IDENTIFICATION OF FACTORS AFFECTING PROPERTY PRICES WITHIN THE 1ST PHASE DEVELOPMENT OF MRT DKI JAKARTA CORRIDOR

• Main Author: SUPRIADI (NIM: 15414069), MUIS
• Format: Final Project
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/29387
• Institution: Institut Teknologi Bandung

Today, urban areas in Indonesia are growing at a fast rate. To support the increasing activities of urban citizens, various infrastructures are being developed. Rapid infrasturcture development can be witnessed in the Special Capital Region of Jakarta. Such developments have caused a rise in prices of properties that possess excellent accessibility within the Jakarta area. However, the benefits of the property price increase can only be reaped by landowners, even though most development projects are done by the government. Besides from NJOP, government should be able to attract income from the increase in land values due to the various infrastructure projects held. The writer takes the case of the phase 1 development of the MRT DKI Jakarta corridor. The writer explores factors that may affect property prices based on the Hedonic Price Method, Spatial Lag Regression and Moran’s Index. The main data used in the analysis are bidding prices obtained from online property marketplaces. Results of the analysis show that there are several factors that affect property bidding prices, among others include land area, building area, number of rooms, electrical power capacity, designated landuse and distance to the CBD. It also identified that spatial factors also have an effect on property bidding prices that can perfect the effects of other factors. Therefore, a mechanism is needed to capture the land value increase by harnessing the factors affecting property bidding prices. <br /> <br /> <br /> Keyword: property prices, modeling, Hedonic Price, Moran Index, Web Scrapping <br />