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The recovery of Kazakhstan's housing market may take another year to eighteen months, according to Aydin Rakhymbayev, co-founder and controlling shareholder of BI Group, the nation's largest construction holding. He shared his insights during the New Vision 2026 forum.

Rakhymbayev noted a significant cooling in the market, stating that sales have sharply declined. This slowdown is not a future projection but a current reality impacting construction companies.

Navigating a Challenging Market

The current state of the real estate market is under considerable strain, with potential for further deterioration. Rakhymbayev indicated that persistent issues have been observed for at least six months, and significant positive shifts are not expected in the immediate future.

"It will be difficult, in our forecast, for another year to a year and a half. After that, perhaps, there will be positive changes," he added, painting a picture of a prolonged challenging period for the sector.

Shifting Focus to International Markets

While housing sales have decreased in Almaty, Rakhymbayev pointed to growth in Tashkent. This trend has prompted BI Group to actively expand its presence in international markets.

Aydin Rakhymbayev is recognized as a prominent figure in Kazakhstan's business landscape. According to Forbes, his net worth is estimated at $1.1 billion, placing him ninth on the list of the country's wealthiest businessmen.

Previously, it was reported that BI Development, a subsidiary of BI Group, increased its revenue by 61% to 122.6 billion tenge in 2025. Despite record profits in recent years, performance in Almaty saw a 78% decrease.

Additionally, it was reported that a BI Group construction company secured an 84 billion tenge contract in Atyrau, winning it from a company owned by businessman Shakhmyrat Mutalip.

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