Impacts Of Macroeconomic Variables On The Real Estate Stock Exchange In Vietnam

Abstract

The primary objective of the study is to examine the impact of macroeconomic factors on 38 real estate stocks listed on HOSE during the period from 2017 to 2022, characterized by significant volatility. The research focuses on analyzing the influence of the consumer price index, 10-year government bond yields, GDP growth, foreign direct investment, and the VND-USD exchange rate. The FGLS model was selected to overcome the autocorrelation and Heteroskedasticity in the regression model. The findings reveal that three factors, namely GDP, Exchange Rate, and 10-year bond yields, have a significant impact on real estate stock prices during this period, while no significant effects were found for FDI and CPI. Moreover, the study reports a relatively low Rsquare value of 13.49%, indicating limited explanatory power of the model during the examined time frame. These research findings provide valuable insights for investors in understanding the fluctuations of real estate stocks in different periods of the Vietnamese stock market.