Pengaruh Faktor Makroekonomi Terhadap Harga Properti Residensial di Negara G20
Published:
2026-10-21Downloads
Abstract
The Residential Property Price Index (RPPI) in G20 countries exhibited varying trends during the period 2021–2025. Some countries experienced an increase in residential property prices, whilst others saw a slowdown or a correction in prices. These differences raise questions regarding the macroeconomic factors associated with changes in the RPPI. This study aims to analyse the impact of economic growth, the unemployment rate, population density, interest rates and inflation on the RPPI across 19 G20 countries. The study employs a quantitative approach using panel data comprising 95 observations. The analysis was conducted using the Common Effects Model (CEM), the Fixed Effects Model (FEM) and the Random Effects Model (REM). Model selection was carried out using the Chow, Hausman and Lagrange Multiplier tests, supplemented by robustness checks using year-fixed effects and robust standard errors. The test results identified the REM as the preferred model. The findings indicate that: (1) economic growth has a positive but non-significant relationship with the RPPI; (2) the unemployment rate has a negative and significant relationship; (3) population density has a negative but non-significant relationship; (4) interest rates have a positive and significant relationship; and (5) inflation has a positive but non-significant relationship. Based on the significance of the results, it is concluded that the interest rate is the dominant variable influencing the Residential Property Price Index (RPPI). This study contributes to academia by enriching the empirical evidence on the relationship between macroeconomics and property prices; to G20 countries by providing input for the formulation of housing and financing policies; and to practitioners by offering considerations for investment, risk management and property valuation.
Keywords:
Residential Property Price Index (RPPI) Macroeconomics G20 countries Panel Data RegressionReferences
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Copyright (c) 2026 Ronny Sung, Elisabet Siahaan, Handy Octavianus
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