“7-20-25” and “Baspana Hit” mortgage programs remain on housing market
In Kazakhstan, the timeline for the completion of the 7-20-25 mortgage program has not yet been determined. Kazakhstan banks will continue to lend to the population through it until the limit is reached, which is one trillion tenge (US$2.3 billion). Previously, it was expected that the funds will be used by the end of 2022, but the process is going slower than expected. Therefore, the popular mortgage product will continue to operate, reported Kazakhstan Sustainability Fund. 325 billion tenge (US$758 million) was spent under the 7-20-25 program in just three years. Over 27,000 Kazakh families purchased housing in new buildings.
As for the Baspana Hit secondary housing loan program, the total amount of issued loans reached almost 500 billion tenge (US$1.2 billion). More than 54,000 families purchased housing using it. The Baspana Hit will operate only until the end of this year – the limit is 600 billion tenge (US$1.4 billion). According to experts, the completion of government funding for the two programs will lead to positive changes in the mortgage market. According to financial analyst Arman Beisembayev, real estate prices in the country may respond with a decrease up to 20 percent. But provided that the above programs will not be replaced by their counterparts.
Translation by Saniya Sakenova
Editing by Galiya Khassenkhanova