Abstract
In the wake of the Great East Japan Earthquake on March 11, 2011, large residential areas built on coastal reclaimed land in Urayasu City were severely affected by liquefaction of the earth. This study examines the impact of this liquefaction on the trade price of second-hand condominiums under a hedonic pricing framework with a difference-in-differences identification strategy. By examining 586 transactions that occurred between April 2010 and March 2015, our estimation results show that the trading price of condominium units on reclaimed grounds significantly lost value after the earthquake, and the price decline was not curtailed in the next three years.
