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Muhammad Yusuf Indra Purnama
Department of Economics Development, Faculty of Economics and Business, Universitas Sebelas Maret Jl. Ir. Sutami No.36A Surakarta, 57126
Economics, Econometrics & Finance

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Clustering and regional growth in the housing market: Evidence from Indonesia Ariyanto Adhi Nugroho; Muhammad Yusuf Indra Purnama; Laela Rizki Fauzia
Jurnal Keuangan dan Perbankan Vol 24, No 1 (2020): January 2020
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (855.651 KB) | DOI: 10.26905/jkdp.v24i1.3565

Abstract

The housing market is one of the monetary policy instruments in macro-prudential terms. The overall policy adopted through the Loan-to-Value ratio does not accommodate different regional characteristics. Location and area characteristics are important factors that influence the development of housing property prices. This study uses panel data regression analysis, with objects of 15 cities in Indonesia during 2007-2017. The results of the analysis provide a proof that the building rent, population density, construction costs, Gross Regional Domestic Product, unemployment rate, and minimum income, affect housing prices differently in each growth category, while the LTV ratio and inflation do not have a significant effect onto house prices. The regional economic growth is used to form regional clustering based on the speed of house price growth so that monetary policy in the housing sector achieves the target.JEL Classification: E52, O18, R58 How to Cite:Nugroho, A. A., Purnama, M. Y. I., Fauzia, L. R. (2020). Clustering and regional growth in the housing market: Evidence from Indonesia. Jurnal Keuangan dan Perbankan, 24(1), 83-94.DOI: https://doi.org/10.26905/jkdp.v24i1.3565
Co-Authors Ariyanto Adhi Nugroho Laela Rizki Fauzia