The Value Diminution of Haunted Houses

Nan-Yu Chu

ERES from European Real Estate Society (ERES)

Abstract: Due to culture custom in Taiwan, people believe that the haunted house is unlucky. Therefore, determining the value diminution of haunted houses poses problems for real estate appraisers. However, throughout relevant literature on this issue, there have been very few discussions on the association between haunted properties and loss of real estate value. In this paper, from the perspective of appraisal, it is to discuss the influence of haunted houses on the value of real estate, and an empirical analysis is made with foreclosure transition data and regression model. The result indicates that the average price difference between haunted houses and non-haunted houses is USD 4,214/square meters, showing that the average loss degree of the haunted house is 36.59%. This study also gives some directions for haunted properties valuation in the future.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2016-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2016_178

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