The Volatility of Penang Heritage Property Price Index

Koh, Yu Xuan (2020) The Volatility of Penang Heritage Property Price Index. Final Year Project (Bachelor), Tunku Abdul Rahman University College.

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Abstract

The study is concentrated on enhancing the investment portfolios with the heritage properties investment. Besides, this study constructs the Heritage Property Price Index (HPPI) to analyses the price of the heritage properties in Georgetown, Penang. It conducted on the basis of quarterly historical transaction data collected from year 2009 to year 2018 were obtained from governmental sources. Furthermore, the study would examining the risk and return of the heritage properties investment and compare with stock market. In particular, the study attempts to investigate whether the returns are correlated between them, and to explore the potential diversification effects on creating a diversify portfolio. Descriptive and inferential analysis are adopted in this study. Finally, the results of the study indicate that the quarterly returns on heritage properties and stock markets are not correlated. Therefore, diversification benefits could be achieved by creating a balanced portfolio.