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Paper: eres2009_353
| Paper title: | Mercantile Value Reduction: Accounting for Stigma on Contaminated Land in Germany |
| Authors: | Bartke, Stephan; Schwarze, Riemund |
| Summary: | The clean-up and re-use of contaminated land is a risky endeavour for many reasons. The clean-up may be incomplete so that some pollution goes undetected. Some substances in the ground may be unknown to be pollutants at the time of the clean-up process but turn out to be such later on. Areas may be completely clean but yet suffer a depressed market value because of ‘stigma’, i.e. the psychological fear that some negative impact or remaining cost may appear even though a proper site clean-up had been conducted. The phenomenon of stigma on contaminated land has been widely debated in the United States but received little scholarly attention in Europe – despite the fact that accounting for stigma is a legally approved best practice of appraisal in European countries. This paper surveys the German approach for the accounting of stigma on contaminated land and proposes a risk scoring method of accounting based on a survey among German appraisers and a study of sales practices of the Brandenburgische Boden GmbH – an East German property conversion company in charge of revitalising 22000 ha of lands formerly used by the Russian army in Germany. |
| Type: | |
| Year of publication: | 2009 |
| Series: | ERES:conference |
| Download paper: | /pdfs/eres2009_353.content.ppt |
| Citation: | Bartke, Stephan; Schwarze, Riemund (2009). Mercantile Value Reduction: Accounting for Stigma on Contaminated Land in Germany. 16th Annual European Real Estate Society Conference in Stockholm, Sweden, http://itc.scix.net/paper/eres2009_353 |
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