Abstract
In this paper, we explore how land pricing reflects public perceptions of earthquake risk using officially appraised prices of land situated along the Uemachi fault, which lies on a north–south axis in the east of Japan’s Osaka Prefecture. We reveal that land pricing along this fault has only incorporated fault-driven earthquake risk since residents and policy-makers first realized its potential following damage to the southern part of Hyogo Prefecture in a January 1995 earthquake along the Rokko—Awaji fault (an event now known as the Hanshin—Awaji earthquake). We find evidence of a discount of 20% in nonresidential land prices for every kilometre closer to the Uemachi fault line since the Hanshin—Awaji earthquake.
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