# RECORD e8fc0639c10125b90362c5f5efd1e372d6b25fd8
# TITLE: Temporal Analysis of Property Values Before and After the Revitalization of Depok City Square, 2015–2025
# YEAR: 2026.0  VENUE: Journal Research of Social Science Economics and Management  DOI: 10.59141/jrssem.v5i10.1495
# AUTHORS: Areez Rachmawati; A. G. Malau
# PAGES: 10  CANDIDATE TABLE PAGES (1-based): []
# ABSTRACT: Public space revitalization aims to improve environmental quality and drive regional economic growth. Depok City Square, revitalized in 2020, has undergone significant physical and social changes. This research analyzes property value changes around the square from 2015 to 2025, identifies spatial patterns of value increases, and evaluates the influencing factors. This quantitative study used secondary data (NJOP and property portals) and primary data from field surveys at 120 points within 0–2 km of the square. Analysis employed multiple linear regression (five variables: revitalization dummy, distance to square, distance to main road, commercial intensity, observation year) and GIS-based spatial mapping. The results showed that average property value increases ranged from 48.4% to 87.9% depending on the distance zone, with the highest increase occurring within a radius of 0–500 meters from the square. The regression model yielded an R² of 0.782, with the revitalization dummy variable as the largest determinant (? = Rp1,924,300/m²). Spatial patterns revealed an uneven distribution of increases, with commercial corridors on the west and north sides benefiting more than residential areas on the east and south sides. The study concludes that town square revitalization had a positive and significant impact on property values, but also triggered commercial gentrification pressures that displaced local MSMEs. Therefore, future revitalization policies need to integrate social protection dimensions and land value capture mechanisms to ensure equitable distribution of benefits.


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JRSSEM  2026, Vol. 5, No. 10, May 
E-ISSN: 2807 - 6311 
P-ISSN: 2807 - 6494 
 
 
12066 
Temporal Analysis of Property Values Before and After the Revitalization 
of Depok City Square, 2015–2025 
 
Areez Rachmawati, Albert Gamot Malau*  
Universitas Terbuka, Indonesia  
Email: albert@ecampus.ut.ac.id* 
 
Keywords: 
 
Abstract 
Revitalization; 
public 
places; 
property 
values; 
temporality 
analysis; Depok 
 
Public space revitalization aims to improve environmental quality 
and drive regional economic growth. Depok City Square, revitalized 
in 2020, has undergone significant physical and social changes. This 
research analyzes property value changes around the square from 
2015 to 2025, identifies spatial patterns of value increases, and 
evaluates the influencing factors. This quantitative study used 
secondary data (NJOP and property portals) and primary data from 
field surveys at 120 points within 0–2 km of the square. Analysis 
employed multiple linear regression (five variables: revitalization 
dummy, distance to square, distance to main road, commercial 
intensity, observation year) and GIS-based spatial mapping. The 
results showed that average property value increases ranged from 
48.4% to 87.9% depending on the distance zone, with the highest 
increase occurring within a radius of 0–500 meters from the square. 
The regression model yielded an R² of 0.782, with the revitalization 
dummy variable as the largest determinant (β = Rp1,924,300/m²). 
Spatial patterns revealed an uneven distribution of increases, with 
commercial corridors on the west and north sides benefiting more 
than residential areas on the east and south sides. The study concludes 
that town square revitalization had a positive and significant impact 
on property values, but also triggered commercial gentrification 
pressures that displaced 
local MSMEs. Therefore, future 
revitalization policies need to integrate social protection dimensions 
and land value capture mechanisms to ensure equitable distribution 
of benefits. 
 
INTRODUCTION 
The impact of infrastructure development does not always appear immediately after 
project completion (Van Doorn & Vijay, 2024). The economic effect is only felt when residents 
are more active and people reassess the value of the area. This is what I saw in the Depok City 
Square. Since the alumnalun reopened in 2020, the place has become a magnet for new 
economic activities. Slowly the property market responded to that growth. The authors argue 
that theoretically, public facilities are closely related to land prices. Locations with high 
accessibility and proximity to crowded centers typically result in higher economic value 
(O'Sullivan, 2018). In addition, the development of public facilities also increases the 
attractiveness of the area and encourages an increase in land value (Todaro & Smith, 2020).  
According to observations, the reality on the ground shows that the distribution of price 
increases is uneven. Spatial planning policies usually cause inequality in value growth between 
one area and another (Manahampi & Yudhistira, 2026). Therefore, this study wants to explore 
the amount of property price increases. This study also examines spatial patterns and the 
determinants behind them.