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Housing price appreciation and economic integration in a transition economy: Evidence from Kazakhstan

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  • An, Galina
  • Becker, Charles
  • Cheng, Enoch

Abstract

This paper explores patterns of real estate price movements in an emerging upper-middle income economy, Kazakhstan. The country experienced an explosive, 11-fold increase in real housing prices in urban areas between 2000 and 2007, followed by a sharp decline and stabilization. This paper traces the movements across different regions, types of housing, unit size categories, and neighborhood types. We find that prices moved together closely, implying a linked, if not unified housing market, along with wealth effects that were felt broadly throughout the urban economy.

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  • An, Galina & Becker, Charles & Cheng, Enoch, 2021. "Housing price appreciation and economic integration in a transition economy: Evidence from Kazakhstan," Journal of Housing Economics, Elsevier, vol. 52(C).
    • Handle: RePEc:eee:jhouse:v:52:y:2021:i:c:s1051137721000176
    DOI: 10.1016/j.jhe.2021.101765
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    3. Zhandos Ybrayev & Yernur Orakbayev & Askar Utarbayev, 2024. "Yield Curves for Main Street: Housing and financial capital returns in a developing economy," Economics of Transition and Institutional Change, John Wiley & Sons, vol. 32(1), pages 165-182, January.

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    More about this item

    Keywords

    Real estate; Developing countries; Transition economies; Kazakhstan;
    All these keywords.

    JEL classification:

    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • P25 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Urban, Rural, and Regional Economics
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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