Pengaruh Inflasi, Suku Bunga BI, Nilai Tukar/Kurs dan Gross Domestic Product Terhadap Indeks Harga Saham Sektor Property dan Real Estate di Bursa Efek Indonesia Tahun 2020-2024

Abstract

This study examines the impact of macroeconomic variables on the property and real estate sector stock price index listed on the Indonesia Stock Exchange. The variables analyzed include the inflation rate, Bank Indonesia’s policy interest rate, the rupiah exchange rate against the US dollar, and Gross Domestic Product (GDP). Monthly time series data from January 2020 to December 2024 were analyzed using multiple linear regression. The results show that the policy interest rate, exchange rate, and GDP significantly influence the property and real estate stock price index, whereas inflation does not exhibit a significant effect. These results demonstrate that shifts in macroeconomic conditions directly shape the performance of financial markets and investment instruments, particularly stocks. For this reason, investors are encouraged to take into account interest rate movements, exchange rate fluctuations, and GDP growth when formulating investment strategies in the property and real estate sectors.