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Housing prices up in Kazakhstan

7 October 2017 12:00 (UTC+04:00)
Housing prices up in Kazakhstan

By Kamila Aliyeva

Housing prices in Kazakhstan have started to show an increase in 2017.

The average cost of 1 square meter of new housing in Kazakhstan amounted to 253,717 tenge in September 2017, thus showing an increase of 0.4 percent compared to the previous month, according to the Committee on Statistics under the Kazakh National Economy Ministry.

The price has raised by 1.5 percent compared to December 2016.

The average resale price of 1 square meter of well-maintained housing in September stood at the level of 187,236 tenge that is 0.4 percent less than in the previous month and 0.8 percent less than in December last year.

The resale price of 1 square meter of ill-equipped housing averaged to 114,345 tenge that is 0.1 percent higher than in August and 0.9 percent lower than in December 2016.

The average rental price of 1 square meter of comfortable housing in Kazakhstan last month amounted to 1,306 tenge that is 0.4 percent higher than in the previous month and 2 percent higher than in late 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.

In January-May 2017, the cost of new housing as compared to the same period of 2016 has decreased by 3.2 percent. Over the year the resale prices have fallen by 3.1 percent for well-maintained housing. However, the resale cost of ill-equipped housing has not changed much. In this regard, the number of deals for apartment purchase and sale in Kazakhstan has grown by 30 percent this year.

In the same period, about 63,000 deals for purchase of apartments have been made in Kazakhstan (14,400 more than a year before).

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.

Cost of living in Kazakhstan is 4.24 percent higher than in Azerbaijan while rent is 2.43 percent higher than in Azerbaijan.

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

Follow us on Twitter @AzerNewsAz

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