Abstract
Using the spatial hedonic price method , we analyze the impact of the proximity of petrochemical parks on housing prices in the estuary area of Port-Jérôme (Seine-Maritime, France) over the period 2001-2002. The simultaneous presence of two natural assets (the Seine river and the Vernier marshland) makes this analysis more complex. Our results show that the presence of Seveso-classified industries near dwellings strongly depreciates selling prices, yet this effect was not accentuated by the September 2001 explosion of the AZF factory in Toulouse. We also show that the proximity of natural assets, far from offsetting the negative presence of the petrochemical parks, steepens the price decline.
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