Prices in Kazakh housing market slightly up

10 September 2018 17:01 (UTC+04:00)

By Kamila Aliyeva

Prices in Kazakhstan’s housing market change insignificantly from month to month in 2018 with slight increase in the cost of purchase and rent last month.

The average cost of 1 square meter of new housing in Kazakhstan amounted to 264,264 tenge ($703) in August 2018 which shows a 0.1 percent growth compared to the previous month, according to the Committee on Statistics under the Kazakh National Economy Ministry.

The price has risen by 1.6 percent compared to December 2017.

The average resale price of 1 square meter of well-maintained housing in April stood at the level of 184,074 tenge ($490), thus showing an increase of 0.2 percent compared to the previous month and 0.8 percent increase compared to December last year.

The resale price of 1 square meter of ill-equipped housing averaged to 114,065 tenge ($304) that is 0.3 percent higher than in the previous month and 2 percent more than in December 2017.

The average rental price of 1 square meter of well-maintained housing in Kazakhstan last month amounted to 1,340 tenge which is 1.2 percent more compared to the previous month and 2.6 percent more than in late 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.

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

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