Structural, locational and environmental attributes effects the residential property value in flood risk area

Abstract

The arts and science in determining the residential property value make property value has evolved due to the changing in external factors such as economy, environmental and social. This research is aim to determine the residential property value by taking into account the economic attributes that could affect the value of residential property in flood risk areas. The economic attributes consist of structural, locational and environmental attributes involved in residential property valuation in relations with flooding. This paper will discover the significance and effect of each economic attributes in determining residential property value in flood risk area. An extensive review of previous studies in economic valuation of property for different floods disaster studies. It is considered to be the main restrictive factor resulting in lack of empirical studies in this field. Practitioners and researchers will find this study useful in developing an improved understanding of the economic valuation of flooding. The finding reveals that the economic attributes response to floods for a residential property value with positive, negative and none expected effects.