Analysing the Real Estate Market in Almaty City: A System Dynamics Approach
https://doi.org/10.47703/ejebs.v2i67.301
Abstract
The real estate market is a complex system that is influenced by a variety of factors. Understanding the dynamics of this system is crucial for investors, developers, and policymakers who want to make informed decisions. The Massachusetts Institute of Technology (MIT) has developed a powerful tool for analyzing complex systems called System Dynamics. This paper will provide an overview of System Dynamics and MIT analysis, followed by an overview of the real estate market. Finally, we will explore how System Dynamics can be used to analyze the real estate market and make predictions about its future trends. Combining these three supporting points will give us a comprehensive understanding of the real estate market and how it can be analysed using System Dynamic. This article employs the system dynamics modelling approach to shed light on the specific real estate market dynamics in Almaty сity. By utilising this methodology, we aim to provide a comprehensive analysis of the real estate market in Almaty, understanding its unique characteristics and uncovering the drivers of price volatility. This article seeks to contribute to the body of knowledge on real estate market analysis by utilising system dynamics modelling to examine the dynamics of the real estate market in Almaty. By leveraging the advantages of this progressive method, we seek to uncover the specific drivers of price volatility and provide valuable insights for policymakers, investors, and other stakeholders. Through this research, we aim to enhance the understanding of the real estate market in Almaty and offer a foundation for evidence-based decision-making in the region.
Keywords
Supporting agencies: This paper was developed under the potential collaboration between KBTU and Sloan Management School MIT. We appreciate Professor John Sterman, whose pioneering work in the field of system dynamics has dramatically influenced and inspired our research.
About the Authors
Assel Jumasseitova
Kazakh British Technical University, Almaty
Kazakhstan
Kazakhstan
PhD in Management, Cand. Sc. (Econ.), Professor, Email: a.dzhumaseitova@kbtu.kz
Aliya Mussaeva
Kazakh British Technical University, Almaty
Kazakhstan
Kazakhstan
Audit Assistant Deloitte, BS Finance, Email: a_musaeva@kbtu.kz
Maxat Kabashev
Kazakh British Technical University, Almaty
Kazakhstan
Kazakhstan
PhD, Associate Professor, Email: m.kabashev@kbtu.kz
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Review
For citations:
Jumasseitova A., Mussaeva A., Kabashev M. Analysing the Real Estate Market in Almaty City: A System Dynamics Approach. Eurasian Journal of Economic and Business Studies. 2023;67(2):158–171. https://doi.org/10.47703/ejebs.v2i67.301
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