Almaty's construction market lost momentum at the end of the summer. In August, the volume of completed construction work declined both month-on-month and year-on-year. The slowdown comes amid cooling demand in the megacity's residential real estate market, according to data from the Bureau of National Statistics, as reported by infohub.kz.
According to the statistics, the volume of completed construction work (services) in Almaty fell 14.1% in August 2026 compared with July (the physical volume index stood at 85.9%). A decline was also recorded year-on-year (August of this year versus August of last year), with the figure down 9.9%.
Despite the slowdown, the cumulative result for the eight months remains positive. Between January and August 2026, the total volume of construction services in the city reached 669.1 billion tenge, 16.7% more than in the same period of 2025. Almaty's share of the nationwide construction volume stood at 11%.
Alongside construction work, the scheduled commissioning of new facilities continues. Since the start of the year, more than 1.83 million square meters of residential buildings have been put into operation in Almaty, 4.6% more than in the same period last year. The vast majority of the new space — 1.74 million square meters — was built by privately owned developers.
The slowdown in construction work correlates directly with stagnation in the residential real estate market. In August, the number of home purchase and sale transactions fell 3.6%, to 35,800 deals, after a 4.9% decline in July.
Amid falling demand, prices in Almaty's new-build market were unchanged over the month, holding at 739,800 tenge per square meter. Annual price growth for primary housing slowed to 16.6%. On the secondary market, apartments rose only slightly in price — by just 0.8% (the average price was 749,500 tenge per square meter, with annual growth of 8.2%).
The only growing segment was rental housing. Driven by a seasonal factor linked to the approaching start of the school year, rental rates jumped 4.4%, to 6,200 tenge per square meter (annual growth of 18.1%).