Astana may become the first city in Kazakhstan to face a glut in the housing market. This forecast was made by the chairwoman of Otbasy Bank, Lyazzat Ibragimova, on the Taldau Talks podcast, as reported by infohub.kz.
According to her, Kazakhstan continues to see active housing construction, but with further increases in supply, it is necessary to consider the real volume of transactions and regional market specifics.
"As an expert, I believe that Astana will be the first to face a market glut," Ibragimova stated.
The head of Otbasy Bank noted that in 2025, 188,000 apartments were commissioned in Kazakhstan. Meanwhile, the country averages about 430,000 housing transactions per year. The usual pace is approximately 30,000-36,000 transactions per month.
Ibragimova also mentioned the period of one-time pension withdrawals, when the number of transactions reached 600,000. She called this period abnormal and believes it should not be used as a benchmark for assessing the normal state of the market.
According to the bank's head, proposals are currently being discussed to further increase construction volumes, including up to 25 million square meters. However, without addressing regional imbalances, increasing supply could lead to a surplus of housing in certain markets.
At the same time, Ibragimova emphasized that she does not currently see demand problems in the capital. Before participating in the program, she personally visited several sales offices of developers and saw queues of buyers there.
However, the volume of supply, in her estimation, is currently quite large.
"The number of properties currently offered on the market in ready locations, the amount of housing under construction and completed construction is quite large. Compared to previous years, it is at its peak," Ibragimova said.
On the same podcast, Timur Nurtayev, director of the Almaty branch of the "Union of Builders of Kazakhstan," proposed an idea that could reduce housing prices in the country: read more here.