHQUAKE

Abstract

Using a hedonic regression approach, this research aims to identify what factors affected land price fluctuations in Fukushima Prefecture following the Great East Japan Earthquake and the Fukushima Daiichi Nuclear Power Station accident in 2011. In this paper, taking a long-term perspective, the analysis focuses on Iwaki City in Fukushima, where the real estate market behaved unexpectedly following the two catastrophic events, and land price fluctuation rates were rising abnormally. Results based on analysis of data for eight-year indicate the following: The impact of radiation air dose rate and distance from the nuclear power plant on land price fluctuation rate changed significantly from the fourth year after the disaster. Being located in a reconstruction base area had a negative impact on land price fluctuation rate, while access to sewers and city gas had a positive impact. It appears that the stigma associated with the accident had a little disappeared after approximately four years.