Abstract
The purpose of the research is to determine the impact of the COVID-19 pandemic and macroeconomic factors on the real estate prices in the regions of Kazakhstan during the period between 2010 and 2022. Feasible Generalized Least Square (FGLS) model was implemented to assess determinants of real-estate market performance. This study analyzes the performance of the real estate market in Kazakhstan not on a country level but on a more deep, regional level. The findings show that COVID-19, as well as macroeconomic variables, had a significant impact on real-estate market prices. COVID-19 negatively affected real estate prices in Kazakhstani regions, whereas the effect of macroeconomic variables was positive. Factors such as household income, gross regional product, inflation, unemployment, and time dummy contributed to the increase in prices of real estate.
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