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All Journal Journal of Asset Management and Public Economy
Bagaskara Bagaskara
Universitas Gadjah Mada, Yogyakarta, Indonesia
Economics, Econometrics & Finance Social Sciences

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Defining and Measuring Housing Location in Appraisal and Hedonic Price Models: A Systematic Review Bagaskara Bagaskara; Wakhid Slamet Ciptono
JAMPE (Journal of Asset Management and Public Economy) Vol. 5 No. 2 (2026)
Publisher : Universitas Ahmad Dahlan, Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jampe.v5i2.12673

Abstract

Location is a complex, multidimensional aspect often highly preferential and dependent on personal preference. In general discussions, this may not pose a significant problem. However, in quantitative analyses such as housing appraisals (sales comparison approach) or applied research using the hedonic price model, the nature and characteristics of location can become a major issue. Even though location is often included in housing studies, there is no clear and straightforward way to measure it as a single variable. This challenge is exacerbated in Indonesia due to the lack of a valid and reliable property database. Therefore, this study conducts a systematic review that contributes to the understanding of how location can be measured objectively. The present study aims to propose an alternative method for defining and measuring the strategic location of housing in appraisal practice, particularly through the sales comparison approach. Based on the review, location is measured using two aspects: spatial aspects and circumstantial aspects. Generally, spatial aspects are much more dominant than circumstantial aspects. The identified location dimensions include distance to the Central Business District (CBD), transportation facilities, commercial/shopping centers, employment centers, health facilities, educational facilities, recreational areas, as well as the conditions and accessibility to these amenities. The results of this study provide practical implications for improving the accuracy of property appraisal practices and offer a useful reference for future research, particularly in data-limited contexts such as Indonesia.
Preference Gaps Between Developers and Millennials in Landed Housing in Yogyakarta Urban Agglomeration Fatima Putri Prativi; Bagaskara Bagaskara; Anisa Nurpita; Nurisqi Amalia; Anas Usman Bello
JAMPE (Journal of Asset Management and Public Economy) Vol. 5 No. 1 (2026)
Publisher : Universitas Ahmad Dahlan, Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jampe.v5i1.12998

Abstract

The increasing urbanization in Yogyakarta Urban Agglomeration has driven rapid residential development, especially in landed housing. This study analyzes the gap between property developers' preferences and millennial consumers' expectations in housing provision. Utilizing mixed methods, primary data were collected from 54 property practitioners through structured questionnaires and in-depth interviews. Quantitative analysis included Exploratory Factor Analysis (EFA), Pearson Correlation, and K-Means Clustering to identify dominant developer preferences. Qualitative phenomenological analysis confirmed market trends and millennial preferences. The findings reveal that developers prioritize factors such as land position, house type, and land shape, while millennial consumers emphasize affordability, accessibility, and neighborhood comfort. A comparative analysis using Principal Component Analysis (PCA) and independent ttests revealed significant preference misalignments, particularly in access to main roads and environmental quality. The study highlights the necessity for coordinated policy intervention and developer adaptation to align housing supply with millennial demands, proposing the integration of public facility proximity and price affordability into future residential planning strategies. This research contributes by highlighting the mismatch in housing value perceptions between stakeholders and consumers. Practically, these insights provide policymakers and developers with a framework for designing housing policies and projects that better integrate affordability, accessibility, and livability, ensuring that they meet the housing needs of millennials.
Co-Authors Anas Usman Bello Anisa Nurpita Fatima Putri Prativi Nurisqi Amalia Wakhid Slamet Ciptono