Kazakhstanis, accustomed to the continuous rise in housing prices, are themselves fueling demand for real estate. However, the thesis about the eternal appreciation of apartments sometimes fails, so it is vital for the market to maintain demonstrative optimism. This opinion was shared by journalist Igor Nevolin, reports the website infohub.kz.
According to him, if a person believes that an apartment costs 40 million today and will cost 50 million in two years, it is psychologically easier to buy it now, even if most of that money has to be borrowed. Especially when they are constantly told: 'it will only get more expensive,' 'the good options are already taken,' or 'we are on the verge of the next price increase.'
In such situations, a person begins to fear not the high price, but the possibility of missing out on a benefit. Even if they are buying an apartment to live in for 20-30 years, during which anything can happen in the market.
'While working with old newspapers, I found two advertisements for the same Almaty complex. In November 2006, when the market was actively growing, a square meter in the Khan Tengri residential complex was offered at $1,500. In March 2007, at its peak, it was already $2,000. And in August 2026, on a classifieds website, the same apartment, also with rough finishes, was listed at $1,195, and the seller was ready to negotiate,' Nevolin noted.
The journalist added that the growth in real estate prices is not a law of nature, as it can stop. That is why demonstrative optimism is so important for the market. As long as people believe that next year will be more profitable than the current one, the system gets new buyers, and as soon as this belief weakens, everything changes.