Kazakhstan’s commercial banks, including Halyk Bank and Freedom Bank, have begun offering mortgages under the Housing and Construction Savings (HCS) system, joining Otbasy Bank in providing loans with interest rates ranging from 5% to 10%. The new products could divert some demand from traditional market-rate mortgages, Ramazan Dossov, chief analyst…
Kazakhstan’s mortgage market is likely to continue shrinking, as the cost of mortgage loans rises and becomes too high for banks, according to Freedom Holding Corp. CEO and majority shareholder Timur Turlov. He made the statement yesterday during a meeting with journalists in Almaty. No mortgage lending outside state programs…
Talgar Development Ltd., co-owned by investors from the United Arab Emirates (UAE), plans to construct Talgar Eco City, a new urban development in the Almaty region that will house up to 180,000 people, according to regional authorities. During a recent meeting with Almaty Region Gov. Marat Sultangaziyev, Talgar Development Ltd.…
According to Viktoria Ten, vice president of the Association of Kazakhstan’s Developers (AZK), if the value-added tax (VAT) is raised from 12% to 16% and developers lose their VAT exemption, housing prices will increase by 14%. Speaking at the Krysha Novostroiki conference, the expert also discussed the so-called social infrastructure…
Almaty has adopted a new housing renovation program, marking the city’s third attempt in 13 years to curb the expansion of its dilapidated housing stock. The program, set to run until 2030, is expected to prioritize the interests of the city over those of developers. This third improvement plan, adopted…
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…
Over the first 11 months of the year, Almaty hotels reported more than $133 million in revenue, marking a 28% increase compared to the same period last year and a threefold surge compared to pre-pandemic levels. The increased financial indicators have attracted new investors to the industry, and Almaty’s hotel…
The volume of new office space construction in the first 11 months of 2024 has already exceeded the figures from the previous four years. The office market in Almaty is now set to see truly large-scale projects in the coming years, with major Kazakhstani real estate developers — BI Group…
BI Group is set to announce the launch of sales for its latest overseas project: apartments on Dubai Islands, an artificial archipelago in the UAE. A month and a half ago, the Kazakhstani developer began offering projects in the U.S. «BI Group’s growth strategy spans 10 countries over 10 years,»…
BI Group, one of Kazakhstan’s largest real estate developers, is making its U.S. debut with a new residential project in Miami’s financial district. The development features luxury apartments with potential returns of 10% and starting prices of $477,000, as well as villas priced from $6.8 million. Let’s take a closer…
What segments of the real estate market in Kazakhstan and Uzbekistan have attracted foreign investors? And what yield are they hoping to obtain? «If you have several million dollars, you have the chance to make a deal with a developer and buy an entire floor with ten apartments in an…
As of Sept. 1, the YE’S Astana apartment hotel in Kazakhstan’s capital has been rebranded as TÖR’RE Astana, signaling the developer’s decision to reclaim control of the high-demand rental space. In Almaty, developers and investors are also showing rising interest in rental housing with kitchens. Over the next year, at…
Acquiring property is one of the three most popular investment strategies for Kazakhstanis. The vast majority of them would prefer to buy an apartment in one of the country’s big cities to lease it to tenants for a 25% interest rate per annum at least, according to a survey by…
In September 2023, the government of Thailand temporarily canceled visas for tourists from Kazakhstan and China to boost the number of tourists from these two countries. However, Kazakhstani investors have also seen new opportunities for themselves. According to Tranio, an overseas property broker, the temporary cancelation of the visa regime…
Despite the deficit of top-class warehouses in Kazakhstan, professional warehouse developers aren’t keen to invest in new projects. They prefer building warehouses for big lessees. There is a small circle of clients, so such warehouses are rarely seen in the broader market. As a result, retailers have to invest in…
