What type of reduction in value occurs when a noisy airport is located next to a property?

Economic obsolescence refers to a reduction in a property's value due to external factors that are beyond the control of the property owner. In the scenario of a noisy airport situated next to a property, this external influence negatively impacts the desirability of the location, leading to a decline in the property's market value. Factors such as noise pollution, traffic congestion, and overall disruption that come from the presence of the airport contribute to a decrease in value, which is classified under economic obsolescence.

This type of reduction in value is specifically linked to outside forces and is often considered incurable because it stems from broader economic conditions rather than the physical state of the property itself. This distinction is essential for understanding how external factors, like the presence of an intrusive airport, can diminish property values without affecting the property's physical structure or its intended use.