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

Galina An, Charles Becker and Enoch Cheng

Journal of Housing Economics, 2021, vol. 52, issue C

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.

Keywords: Real estate; Developing countries; Transition economies; Kazakhstan (search for similar items in EconPapers)
JEL-codes: O18 P25 R30 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1016/j.jhe.2021.101765

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Handle: RePEc:eee:jhouse:v:52:y:2021:i:c:s1051137721000176