1# RECORD 4541442153fb2d18b8949cafaa5b6f2f956b34132# TITLE: Pengaruh risiko lingkungan pesisir terhadap harga penawaran properti residensial di Jakarta Utara3# YEAR: 2026.0 VENUE: Widya Bhumi DOI: 10.31292/wb.v6i1.2854# AUTHORS: Muthi'a Sekhar Negari; Syahna Marisah; M. Saefulloh; Hardana Gading Perdana Putra; Maria Putri Paramita5# PAGES: 23 CANDIDATE TABLE PAGES (1-based): []6# ABSTRACT: The coastal areas of North Jakarta face structural threats due to a combination of tidal flooding and land subsidence, which have the potential to affect residential property asking prices. This study aims to analyze the impact of coastal environmental risks on residential property asking prices in North Jakarta (excluding PIK) using the Hedonic Price Model (HPM) approach. The data used includes 141 observations of property asking prices sourced from the Kaggle platform and analyzed using Multiple Regression Analysis (MRA) with robust standard errors, extended with spatial econometric models (SAR and SEM). The results indicate that land subsidence is the only significant environmental risk variable, where a 1 cm/year increase in the subsidence rate reduces property asking prices by 28.32%. Conversely, the flood hazard variable showed no significant effect, suggesting limited utilization of risk information by market participants. Meanwhile, the distance to the seawall showed a significant positive coefficient, indicating that proximity to the seawall serves as a proxy for risk rather than a protection premium. These findings suggest that the real estate market tends to be more responsive to direct and easily observable environmental risks, while probabilistic risks are less internalized in prices. Therefore, policy interventions and improved access to risk information are crucial for maintaining property values in coastal areas. 7Kawasan pesisir Kota Jakarta Utara menghadapi ancaman struktural akibat kombinasi banjir rob dan penurunan muka tanah yang berpotensi mempengaruhi harga penawaran properti residensial. Penelitian ini bertujuan menganalisis pengaruh risiko lingkungan pesisir terhadap harga penawaran properti residensial di Jakarta Utara (non-PIK) menggunakan pendekatan Hedonic Price Model (HPM). Data yang digunakan mencakup 141 observasi harga penawaran properti yang bersumber dari platform kaggle dan dianalisis menggunakan Multiple Regression Analysis (MRA) dengan robust standard errors, diperluas dengan model ekonometrika spasial (SAR dan SEM). Hasil penelitian menunjukkan bahwa penurunan muka tanah merupakan satu-satunya variabel risiko lingkungan yang berpengaruh, di mana setiap kenaikan laju penurunan tanah 1 cm/tahun menurunkan harga penawaran properti sebesar 28.32%. Sebaliknya, variabel bahaya banjir tidak menunjukkan pengaruh signifikan yang mengindikasikan keterbatasan pemanfaatan informasi risiko oleh pelaku pasar. Sementara itu, jara8910===== PAGE 1 (score 8, numeric-paren 0, table-words 2, var-words 4) =====1112Widya Bhumi, Vol. 6, No. 1, April 2026, page 87-109 |87 13WIDYA BHUMI 14 15PENGARUH RISIKO LINGKUNGAN PESISIR TERHADAP HARGA PENAWARAN PROPERTI RESIDENSIAL 16DI JAKARTA UTARA 17 18Muthi’a Sekhar Negari1*, Maria Putri Paramita2, Syahna Marisah3, Hardana Gading Perdana Putra4, 19M. Hafidz Meiditambua S.5 201,2,3,4,5 Politeknik Keuangan Negara STAN 21Jalan Bintaro Utama 5 Sektor V, Jurang Mangu Timur, Pondok Aren, Kota Tangerang Selatan, 22Banten 15222 23* Koresponden email: muthiasn68@gmail.com 24Nomor handphone: +62-822-5960-1061 25 26ABSTRACT 27The coastal areas of North Jakarta face structural threats due to a combination of tidal flooding and 28land subsidence, which have the potential to affect residential property asking prices. This study aims 29to analyze the impact of coastal environmental risks on residential property asking prices in North 30Jakarta (excluding PIK) using the Hedonic Price Model (HPM) approach. The data used includes 141 31observations of property asking prices sourced from the Kaggle platform and analyzed using Multiple 32Regression Analysis (MRA) with robust standard errors, extended with spatial econometric models 33(SAR and SEM). The results indicate that land subsidence is the only significant environmental risk 34variable, where a 1 cm/year increase in the subsidence rate reduces property asking prices by 28.32%. 35Conversely, the flood hazard variable showed no significant effect, suggesting limited utilization of 36risk information by market participants. Meanwhile, the distance to the seawall showed a significant 37positive coefficient, indicating that proximity to the seawall serves as a proxy for risk rather than a 38protection premium. These findings suggest that the real estate market tends to be more responsive 39to direct and easily observable environmental risks, while probabilistic risks are less internalized in 40prices. Therefore, policy interventions and improved access to risk information are crucial for 41maintaining property values in coastal areas. 42Keywords: Land Subsidence, Coastal Environmental Risk, North Jakarta, Hedonic Price Model, 43Residential Property Asking Prices 44 45INTISARI 46Kawasan pesisir Kota Jakarta Utara menghadapi ancaman struktural akibat kombinasi banjir rob dan 47penurunan muka tanah yang berpotensi mempengaruhi harga penawaran properti residensial. 48Penelitian ini bertujuan menganalisis pengaruh risiko lingkungan pesisir terhadap harga penawaran 49properti residensial di Jakarta Utara (non-PIK) menggunakan pendekatan Hedonic Price Model 50(HPM). Data yang digunakan mencakup 141 observasi harga penawaran properti yang bersumber 51dari platform kaggle dan dianalisis menggunakan Multiple Regression Analysis (MRA) dengan robust 52standard errors, diperluas dengan model ekonometrika spasial (SAR dan SEM). Hasil penelitian 53menunjukkan bahwa penurunan muka tanah merupakan satu-satunya variabel risiko lingkungan yang 54berpengaruh, di mana setiap kenaikan laju penurunan tanah 1 cm/tahun menurunkan harga 55penawaran properti sebesar 28.32%. Sebaliknya, variabel bahaya banjir tidak menunjukkan pengaruh 56signifikan yang mengindikasikan keterbatasan pemanfaatan informasi risiko oleh pelaku pasar. 57Sementara itu, jarak ke tanggul menunjukkan koefisien positif signifikan yang mencerminkan bahwa 58kedekatan dengan tanggul berfungsi sebagai proksi risiko, bukan protection premium. Temuan ini 59menunjukkan bahwa pasar properti cenderung lebih responsif terhadap risiko lingkungan yang 60bersifat langsung dan mudah diamati, sementara risiko yang bersifat probabilistik kurang 61terinternalisasi dalam harga. Oleh karena itu, intervensi kebijakan dan peningkatan akses informasi 62risiko menjadi penting dalam menjaga nilai properti di kawasan pesisir. 63Kata Kunci : Penurunan Muka Tanah, Risiko Lingkungan Pesisir, Jakarta Utara, Hedonic Price Model, 64Harga Penawaran Properti Residensial 65 66 67 68 69 70Vol. 6 No. 1 71April 2026 72 73Received 74Feb 19th, 2026 75 76Accepted 77April 14th, 2026 78 79Published 80April 16th, 2026 81 82 83 84