This study investigates the amenity value of flood dividing flood into two aspects. One aspect is the physical amount of rainfall consisting of annual rainfall and rainfall intensity that are expected to increase due to climate change. The other aspect is infrastructure for flood protection: Percentage of impermeable surface ratio and sewer dredging ratio. Infrastructure for flood protection assists cities especially those which are rapidly urbanized to reduce flood risks and to develop adaptation capacity for climate change such as increased rainfall. With increasing concerns for climate change, there are studies with an economic point of view that investigate the marginal willingness to pay for climate variables from. In this study, we hand collect 2,500 real estate transactions in Seoul for the year 2014 to assess the amenity value of flood using the hedonic property value technique. Our findings indicate that rainfall and infrastructure for flood protection significantly affect housing prices. Some policy implications are provided.

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