Housing Price Appreciation and Economic Integration in a Transition Economy
61 Pages Posted: 16 Mar 2018 Last revised: 10 Jul 2018
Date Written: March 13, 2018
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 fairly 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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