Housing prices up in Kazakhstan

Housing prices in Kazakhstan have registered a small increase since the beginning of 2018.

The average cost of 1 square meter of new housing in Kazakhstan amounted to 263,098 tenge ($823.05) in March 2018 showing an increase of 1 percent compared to the previous month, according to the Committee on Statistics under the Kazakh National Economy Ministry.

The price hasrisen by 1.1 percent compared to December 2017.

The average resale price of 1 square meter of well-maintained housing in March stood at the level of 185,836 tenge ($581.35), thus showing a decrease of 0.1 percent compared to the previous month and 0.1 percent increase compared to December last year.

The resale price of 1 square meter of ill-equipped housing averaged to 115,007 tenge ($359.78) that is 0.6 percent higher than in the previous month and 0.4 percent more than in December 2017.

The average rental price of 1 square meter of well-maintained housing in Kazakhstan last month amounted to 1,338 tengethat is 0.2 percent higher than in the previous month and 0.7 percent higher 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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