<p>As extreme precipitation events become more frequent, particularly in flood-prone areas, the demand for adaptation infrastructure increases. Japan, with its history of devastating floods, has recognized the urgent need to enhance its flood evacuation network. To address this demand and ensure a swift and safe evacuation process, flood evacuation sites have been established and their numbers are rapidly increasing. However, studies estimating the value of these sites in terms of risk reduction are scarce, and residents’ awareness of the newly established flood evacuation facilities remains unclear. This study investigates their value by analyzing the impact of new flood evacuation sites on apartment prices. Using real estate data from Kumamoto City, Japan, from 2015 to 2022, we found that apartments located near newly added flood evacuation sites experienced a 6.5% increase in price compared to those without such nearby sites.</p>