Climate Risk Perception and Behavioural Biases in Real Estate Investment Markets: A Systematic Review
不動産投資市場における気候リスク認識と行動バイアス：系統的レビュー (AI 翻訳)
P. D. Agorsor, E. Attakora-Amaniampong, W. Appau
🤖 gxceed AI 要約
日本語
この系統的レビューは、不動産投資市場における気候リスク認識の行動バイアスを分析し、ガーナなどの新興市場で洪水リスクが物件価格に12-18%の割引として部分的に資本化されていることを示す。投資家の認知バイアス（入手可能性ヒューリスティック、損失回避など）がリスク認識を歪め、適応は主に規制圧力に依存することを明らかにし、標準化された気候ハザードデータと強制的な気候リスク開示枠組みの必要性を提言する。
English
This systematic review examines behavioural biases in climate risk perception in real estate investment, focusing on Ghana and other African economies. It finds that flood-risk discounts of 12-18% are capitalized into property prices in Accra, but pricing remains reactive and incomplete. Cognitive biases like availability heuristics and loss aversion distort investor perceptions, and adaptation is driven by financial incentives and regulation rather than proactive risk management. The review recommends standardized climate hazard data and mandatory disclosure frameworks to correct market failures.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
本レビューは、不動産市場における気候リスク認識のバイアスと価格への反映不足を実証的に示しており、日本でもSSBJやTCFD開示の実効性向上、不動産価格への気候リスク織り込み促進に示唆を与える。
In the global GX context
This systematic review provides evidence from African economies on cognitive biases distorting climate risk perception in real estate, and recommends mandatory disclosure frameworks and publicly accessible hazard data. These insights are transferable to global markets including the US and EU, where climate risk pricing remains incomplete, and inform ISSB/TCFD implementation.
👥 読者別の含意
🔬研究者:Offers a structured synthesis of behavioural biases in climate risk perception and pricing in real estate markets, with theoretical grounding in Prospect Theory and Adaptive Market Hypothesis, useful for scholars in climate finance and behavioural economics.
🏢実務担当者:Real estate investors and developers should note that cognitive biases lead to systematic underpricing of climate risks; proactive risk management and reliance on standardized data are critical for asset valuation and portfolio resilience.
🏛政策担当者:Policymakers should prioritize investment in standardized climate hazard data and mandatory climate risk disclosure frameworks to correct market failures in real estate pricing.
📄 Abstract（原文）
Climate Change poses increasing physical and transitional risks to real estate markets, yetinvestment decisions continue to show systematic misperception of these hazards. This review synthesises recent empirical and theoretical literature on climate risk perception and behavioural biases in real estate investment markets, focusing on Ghana andcomparative African economies. Following the PRISMA 2020 Protocol and based on over 2500 records identified from Scopus and Web of Science, 30 peer-reviewed studies between 2020 and 2025 were selected after screening and synthesised to address four research questions regarding how real estate investors perceive climate risk, what behavioural variables mediate their responses, whether market prices reflect these perceptions, and which theoretical lenses best explain observed behaviours. Three key findings emerged. One, climate risk perception is consistently distorted by cognitive biases, including availability heuristics, loss aversion, optimism bias, and herding. Two, climate risks are being capitalised into property prices, with flood-risk discounts of 12-18% documented in Accra and 6-15% in U.S. coastal markets. However, pricing remains reactive, incomplete and highly unequal across geographies. Three, developer adaptation is driven primarily by financial incentives and regulatory pressure rather than proactive, forward-looking risk management. Grounded in Prospect Theory (Kahneman, 1979) and the Adaptive Market Hypothesis (Lo, 2004), the review attributes these patterns to a structural market failure. The study recommends that policymakers in Ghana and comparable African economies prioritise investment in standardised, publicly accessible climate hazard data and mandatory climate risk disclosure frameworks as a foundational step towards closing the perception-reality gap in real estate climate risk pricingand fostering more resilient, climate-adaptive property markets
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.52968/15605909first seen 2026-06-29 08:22:04
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