What lessons should Kazakhstan learn from the collapse of the real estate market?
When the real estate market burst in Kazakhstan in the summer of 2007, it caught the country by surprise. There were signs that were missed or grossly underestimated; these signs could have assisted in the mitigation of the effects of the burst of the construction bubble. There are very many lessons from the events that led to the collapse of the real estate market. First, the introduction of mortgages into Kazakhstan played a key role in the creation of surplus demand for the already booming construction industry (Griffin & Pustay, 2015). This in turn led to an increase in real ...
