March 10th, 2009
Global warming and coastal real estate
Even if the real estate market eventually returns to pirce increases, you’d be wise not to invest in sea level properties. At least not this century. In a conference in Denmark this week, climate scientists warn the rising sea levels could go twice as high as previous projections indicated. Earlier projections said two feet would be the maximum sea level rise. Now scientists say we should be ready for as much as a meter rise.
Oh, and it appears the sea levels are rising much faster than predicted as well. That leaves poor areas like Bengladesh, Burma, Egypt and New Orleans less time to get ready for the next disaster. There are indications a couple island nations could just vanish beneath the waves: Tuvalu, with 12,000 residents and the Maldives.
The current projections also warn of ever more extreme temperatures: both hotter in summer, colder in winter. The scientists said cities without extensive air conditioning can expect rising heat-caused deaths in hot spells. And some British research indicates that there is a diminished chance of preventing a global average temperature rise of 2 degrees (Celsius) and now it looks like a 4 degree increase may be in the offing.
A newsman since 1969, Harry Fuller has worked for CBS, ABC, CNBC Europe, CNET and was founding news director at TechTV. See his full profile and disclosure of his industry affiliations.
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