Prices for new housing up in Kazakhstan

8 June 2018 17:01 (UTC+04:00)

By Kamila Aliyeva

Kazakhstan’s housing market demonstrates stability this year with slight increase in prices for the purchase of housing and no change for its rent.

The average cost of 1 square meter of new housing in Kazakhstan amounted to 263,853 tenge ($792.16) in May 2018 which shows a 0.3 percent growth compared to the previous month, according to the Committee on Statistics under the Kazakh National Economy Ministry.

The price has risen by 1.4 percent compared to December 2017.

The average resale price of 1 square meter of well-maintained housing in April stood at the level of 186,564 tenge ($560.12), thus showing an increase of 0.2 percent compared to the previous month and 0.5 percent increase compared to December last year.

The resale price of 1 square meter of ill-equipped housing averaged to 115,513 tenge ($346.80) that is 0.1 percent higher than in the previous month and 0.9 percent more than in December 2017.

The average rental price of 1 square meter of well-maintained housing in Kazakhstan last month amounted to 1,341 tenge that has not changed compared to the previous month and 0.9 percent higher than in late 2017.

In Kazakhstan, the number of deals on purchase and sale of housing in January-April 2018 was 72,909 and increased by 4 percent compared to the same period in 2017.

As many as 239,600 deals for housing purchase and sale were concluded in Kazakhstan during 2017 showing an increase of 26 percent compared to 2016.

Previously, Kazakhstan has experienced a sharp decline of the real estate market due to adverse external conditions. Devaluation of the national currency, along with a decrease in real wages and purchasing power affected the demand side, while slight overinvestment and high exposure to currency risks shocked the supply.

The Kazakh government is committed to resolving current issues on the real estate market with massive programs, which aim to provide affordable housing, including rental, refinancing foreign currency mortgages and stimulating construction of infrastructure for individual housing construction.


Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

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