Real Estate Market Evolution and Monetary Policy in Kazakhstan

This paper considers the link between macroeconomic policy and housing demand in an upper middle-income transition economy, Kazakhstan. The paper further explores price cointegration and contagion across cities. We find evidence that some parts of the housing market lead others but that, overall, regional housing markets are only weakly interlinked. The markets also tend to respond weakly to policy interventions – a matter of possible concern to the nation’s central bank.

Keywords: real estate markets, mortgage credit policy, transition economies, Kazakhstan

JEL Classification: R30, R21, P34, E21, E63, G21

Suggested Citation: Suggested Citation

Ybrayev, Zhandos and Becker, Charles Maxwell, Real Estate Market Evolution and Monetary Policy in Kazakhstan (June 20, 2019). Economic Research Initiatives at Duke (ERID) Working Paper No. 287, University of Central Asia – Institute of Public Policy and Administration (IPPA) Working Paper No. 54, Available at SSRN: https://ssrn.com/abstract=3409328 or http://dx.doi.org/10.2139/ssrn.3409328