Résumé
This paper examines the effect of properties being located in vulnerable zones interm of nitrates on the property prices using a change in the classification of vulnerablezones in France in 2012. Using an identification strategy based on a spatial difference-in-differences specification, we show that the revision of the classification significantlydecreased not only property prices in zones that became classified as vulnerable afterthe revision, but also those of properties already classified as vulnerable. However,the effect was stronger for the former, 10% vs. 5%, and this differences may reflect adifference in how zones are classified. The risks covered in the 2012 classification covera broader range of risks, and hence the larger price effect may reflect this additionalperceived risk exposure.