The Effects of Environmental Contamination on Real Estate: A Literature Review

Abstract

The literature reviewed in this article reflects the degree to which practitioners and academics are having difficulty in arriving at consistent findings as to the effect of environmental contamination on real estate. The valuation literature in this category deals with appraisal methods, but does not develop a consensus view. The empirical sales price literature is also inconsistent, with disagreement over the existence and magnitude of price impacts, persistence of these impacts and other issues. The article concludes by summarizing the results of these studies with respect to contamination source, effect on sales price, persistence and intervening factors such as strong or weak market conditions.

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