Risks related to land vulnerability are common to many human settlements. Recent decades show an increase in Seismic Hazard Assessment models. Some techniques can be applied to buildings, giving households a better perception of the risk they are exposed to. In this paper, the aim is to define the value given to past and future hazards in housing transactions, differentiating the sources of risk between endogenous (derived from human activities) and exogenous (not related to human activities). The hedonic price model is used for the housing market to study the post-disaster city of L'Aquila in the aftermath of the 2009 earthquake. L'Aquila is an interesting case, because it is the first reconstruction process that has been completely funded by the state and with data transparently shared of the recovery process in a country with a high percentage of owner-occupancy. Thanks to this open-data policy, it is possible to define for the same housing transaction its land vulnerability, the effective damage after the earthquake and the amount of money spent for the reconstruction, this is the first time these dimensions are analyzed together. Results indicate a clear and persistent positive impact on prices for those houses that have not been damaged by the earthquake. Land vulnerability factors also play a great role on housing prices. Neighborhood spatial effects and public spending have also a good impact on housing prices. The inhabitants of a post-disaster city like L'Aquila are caring about their own safety but, at the same time, they put their trust in the ongoing state-driven reconstruction process. As a final consideration, this paper illustrates how a culture of prevention can have positive effects on population's safety and on households' wealth.
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