Housing construction sharply up in Kazakhstan
Baku, Azerbaijan, March 27
By Elena Kosolapova – Trend:
Housing construction considerably increased in Kazakhstan in 2016, financial and analytics portal Finprom.kz said in a report.
As much as 89,400 new apartments were built in the country in the past year. It is the highest level in all 25 years of Kazakhstan’s independence. The previous highest rate in housing construction was recorded in 1991, when 84,500 apartments were built in Kazakhstan.
The housing construction sector was on the verge of bankruptcy in the 90s and early 2000s, when number of new apartments did not exceed 16,000 annually. The mortgage system considerably improved the situation – in 2005-2008 construction companies annually build 54,000 new apartments in Kazakhstan.
The financial crisis affected the construction industry, but the large-scale state support to the housing construction allowed keeping the pace of construction of new residential facilities.
Starting from 2017 Kazakhstan implements the Nurly Zher housing program. It is planned to build apartments for 1.5 million families in the next 15 years within this program. Moreover, it is planned to develop rental housing system in the country.
In January-February 2017 about 18,000 new apartments were built in Kazakhstan, which is 23 percent more than in the same period of 2016. It is planned to fund housing construction in the amount 1.5 trillion tenge (316.5 tenge = $1) within the state program in 2017-2021. As much as 169 billion tenge of this sum will be allocated in 2017.
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