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Number of deals for purchase and sale of housing in Kazakhstan up

10 October 2017 [12:20] - TODAY.AZ

By Azernews

By Kamila Aliyeva

The number of deals for the purchase and sale of housing in Kazakhstan in January-September 2017 amounted to 177,308.

The amount of deals increased by 28.4 percent compared to the same period last year, according to the press service of the Kazakh National Economy Ministry of Kazakhstan.

September 2017 registered 21,778 deals for the purchase and sale of apartments and compared to the previous month the amount decreased by 10 percent.

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. 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. 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.

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.

Due to the fall in prices the number of deals for apartment purchase and sale in Kazakhstan has grown by 30 percent this year.

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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