Abstract:
This study examines the assessment of the real estate market in Almaty, Kazakhstan, over the last eight years from 2013 to 2020, taking into account various key factors. Using data from reputable sources such as the Agency of the Republic of Kazakhstan for Statistics, Krisha.kz and the National Bank of Kazakhstan, the study ensures the accuracy and reliability of the analysis. Key economic indicators such as GDP, wages, interest rates and population growth are analyzed to determine their impact on real estate prices.
GDP reflects the general economic condition, wages affect purchasing power and housing affordability, interest rates affect the cost of borrowing and investment decisions, and population growth stimulates
demand for housing.
The study involves the use of a multiple regression analysis to determine various factors that impact on the value of the real estate hence providing a clear picture of the real estate market. Regression models consider various variables to exclude the effects of other variables and study the effects of each economic indicator on real estate price. The findings indicate that macroeconomic factors and real estate prices are intertwined such that proper decision-making should be done when the market is volatile. In this regard, the present study does not only contribute to the extant literature on real estate valuation but also offers practical insights to the stakeholders in the Almaty real estate market by stressing on the relevance of the economic factors in determining the real estate prices and the necessity to take rational decisions in the context of the competitive and volatile market environment.
