Abstract
Mortgage lending plays a fundamental role in improving housing affordability, supporting financial sector development, and fostering sustainable economic growth. In Kazakhstan, the mortgage market has undergone significant transformation over the past decade, driven by government housing initiatives, changes in monetary policy, and evolving macroeconomic conditions. Despite considerable market expansion, challenges such as high interest rates, inflationary pressures, regional disparities in housing affordability, and continued dependence on government-supported programs constrain the long-term sustainability of mortgage market development.