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Kazakhstan's new housing market is undergoing significant shifts, with experts predicting a continued rise in property prices into 2026. While the overall trend points upwards, growth is expected to be more dynamic in major cities compared to regional stagnation.

Factors Fueling Price Increases

As of January 2026, the average price per square meter for newly constructed homes reached 604,823 tenge. Government housing programs continue to support demand, though their terms are evolving. Notably, from January 31, 2026, funds accumulated in the Unified Pension Savings Fund (ENPF) can only be used to cover the principal of mortgage loans, not the interest. The reform of the Housing Construction Savings Bank (JSSB) will also enable commercial banks to operate with a savings mortgage model, potentially increasing market competition. However, 'Otbanky' is expected to maintain a strategic advantage due to state subsidies.

Future Market Outlook

Analysts anticipate a moderate increase in new housing prices across Kazakhstan. Four primary reasons have been identified as contributing to this projected growth. Despite the expected average price increase in 2026, the market is not predicted to enter a sharp downturn phase.

Market Dynamics Explained

In January 2026, housing prices in Kazakhstan, particularly for new constructions, continued their upward trajectory. The pace of growth varied across different market segments. For instance, the price of primary housing increased by 17% over the year, while secondary market housing saw a 13.6% rise. According to Halyk Finance analysts, this growth significantly outpaces the inflation rate of 12.2%.

This is according to information from Infohub.kz.