In July, housing prices on the primary and secondary markets in Kazakhstan rose moderately, not exceeding 1% per month, but rental rates jumped by 1.4% in a single month, reports infohub.kz.
The rental market has entered a period of high demand. Ahead of the new academic year, students arrive in major cities of Kazakhstan, many of whom are looking for rental housing. Increased demand, in turn, drives up rental rates.
According to the Bureau of National Statistics, in July, rental housing in Kazakhstan rose by an average of 1.4% month-on-month. It is now 14.2% more expensive than a year ago.
The largest increases in rental costs were seen in Astana (2.4%), Kokshetau (1.5%), and Almaty (1.4%). In Shymkent, the increase was 0.9% for the month. At the same time, in several cities across the country, rates remained unchanged from the previous month: in Aktobe, Karaganda, Petropavlovsk, Taraz, and Turkistan.
Currently, the average rental rate in Kazakhstan is 5,134 tenge per square meter. That means a typical 25-square-meter apartment would cost about 128,350 tenge per month. Rates vary significantly by city: in Almaty, one square meter of rental housing costs an average of 5,961 tenge, in Astana – 5,796 tenge, and the lowest rates are recorded in Taraz – only 2,515 tenge per square meter.
As for property purchases, there is a moderate price increase. Primary housing rose by 0.7% in July, while secondary housing rose by only 0.1%. On a monthly basis, the strongest growth in the primary market was recorded in Petropavlovsk and Uralsk – 2.5% and 2.2% respectively, followed by Almaty at 1.9%. In Shymkent, prices rose by 1% over the month, while in Astana they remained at June levels.
In the secondary market, Kostanay led the growth with 3.6% for the month, followed by Zhezkazgan and Uralsk – 3.2% and 3% respectively. In Astana, prices rose by 0.6% over the month, in Shymkent – by 1.9%, and in Almaty, prices fell by 0.8% over the month.
On an annual basis, primary housing in Kazakhstan rose by an average of 14.6%, and secondary housing by 9.5%. Currently, the average price for new apartments is 621,900 tenge per square meter, and for secondary housing – 630,442 tenge. The highest prices are in Almaty: primary housing costs an average of 739,762 tenge, and secondary – 743,546 tenge per square meter. In Astana, prices are slightly lower – 739,033 tenge and 731,722 tenge respectively.
Thus, it can be noted that housing prices are currently rising moderately, while rental prices are starting to gain momentum. But the peak of rental price growth, for example in Almaty, usually occurs in late August and September. Earlier, experts warned that during the high season, not only demand but also the number of suspicious listings increases, so Kazakhstani citizens looking for rental housing should exercise caution.