All downhill from here? Climate change and house prices in the Swiss Alps

IF 4.8 2区环境科学与生态学 Q1 ENVIRONMENTAL SCIENCES

Climate Risk Management Pub Date : 2025-01-01 DOI:10.1016/j.crm.2025.100728

Floris Jan Blok, Franz Fuerst

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Abstract

This paper investigates the relationship between climate (change) and house price development in the Swiss Alps, testing the hypothesis that house-buyers in ski resorts switch from lower-lying, less snow-secure resorts to high-altitude areas with reliable snow cover. The analysis employs a sample of 303 Swiss municipalities across 38 different ski areas from 2001 to 2019. Regressions of municipal-level house price changes on altitude, temperature, and snow cover changes reveal that house prices in ski resorts have depreciated by 3.6–6.0 % per degree Celsius mean winter temperature over the 18-year period. Temperature emerged as a better predictor of house price change than altitude. For municipalities outside ski areas, this relationship between climatic variables and price appreciation does not hold. Perhaps surprisingly, no significant direct link between changes in snow cover and house prices is found. The results suggest that secondary and lower-lying ski areas have experienced relative losses in real estate asset values, possibly transmitted by changing local economic conditions.

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从这里开始走下坡路？气候变化和瑞士阿尔卑斯山的房价

本文研究了瑞士阿尔卑斯地区的气候变化与房价发展之间的关系，检验了滑雪场的购房者从低洼、积雪不安全的滑雪场转向有可靠积雪的高海拔地区的假设。该分析采用了2001年至2019年期间瑞士38个不同滑雪区的303个城市的样本。根据海拔、温度和积雪变化对市级房价变化的回归显示，在18年的时间里，滑雪胜地的房价每摄氏度平均冬季温度下降3.6 - 6.0%。气温比海拔更能预测房价变化。对于滑雪场以外的城市来说，气候变量和价格升值之间的这种关系并不成立。也许令人惊讶的是，在积雪和房价的变化之间没有发现明显的直接联系。结果表明，二级和低洼滑雪场经历了房地产资产价值的相对损失，可能是由当地经济状况的变化传递的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Climate Risk Management Earth and Planetary Sciences-Atmospheric Science

CiteScore

8.20

自引率

4.50%

发文量

审稿时长

30 weeks

期刊介绍： Climate Risk Management publishes original scientific contributions, state-of-the-art reviews and reports of practical experience on the use of knowledge and information regarding the consequences of climate variability and climate change in decision and policy making on climate change responses from the near- to long-term. The concept of climate risk management refers to activities and methods that are used by individuals, organizations, and institutions to facilitate climate-resilient decision-making. Its objective is to promote sustainable development by maximizing the beneficial impacts of climate change responses and minimizing negative impacts across the full spectrum of geographies and sectors that are potentially affected by the changing climate.