PENGARUH VARIABEL EKONOMI, SPEKULASI PASAR DAN KEBIJAKAN MONETER TERHADAP HARGA TRANSAKSI PROPERTI PERUMAHAN DI WILAYAH PERKOTAAN DI INDONESIA
DOI: 10.53810/jt.v16i2.210Abstract
Transactions occur as a result of interaction between the two groups of market participants, the
potential buyers (non-owners) on the demand side, and potential sellers (owners) on the supply
side. Behavior of residential property transactions differ between regions both nationally,
regionally and in the world. Transaction behavioral for housing property has some differences
between regions both nationally, regionally and in the world. This study aims to understand the
transaction price for housing properties as well as the factors that influence. Transaction price
for housing properties are also reviewed based on class market segment of small, medium and
large. Government’s policyies have also seen the impact on transaction price for housing
property.
The reserch was conducted in 10 major city in Indonesia based on housing property survey data
conducted by Bank Indonesia and BPS for 8 years (2003-2010). Transaction price for housing
properties as well as the factors that influence were analyzed through regression analysis of
panel data, while interest rate policy analysis through simulation analysis.
Generally, this research found that the transaction price for housing properties is influenced by
interest rates, income and speculative factors. Interest rates and income more effect to
transaction price for smaller housing types, followed by middle type and large type. Market
speculation factor more effect to transaction price for large housing types, followed by smaller
type and middle type. The influence of the type of speculation on house purchases indicate a
tendency not to live alone (use value) but for rent or sale at a later time (transfer value). The
monetary instruments by interest rate policy to control the transaction price for housing through
interest rate subsidies or down payment subsidies to encourage home ownership for people,
especially for the lower middle class.
Key-words: quantity of housing property transaction, segment of property, region, speculation
potential buyers (non-owners) on the demand side, and potential sellers (owners) on the supply
side. Behavior of residential property transactions differ between regions both nationally,
regionally and in the world. Transaction behavioral for housing property has some differences
between regions both nationally, regionally and in the world. This study aims to understand the
transaction price for housing properties as well as the factors that influence. Transaction price
for housing properties are also reviewed based on class market segment of small, medium and
large. Government’s policyies have also seen the impact on transaction price for housing
property.
The reserch was conducted in 10 major city in Indonesia based on housing property survey data
conducted by Bank Indonesia and BPS for 8 years (2003-2010). Transaction price for housing
properties as well as the factors that influence were analyzed through regression analysis of
panel data, while interest rate policy analysis through simulation analysis.
Generally, this research found that the transaction price for housing properties is influenced by
interest rates, income and speculative factors. Interest rates and income more effect to
transaction price for smaller housing types, followed by middle type and large type. Market
speculation factor more effect to transaction price for large housing types, followed by smaller
type and middle type. The influence of the type of speculation on house purchases indicate a
tendency not to live alone (use value) but for rent or sale at a later time (transfer value). The
monetary instruments by interest rate policy to control the transaction price for housing through
interest rate subsidies or down payment subsidies to encourage home ownership for people,
especially for the lower middle class.
Key-words: quantity of housing property transaction, segment of property, region, speculation
