Real estate in Almaty rises in price
Almaty is the leader among Kazakh cities in terms of the rise of real estate prices. Experts estimate that the average price per square meter in a new building amounts to 486,000 tenge (US$1,136). This has been the highest figure in recent years. In just a year, apartments in Almaty city have risen in price by more than a quarter, analyst of the consulting company Colliers International Beslan Tsatiashvili said. Experts forecast that prices will rise by another 20 percent by the end of 2021. It bears noting that secondary housing rises in price along with the primary one.
The situation is somewhat different in Nur-Sultan. Prices are held back by last year’s record volume of commissioned housing, which equals to about three million sq m. By the end of this year, at least 1.5 million sq m will have been added to it. However the construction boom also increases the risks for buyers, especially for those who invest their savings in the projects under construction. Experts advise that all the important points should be carefully thought out before signing the documents.
“Your developer must have permission to raise housing equity holders’ funds. And a contract must be signed with the Housing Construction Guarantee Fund. If there is such a contract, the construction will be financed by the Fund in case of bankruptcy of your developer. Secondly, the transaction must be formalized as an equity participation agreement and no other way. Also see on what basis the shareholder owns a land plot. Check the deadline for the completion of works and the payment procedure under the contract. All other forms of contracts in your case are invalid. For example, investment or preliminary agreements,” said Beslan Tsatiashvili.
Translation by Assem Zhanmukhanova
Editing by Galiya Khassenkhanova