Macroeconomic factors as determinants of property values in Indonesia

Munawwaroh, Rosyidatul, Riyanto, Feri Dwi, Hasan, Irmayanti ORCID: https://orcid.org/0000-0001-7021-4483 and Salis, Rohmatulloh (2026) Macroeconomic factors as determinants of property values in Indonesia. Jurnal Manajemen Motivasi, 22 (1). pp. 3700-3710. ISSN 2407-5310

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Abstract

ENGLISH

This study examines the effects of Regional Consumption Level (RCL), Gross Regional Domestic Product (GRDP), and Money Supply (MS) on property values in Indonesia, with inflation as a moderating variable. Using panel data from 33 provinces during 2020–2025, the study employs panel regression and Moderated Regression Analysis (MRA). The results indicate that RCL and MS have a positive and significant effect on property values, while GRDP has no significant effect. Furthermore, inflation is unable to moderate the relationships between RCL, GRDP, and MS and property values. These findings suggest that property values in Indonesia are primarily influenced by macroeconomic fundamentals rather than inflation dynamics.

INDONESIA

Penelitian ini bertujuan menganalisis pengaruh Tingkat Konsumsi Daerah (TKD), Produk Domestik Regional Bruto (PDRB), dan Jumlah Uang Beredar (JUB) terhadap nilai properti di Indonesia dengan inflasi sebagai variabel moderasi. Penelitian menggunakan data panel 33 provinsi di Indonesia periode 2020–2025 yang dianalisis menggunakan regresi data panel dan Moderated Regression Analysis (MRA). Hasil penelitian menunjukkan bahwa TKD dan JUB berpengaruh positif signifikan terhadap nilai properti, sedangkan PDRB tidak berpengaruh signifikan. Selain itu, inflasi tidak mampu memoderasi pengaruh TKD, PDRB, dan JUB terhadap nilai properti. Temuan ini menunjukkan bahwa nilai properti di Indonesia lebih dipengaruhi oleh faktor fundamental makroekonomi dibandingkan dinamika inflasi.

Item Type:	Journal Article
Keywords:	property value; regional consumption rate; GDP; money supply; inflation; macroeconomics
Subjects:	14 ECONOMICS > 1402 Applied Economics > 140204 Economics of Education 14 ECONOMICS > 1402 Applied Economics > 140207 Financial Economics
Divisions:	Faculty of Economics > Department of Islamic Banking
Depositing User:	Irmayanti Hasan
Date Deposited:	13 Jul 2026 09:01

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