Maxim Kononov2025-11-192025-11-192008Maxim Kononov / What Forces Drive the Real Estate Market of Kazakhstan? / Suleyman Demirel University / Сду хабаршысы, 2008https://repository.sdu.edu.kz/handle/123456789/2214This paper analyzes the key economic and structural forces shaping the real estate market of Kazakhstan, with a particular focus on Almaty. Over the last decade, rapid GDP growth, rising oil revenues, foreign capital inflows, and the expansion of mortgage lending have significantly stimulated demand for housing. At the same time, speculative activity and the absence of strict regulatory mechanisms contributed to sharp price increases, especially during the 2004–2007 boom. The study evaluates both demand-side factors—economic growth, demographics, household income, banking sector activity, investment motives, and fiscal policy—and supply-side factors such as construction costs, government regulations, and expected returns. Using regression analysis, the research identifies the relative impact of these variables on price formation. Findings show that mortgage lending, bank investment, and income levels are among the strongest drivers of housing prices in Almaty.Attribution-NonCommercial-ShareAlike 4.0 InternationalKazakhstan real estate markethousing pricesmortgage lendingeconomic growthspeculative activityconstruction sectorprice driversregression analysisoil revenuesArticle