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Precipitation and house price expectations – evidence from survey data

D. Rooj,Abhishek Sachdeva,R. Sengupta

Published 2025 in Spatial Economic Analysis

ABSTRACT

ABSTRACT This paper analyses the impact of precipitation on house price expectations. We use unit-level observations from the Reserve Bank of India's Inflation Expectation Survey of Households from September 2013 to May 2021. The precipitation readings are based on remotely sensed estimates collected through the Global Precipitation Measurement mission. The results indicate that higher precipitation leads to a decline in house price expectations. Disaggregated analysis reveals that younger and occupational groups with greater outdoor exposure and higher income uncertainty are more likely to expect lower house prices than other occupational groups. These results suggest that India's housing market is affected by weather shocks.

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