Efektivitas Investasi Real Estate sebagai Hedging terhadap Inflasi: Analisis Perbandingan Properti Komersial dan Properti Residensial pada Kota-Kota Besar di Indonesia

Nasruddin, Akhmad Akbar Susamto, S.E., M.Phil., Ph.D. / Uswatun Khasanah, M.Si., MAPPI (Cert.)

2024 | Tesis | S2 Magister Ek.Pembangunan

Penelitian ini bertujuan untuk menguji keefektifan invetasi real estate sebagai hedging terhadap inflasi dengan berfokus pada perbandingan antara berbagai tipe properti residensial (small, medium, dan big) dan properti komersial (office, retail, apartment, hotel, dan industrial estate) pada kota-kota besar di Indonesia. Metode penelitian ini menggunakan kombinasi non causality approach berupa generalized fisher hypothesis framework dan heterogeneous panel ARDL (MG, PMG, dan DFE) dengan bivariate, multivariate, dan asymmetries model. Hasil analisis analisis secara agregat menunjukkan on average properti komersial tipe hotel dapat dijadikan sebagai efektif hedging terhadap inflasi di Indonesia, sedangkan analisis berdasarkan city specific basis menunjukkan bahwa investasi real estate yang dapat dijadikan sebagai inflation hedge yang efektif dapat ditemukan pada properti komersial tipe hotel di kota Bandung dan Palembang.

This study aims to examine the effectiveness of real estate investment as a hedge against inflation, focusing on a comparison between various types of residential properties (small, medium, and large) and commercial properties (office, retail, apartment, hotel, and industrial estate) in major cities in Indonesia. The research methodology combines a non-causality approach, such as the generalized fisher hypothesis framework, and heterogeneous panel ARDL analysis (MG, PMG, and DFE) utilizing bivariate, multivariate and asymmetries models. The aggregate analysis results show that, on average, commercial properties, particularly hotels, can be considered effective hedges against inflation in Indonesia. Meanwhile, city-specific basis analysis indicates that effective real estate investment as an inflation hedge can be found in commercial properties, specifically hotels, in Bandung and Palembang.

Kata Kunci : investasi, real estate, properti residensial, properti komersial, inflasi, hedging/ investment, real estate, residential properties, commercial properties, inflation, hedging.