1# RECORD e8fc0639c10125b90362c5f5efd1e372d6b25fd82# TITLE: Temporal Analysis of Property Values Before and After the Revitalization of Depok City Square, 2015–20253# YEAR: 2026.0 VENUE: Journal Research of Social Science Economics and Management DOI: 10.59141/jrssem.v5i10.14954# AUTHORS: Areez Rachmawati; A. G. Malau5# PAGES: 10 CANDIDATE TABLE PAGES (1-based): []6# 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.789===== PAGE 1 (score 7, numeric-paren 0, table-words 1, var-words 5) =====1011 12JRSSEM 2026, Vol. 5, No. 10, May 13E-ISSN: 2807 - 6311 14P-ISSN: 2807 - 6494 15 16 1712066 18Temporal Analysis of Property Values Before and After the Revitalization 19of Depok City Square, 2015–2025 20 21Areez Rachmawati, Albert Gamot Malau* 22Universitas Terbuka, Indonesia 23Email: albert@ecampus.ut.ac.id* 24 25Keywords: 26 27Abstract 28Revitalization; 29public 30places; 31property 32values; 33temporality 34analysis; Depok 35 36Public space revitalization aims to improve environmental quality 37and drive regional economic growth. Depok City Square, revitalized 38in 2020, has undergone significant physical and social changes. This 39research analyzes property value changes around the square from 402015 to 2025, identifies spatial patterns of value increases, and 41evaluates the influencing factors. This quantitative study used 42secondary data (NJOP and property portals) and primary data from 43field surveys at 120 points within 0–2 km of the square. Analysis 44employed multiple linear regression (five variables: revitalization 45dummy, distance to square, distance to main road, commercial 46intensity, observation year) and GIS-based spatial mapping. The 47results showed that average property value increases ranged from 4848.4% to 87.9% depending on the distance zone, with the highest 49increase occurring within a radius of 0–500 meters from the square. 50The regression model yielded an R² of 0.782, with the revitalization 51dummy variable as the largest determinant (β = Rp1,924,300/m²). 52Spatial patterns revealed an uneven distribution of increases, with 53commercial corridors on the west and north sides benefiting more 54than residential areas on the east and south sides. The study concludes 55that town square revitalization had a positive and significant impact 56on property values, but also triggered commercial gentrification 57pressures that displaced 58local MSMEs. Therefore, future 59revitalization policies need to integrate social protection dimensions 60and land value capture mechanisms to ensure equitable distribution 61of benefits. 62 63INTRODUCTION 64The impact of infrastructure development does not always appear immediately after 65project completion (Van Doorn & Vijay, 2024). The economic effect is only felt when residents 66are more active and people reassess the value of the area. This is what I saw in the Depok City 67Square. Since the alumnalun reopened in 2020, the place has become a magnet for new 68economic activities. Slowly the property market responded to that growth. The authors argue 69that theoretically, public facilities are closely related to land prices. Locations with high 70accessibility and proximity to crowded centers typically result in higher economic value 71(O'Sullivan, 2018). In addition, the development of public facilities also increases the 72attractiveness of the area and encourages an increase in land value (Todaro & Smith, 2020). 73According to observations, the reality on the ground shows that the distribution of price 74increases is uneven. Spatial planning policies usually cause inequality in value growth between 75one area and another (Manahampi & Yudhistira, 2026). Therefore, this study wants to explore 76the amount of property price increases. This study also examines spatial patterns and the 77determinants behind them. 78