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Friday, September 20th, 2019

“Nurly Zher” State Program significantly reduces the cost of housing – MID RK

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According to him, the effect of a significant decrease in the cost per square meter of housing in the construction market is observed after the launch of the program in Kazakhstan.

“In the regions, we are building housing at a price of up to 140 thousand tenge per square meter, and in Astana, Almaty and the western regions of the country – up to 180 thousand tenge per square meter,” the Vice Minister explained.

Chairman of the Board of House Construction Savings Bank of Kazakhstan JSC Lyazzat Ibragimova also spoke about the results of the influence of the “Nurly Zher” program on the construction market.

“Since 2004 we have put into operation from 44 to 59 thousand apartments. And only the last two years there is a big breakthrough. In 2015, 79 thousand apartments were put into operation, in 2016 – 89 thousand, and for 5 months in 2017 – 37 thousand new apartments,” L. Ibragimova noted.

She also stressed that as a result of inflation targeting and the processes of depollarization, the price of real estate was fixed in tenge and the market does not show growth.

“The House Construction Savings Bank of Kazakhstan has financed 76% of the volume of issuance of mortgages for the five months of 2017 and we see that there is no price increase in the primary and secondary markets. I think this is a unique moment to use its tools within the framework of the program,” said the Chairman of the Board of HCSB.

In addition, she noted that the demand for higher class housing is not less today.

Another component of the State Program “Nurly Zher” is the Housing Guarantee Fund. This is a subsidiary of the Baiterek holding company, created to guarantee the risks of completion of construction and to enable Kazakhstanis to participate in shared construction, in a civilized way.

L. Ibragimova said that from September 1, 2017, the first project will be implemented through this fund. This will be 100 apartments in the Millennium Park residential house in the Capital. Investors of the HCSB can buy housing at a price of 290 thousand per square meter. A credit line will be opened without collateral specially for them.

Source: Prime Minister of the Republic of Kazakhstan

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