The influences of sponge city on property values in Wuhan, China
Water (Switzerland) , Volume 10 - Issue 6
Rapid urbanization in China and global climate change have increased urban flood exposure in Wuhan, and the increased flood risk has reduced property values in flood-prone areas. The central government of China is promoting the application of the sponge city concept to reduce urban flood risk and improve the environment in cities. Wuhan is one of the pilot cities of this initiative. A shortage of funds is one of the main obstacles to sponge city construction, as is the lack of a suitable business model. To test residents' willingness to pay for sponge city construction, this research analyzed the impact of sponge city construction on the housing values of areas covered by sponge city interventions. The authors conducted interviews and analyzed secondary data to gauge residents' awareness and perceptions of sponge city interventions. The results show that more than half of residents inWuhan are willing to pay for sponge city measures, but the amount they are willing to pay is limited. Residents are more willing to pay for improvements of their living environment than for flood reduction measures.