Research: wind turbines decrease property values
There have not been many solid studies about how the proximity to a wind farm or other major turbine construction affects the prices of real estate properties.
The London School of Economics (LSE) have undertaken a major research in England and Wales and reported that Wind farms reduce house prices in areas where the turbines are visible.The closer the farms and the larger they are, the greater the effect. Large windfarms within 2km reduce property prices by some 12% on average. And even at 8 to 14km there is a 4.5 % reduction in prices associated with large visible operational wind farms.
It is important to realize that on Kythira the real estate market is almost solely dependent on buyers of vacation homes (foreigners and Greeks). As they find an undisturbed natural view and a free horizon very important, the effect will almost for sure be much greater than the average value decrease reported in research.
Click on the image below the read the whole research (Gone with the wind – valuing the local impacts of wind turbines through house prices – By Stephen Gibbons 2015).