RT Journal Article
SR Electronic
T1 Fires in the Built Environment and Residential Market Demand
JF Land Economics
FD University of Wisconsin Press
SP 182
OP 192
DO 10.3368/le.102.2.112724-0114R1
VO 102
IS 2
A1 Kim, Jihwan
A1 Paudel, Jayash
A1 Ryu, Hanbyul
YR 2026
UL http://le.uwpress.org/content/102/2/182.abstract
AB Using nationwide data on multifamily residential transactions in South Korea, we investigate how large-scale fires in the built environment affect housing markets. We make use of geospatial data and apply a difference-in-differences research design to show that fires in an apartment complex cause an approximately 9% decline in housing prices over a one- to two-month period. In contrast, fires that occur slightly farther away or in nonresidential buildings have no significant effect. Text mining analysis further suggests that greater media coverage—often associated with fires in nonresidential structures—does not necessarily result in larger price declines.