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"Permintaan KPR menunjukkan perlambatan. Begitu juga, penjualan properti reidensial menunjukkan perlambatan. Seperti diketahui, mayoritas konsumen membeli properti residensial dibiayai oleh KPR. Melalui kebijakan LTV, Bank Indonesia ingin menstimulasi permintaan KPR dan juga penjualan properti residensial demi mendorong pertumbuhan ekonomi secara berkelanjutan. Pertanyaan apakah perubahan rasio LTV dapat mempengaruhi permintaan KPR dan apakah ada faktor lain yang mempengaruhi permintaan KPR. Penelitian ini melihat pertanyaan tersebut dengan mempertimbangkan bagaimana dampaknya di provinsi berpendapatan menengah-bawah dan menengah-atas.

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Demand for mortgage finance showed a slowdown. And also, property residential sales showed a slowdown. As is well known, the most consumers buy property residential is fiananced by mortgage finance. Through LTV policy, Bank of Indonesia want to stimulate demand for mortgage finance and also property residential sales in order to could boost economic growth sustainably. A question whether changes in LTV ratio could boost economic growth sustainably and whether there are the other factors which are affecting demand for mortgage finance. This article sees the question by considering what the impacts are in both lower-middle income and higher-middle income provinces. By regressing statistical model Fixed Effect Model (FEM) and Random Effect Model (REM), the result shows that LTV policy is affecting positively towards demand for mortgage finance, particularly lower-middle income provinces. When LTV ratio increased, demand for mortgage finance in lower-middle income provinces is higher than demand for mortgage finance in higher-middle income provinces. Moreover, mortgage finance reflects normal good for higher-middle income provinces while reflects inferior good for lower-middle income provinces. On the other hand, higher mortgage interest lowers demand for mortgage finance, particularly in lower-middle income provinces."

"ABSTRAKPenelitian ini membahas mengenai faktor yang mempengaruhi Return Saham Sektor Properti yang terdaftar di Bursa Efek Indonesia (BEI). Pengujian hipotesis pada penelitian ini menggunakan model regresi linier berganda dengan data panel yaitu menggabungkan antara data time series dan cross section. Sampel dalam penelitian ini adalah seluruh perusahaan yang go public di sektor properti yang listed di BEI selama periode penelitian yaitu Januari 2010 sampai dengan Desember 2014 yaitu sebanyak 44 (empat puluh empat) perusahaan.Hasil penelitian menunjukan bahwa tingkat suku bunga, volume perdagangan, nilai tukar rupiah terhadap USD, dan kebijakan Loan to Value (LTV) berpengaruh signifikan terhadap imbal hasil saham perusahaan sektor properti. Sedangkan inflasi tidak berpengaruh signifikan terhadap imbal hasil saham, dan memiliki hubungan yang negatif. Kebijakan LTV terbukti efektif dalam menahan laju pertumbuhan kredit properti.

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ABSTRACT

This study discusses the Analysis of Impact of LTV Policy on Stock Return of Property Sector Listed at the Indonesian Stock Exchange. Testing the hypothesis in this study using multiple linear regression model with panel data that combines the data time series and cross section. The sample in this study are all companies that go public in the property sector listed at the Indonesia Stock Exchange in the period January 2010 to December 2014 as many as 44 fourty-four companies.

The results showed that the interest rates, trade volume, exchange rate against the USD, and LTV policy significant effect on stock returns of property sector. While inflation is not a significant effect on stock returns, and have a negative relationship. LTV policy proved effective in slowing the growth rate of property credits."