Real Estate in Kazakhstan



Kazakhstan is the ninth largest country in the world with most part in Asia and a small part in Europe. It is surrounded by grasslands, flatlands, hills, canyons, rivers, mountains, and desserts. Prestigious and high-quality constructions can be found in the country's capital city of Astana, in its largest city, Almaty, and in another large city, Karaganda. Apartments, houses, universities, and other buildings rise in this developing country. There are also cheaper separate houses in the outskirts.

The country's real estate market plummeted as the world got hit by a global financial crisis. Property prices tumbled, and construction projects were put to a halt. Residential, commercial, and business rentals also dropped. The slowdown in businesses, job cuts and a pause in expansion plans are drivers that led to the weak real estate market. Office rentals fell the most while rentals for residential accommodations and commercial spaces have become fierce with landlords competing for tenants and retailers.

However, positive signs are slowly observed in the industrial and infrastructure areas while the areas of refining, energy, processing, mining, and communications were not affected much. A strengthening economy, low property prices, an easing of Bank loans, and support from different government programs will lead to the recovery of the real estate market in Kazakhstan where once again, demand will outnumber the supply.