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The relationship between macroeconomic variables on residential property price: case study in Malaysia before and during COVID-19

Author

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  • Siti Hafsah Zulkarnain
  • Abdol Samad Nawi
Abstract
Purpose - The purpose of this study is to analyse numerous aspects affecting residential property price in Malaysia against macroeconomics issues such as gross domestic product (GDP), exchange rate, unemployment and wage. Design/methodology/approach - The hedonic pricing model has been adopted as econometric model for this research to investigate the relationship between residential property price against macroeconomics indicator. The data for residential property price and macroeconomic variables were collected from 1991 to 2019. Multiple linear regression had been adopted to find the relationship between the dependent and independent variables. Findings - The result shows that the GDP has a significant positive impact on residential property price, while exchange rate has no significant impact although it was positive. In addition, the unemployment rate has a significant impact on the residential property price and has a negative relationship. Similar to the wage that shows the negative relationship with residential property prices. Moreover, during the pandemic COVID-19 in Malaysia, this research shows a more transparent view of the relationship between residential property price and the macroeconomic issues of GDP, exchange rate, unemployment and wage. Originality/value - The findings of this research found that macroeconomics issue cannot be eliminated due to Malaysia is a developing country, and there will always be an issue that will happen, but the issues can be reduced to maximise the advantages, e.g. during COVID-19, the solution to fight against COVID-19 were crucial and weaken the macroeconomics issues.

Suggested Citation

  • Siti Hafsah Zulkarnain & Abdol Samad Nawi, 2023. "The relationship between macroeconomic variables on residential property price: case study in Malaysia before and during COVID-19," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 17(3), pages 702-725, February.
    • Handle: RePEc:eme:ijhmap:ijhma-01-2022-0013
    DOI: 10.1108/IJHMA-01-2022-0013
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    Cited by:

    1. Zarul Azhar Nasir & Noormahayu Mohd Nasir & Muhammad Adidinizar Zia Ahmad Kusairee & Siti Nur’Amalina Syeddin & Nor Zarina Mohd Salim, 2023. "Evaluating the Nexus between Monetary Sector Variables and Housing Affordability in Malaysia," Information Management and Business Review, AMH International, vol. 15(4), pages 31-40.

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