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Kazakhstan records jump in housing rental prices

Finance Materials 8 September 2022 10:31
Baku, Azerbaijan Trend News Agency Nargiz Sadikhova
Kazakhstan records jump in housing rental prices

The cost of one square meter of new housing in Kazakhstan amounted to 425,615 tenge (approximately $899) in August 2022, which is 12.4 percent more than in December 2021 and 18.1 percent more than in August 2021, Trend reports with reference to the data of the Committee of Statistics of Kazakhstan.

The cost of resale of ready housing equaled 469,777 tenge (approximately $993) per square meter, which is 18.5 percent more than in December 2021 and 25.8 percent more than in August 2021.

Rent of one square meter of comfortable housing increased by 24.9 percent compared to December 2021 and amounted to 4,029 tenge (approximately $8.5).

The prices in the primary housing market increase the most in the cities of Aktobe by 32.5 percent, of Nur-Sultan - by 27.6 percent, of Kostanay - by 26.3 percent.

In the secondary housing market, the leaders in price growth were Kyzylorda (48.4 percent), Nur-Sultan (40.8 percent), Ust-Kamenogorsk (39.9 percent) and Taldykorgan (36.5 percent).

The prices on rent increased the most in Almaty city – by 62.5 percent.

The increase in housing prices has been observed for the fifth year in a row in Kazakhstan.

The price reduction was only reported in 2016 when new housing decreased in price by 3.6 percent, in 2017 the price per square meter of the secondary market decreased by 1.6 percent.

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