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.

中文翻译：

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转型经济中的房价升值与经济一体化：哈萨克斯坦的证据

本文探讨了新兴的中高收入经济体哈萨克斯坦的房地产价格走势模式。在2000年至2007年间，该国的城市实际房价出现了爆炸性的11倍增长，随后急剧下降并趋于稳定。本文追踪了不同地区，房屋类型，单元大小类别和邻里类型之间的移动情况。我们发现，价格紧密地联系在一起，这意味着，即使不是统一的住房市场，也伴随着整个城市经济普遍感受到的财富效应。