Fresh air sellers: Prices for mountain real estate in Almaty may surpass those in the Alps 

In 2024, the most expensive house near the resorts of the Almaty Mountain Cluster (AMC) experienced a 35% price increase compared to the 2023 record, reaching a price of €9,900 ($10,180) per square meter. This price is higher than the cost of a classic chalet in Swiss Champery. 

Even though Kazakhstan’s mountain real estate market isn’t highly developed, some property price tags can rival those of the Alps.

Kursiv.media has been monitoring the mountain housing market for the second year in a row with the goal of compiling a ranking of AMC houses available for purchase on the open market.

In late 2024, the most expensive house near the AMC (€9,900 per square meter) was 35% more expensive than in 2023. However, this price growth doesn’t necessarily reflect increased demand for mountain houses. Real estate agents report that only a few buyers have shown interest in such houses, with the majority of housing lots deemed overpriced. Some properties have remained unsold since 2023, with their price tags either unchanged or even reduced.

The price for silence

The 2024 ranking leader among chalets of the Trans-Ili Alatau range is a two-story house constructed from wooden beams and thermal blocks in 2005, located near the Shymbulak ski resort. Each of the 545 square meters in this «house where the heart is» costs €9,900, totaling approximately €5.40 million for a property with an outdated design and décor that has seen better days. This amount of money is enough to purchase a premium property in at least three of 24 prominent Alp resorts, including French Les Gets (€9,600 per square meter), Morzine (€9,400) and Swiss Champery (€9,100).

Nevertheless, this house in the foothills of the Trans-Ili Alatau comes furnished and features a small front yard of 230 square meters and an asphalt-covered driveway. Among other perks, the seller also highlights a staggering view of the mountains, fresh air, quiet ambiance and privacy.

Minimalistic barn-style house

The second place in the ranking goes to a minimalistic barn house with panoramic windows. Built in 2022 near a mountain river close to the Shymbulak ski resort base station, the property spans 300 square meters, each priced at approximately €6,900, bringing the total cost to around €2.08 million. This house also includes a modest 215-square-meter lot, and unlike the previous fancy listing, it stands out for its stark, austere design with minimal decorative elements.

This property topped the 2023 ranking in terms of cost per square meter (€8,000). However, after a year, the landlords were unable to sell it, despite reducing the price by 6%. Additionally, due to exchange rate changes, the property’s value in euros dropped by nearly 15% last year.

Finnish-style chalet on the Medeu

The third spot in the ranking is held by a wooden log house surrounded by spruces with a 1,500-square-meter lot near the Medeu base station. This property is a tract house from a series constructed using glulam produced by the Finnish company Honka.

Each square meter in the two-story detached house built in 2008 costs €4,140, with the total price for the property at approximately €1.39 million.

Fabulous manor

Finding listings for sale near the Shymbulak ski resort can be challenging, but securing anything valuable near Oi Qaragai is even more difficult. The most common type of property available there is an old garden house.

The most expensive house located in the area around the Oi Qaragai resort is a three-story brick house with an 8,000-square-meter lot 500 meters from Old Fable, a part of the Oi Qaragai resort. The property spans 330 square meters and features a garden, a gas heating system and a septic tank. Each square meter of the house costs approximately €2,250, with the entire property listed for €742,500.

The seller suggests that potential buyers consider using the modestly decorated manor for business purposes, such as establishing an inn.

The offer has been listed on Krisha.kz, the Kazakhstani classified advertisements website devoted to real estate, since 2023, with the price unchanged. 

Three resorts around the corner

The Besqaynar settlement is a 15-minute drive from the Tabagan, Pionner and Oi Qaragai ski resorts, offering several housing listings. 

The most expensive listing in the area is a three-story brick house with stained glass windows and a 4500-square-meter lot. Built in 2018, the property spans 450 square meters and is priced at approximately €967,500 (€2,150 per square meter).

Other properties in the area are priced between €815.7 and €1,612 per square meter. Most owners market these houses for commercial purposes, emphasizing their proximity to mountain resorts, scenic views and fresh air.