The Real Deal Miami

SoFla property values could plunge if sea level rises

An example of South Florida coastal flooding, a major issue in the region

An example of South Florida coastal flooding, a major issue in the region

South Florida’s real estate market would suffer greatly if sea levels in the region rise as high as experts project.

A mere one-foot rise in sea level could cause the region’s property values to plunge by $4 billion, the Miami Herald reported. If the increase reaches three feet, the decline in value could total $31 billion. The estimates were calculated by the Southeast Florida Regional Climate Change Compact, an alliance of four county governments in the region.

Scientists disagree on how quickly the impact of climate change on real estate values would be felt, however. Some say values would drop slowly over a long timeframe, while others predict an immediate plunge if a substantial hurricane hits the region. That could also create havoc for the insurance industry. [Miami Herald] — Eric Kalis