# RECORD 756500e0e0865a14c1f90982057105046ada0c6c
# TITLE: Analysis of the main factors influencing price changes in the housing market in the construction sector (on the example of the city of Almaty)
# YEAR: 2026.0  VENUE: Bulletin of "Turan" University  DOI: 10.46914/1562-2959-2026-1-1-395-408
# AUTHORS: Zh. A. Mekebaeva; N. A. Mekebaeva; I. V. Anayatova
# PAGES: 14  CANDIDATE TABLE PAGES (1-based): []
# ABSTRACT: The article examines the main factors influencing the price of three-room apartments in the housing market. The aim of the study is to conduct a quantitative analysis of the relationship between housing prices and apartment characteristics based on data from different districts of the city of Almaty. In addition, a forecast of price dynamics for the near future was developed based on the obtained results. The analysis was carried out in the Gretl software using correlation analysis and hedonic regression (OLS). The data were obtained from publicly available advertisements for the sale and rental of apartments and houses in the city of Almaty. The study is based on data from the largest metropolis of Kazakhstan – the city of Almaty. The results obtained allow for a deeper understanding of the patterns of price formation in the residential real estate segment and make it possible to assess potential changes in the market in the future. The study has practical significance for construction companies, analysts, and potential buyers. The analysis showed that the main factors affecting the price of three-room apartments are the district location, total area, and technical condition of the housing. The econometric analysis made it possible to quantitatively describe the relationship between price and these parameters. The constructed regression model was used to forecast prices for the coming years.


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395
Научный журнал «Вестник университета «Туран» № 1(109) 2026 г.
IRSTI 06.01
UDC 330.43
JEL P31
https://doi.org/10.46914/1562-2959-2026-1-1-395-408
MEKEBAEVA ZH.A.,¹
m.m.s., senior lecturer.
e-mail: zhanat.mekebaeva@narxoz.kz
ORCID ID: 0000-0002-2368-8499
MEKEBAEVA N.A.,*²
m.e.s.
*e-mail: nmekebaeva@inbox.kz
ORCID ID: 0009-0005-5002-6107
ANAYATOVA I.V.,²
m.m.s., master teacher
e-mail: 121219891@mail.ru
ORCID ID: 0009-0008-6080-1981 
¹Narxoz University,
Almaty, Kazakhstan
²College of Tourism and Hospitality Industry,
Almaty, Kazakhstan
ANALYSIS OF THE MAIN FACTORS INFLUENCING PRICE CHANGES 
IN THE HOUSING MARKET IN THE CONSTRUCTION SECTOR
(ON THE EXAMPLE OF THE CITY OF ALMATY)
Abstract
The article examines the main factors influencing the price of three-room apartments in the housing market. 
The aim of the study is to conduct a quantitative analysis of the relationship between housing prices and apartment 
characteristics based on data from different districts of the city of Almaty. In addition, a forecast of price dynamics for 
the near future was developed based on the obtained results. The analysis was carried out in the Gretl software using 
correlation analysis and hedonic regression (OLS). The data were obtained from publicly available advertisements 
for the sale and rental of apartments and houses in the city of Almaty. The study is based on data from the largest 
metropolis of Kazakhstan – the city of Almaty. The results obtained allow for a deeper understanding of the patterns 
of price formation in the residential real estate segment and make it possible to assess potential changes in the market 
in the future. The study has practical significance for construction companies, analysts, and potential buyers. The 
analysis showed that the main factors affecting the price of three-room apartments are the district location, total 
area, and technical condition of the housing. The econometric analysis made it possible to quantitatively describe the 
relationship between price and these parameters. The constructed regression model was used to forecast prices for 
the coming years.
Keywords: housing market, construction industry, price, econometric analysis, correlation, regression, forecast.
Introduction
Housing affordability and price differentiation remain central socio-economic challenges 
in large urban centers of Kazakhstan. Almaty, as the largest city in the country, demonstrates 
sustained population growth driven by internal migration, urbanization, and increasing demand 
for improved living standards. These processes, combined with the expansion of mortgage lending 
and macroeconomic fluctuations, have significantly influenced residential property prices. In this 
context, understanding the determinants of housing price formation is essential for ensuring market 
transparency and supporting evidence-based decision-making.
The housing market is characterized by structural heterogeneity. Apartment prices are shaped 
not only by physical characteristics such as total area but also by spatial attributes, building quality, 
renovation level, and surrounding infrastructure. Price variation across districts reflects differences in 
accessibility, social prestige, and concentration of urban amenities. Therefore, housing price formation 
represents a multifactorial process that requires quantitative evaluation.