Kazakhstan housing market cools as buyers shift to deposits

September 17, 2026 at 09:02 AM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Kazakhstan's housing market recorded 35,807 purchase and sale transactions in August 2026, down 13.5% from a year earlier. High deposit rates of 16.75% are drawing investor money away from construction. Prices continue to rise even as transaction volumes fall.

Key Facts

In August 2026, Kazakhstan registered 35,807 housing purchase and sale transactions, down 13.5% from 41,380 in August 2025.
The National Bank's base rate of 16.75% has made bank deposits more attractive than real estate investment, according to Viktor Mikryukov, president of the Kazakhstan Developers Association.
Almaty led with 42,878 transactions in the first eight months of 2026, surpassing Astana's 40,291.
In January–August 2026, the number of registered purchase and sale transactions fell 4.3% compared to the same period in 2025.
The construction sector accounted for 6.2% of Kazakhstan's GDP in 2025, with investments exceeding 23.5 trillion tenge.

Transaction Decline

The Bureau of National Statistics recorded 35,807 housing purchase and sale transactions in August 2026. This figure is 3.6% lower than July 2026 and 13.5% lower than August 2025, when 41,380 transactions were registered. For January–August 2026, the total number of transactions fell 4.3% compared to the same period in 2025. Almaty overtook Astana as the most active market, with 42,878 transactions versus 40,291 in the capital.

Investment Shift to Deposits

The National Bank's base rate of 16.75% has made bank deposits a more attractive option than real estate investment. Viktor Mikryukov, president of the Kazakhstan Developers Association, said money that previously went into construction now sits on deposits and does not work for the market. He noted that profitability in residential construction has declined, leading to fewer transactions. The construction sector still employs 643,800 workers with an average monthly salary of 536,800 tenge.

Market Fundamentals

Construction accounted for 6.2% of Kazakhstan's GDP in 2025, with total investment in fixed capital exceeding 23.5 trillion tenge. Despite the cooling transaction volumes, apartment prices continue to rise as sellers hold their positions. The gap between household incomes and seller price expectations has further dampened demand.