Determinants of Market Value of Luxury Condominium Units in Medan City

This study aims to analyze the determinants of market value of luxury condominium units in Medan City, Indonesia, by focusing on unit-specific physical attributes and building management quality. Rapid urbanization, land scarcity, and vertical housing development have positioned condominiums as an important segment of urban residential markets. However, despite regional economic growth, luxury condominium prices in Medan have shown relatively stagnant, fluctuating trends, indicating a discrepancy between macroeconomic performance and property market behavior. This research employs a quantitative approach using multiple linear regression analysis based on 96 condominium units from major luxury developments in Medan. The independent variables include unit size, floor level, view, facilities, and maintenance fee, while market value serves as the dependent variable. Prior to hypothesis testing, classical assumption tests were conducted to ensure the reliability of the regression model. The empirical results demonstrate that unit size, facilities, and maintenance fee have a positive and significant effect on the market value of luxury condominiums. In contrast, floor level and view are found to have no significant influence. These findings suggest that, in the context of Medan, market value is more strongly driven by functional attributes and management quality rather than aesthetic or vertical differentiation. For property developers and investors, these results imply that investment decisions should prioritize functional amenities and quality management systems over vertical positioning or view premiums, as these factors yield stronger returns in market valuation within Medan's luxury condominium segment.