The Role of The Property Sector in Fiscal Policy Transmission: A Case Study of The Economic Stimulus Program

Ary Andrian (Universitas Borobudur, Indonesia)
Yolanda (Universitas Borobudur, Indonesia)

Jurnal Greenation Ilmu Akuntansi
Vol. 3 No. 4 (2025): (JGIA) Jurnal Greenation Ilmu Akuntansi (November 2025 - Januari 2026)

This study analyzes the role of the property sector as a channel for fiscal policy transmission through economic stimulus programs in Indonesia. The property sector has a significant multiplier effect on the national economy, contributing 15.3 percent to Gross Domestic Product in 2023. The research method uses a quantitative approach with secondary data analysis for the 2019-2024 period. The results show that tax incentives and easier home ownership loans can increase property transactions by 23.7 percent and absorb an additional 1.2 million workers. Fiscal policy transmission through the property sector has proven effective in stimulating real economic activity in related industries. These findings contribute to the public economics literature on the effectiveness of fiscal policy transmission channels in developing countries.