The construction market in Almaty showed a slowdown at the end of summer. According to August results, the volume of completed construction work decreased both month-on-month and year-on-year. This dynamics is unfolding against the backdrop of cooling demand in the residential real estate market of the metropolis, according to data from the Bureau of National Statistics. This was reported by Qazaqyia.kz citing Kursiv Media.
Volume of construction work
According to statistical data, in August 2026 the volume of completed construction work (services) in Almaty decreased by 14.1% compared to July (the physical volume index was 85.9%). In annual terms (August of the current year compared to August of last year), a decline was also recorded — the indicator fell by 9.9%.
Results of eight months
Despite the slowdown, the cumulative result for eight months remains in positive territory. In the period from January to August 2026, the total volume of construction services in the city reached 669.1 billion tenge, which is 16.7% higher than the results of the same period in 2025. Almaty's share in the national construction volume was recorded at 11%.
Commissioning of new facilities
Along with construction work, the planned commissioning of new facilities continues. Since the beginning of the year, over 1.83 million square meters of residential buildings have been commissioned in Almaty. This is 4.6% more than in the same period last year. The absolute majority of new areas — 1.74 million square meters — was built by developers of private ownership.
Housing market situation
The slowdown in construction work directly correlates with stagnation in the residential real estate market. In August, the number of housing purchase and sale transactions decreased by 3.6% — to 35.8 thousand operations; in July, a decline of 4.9% was also recorded.
Price dynamics
Against the backdrop of falling demand, prices in Almaty new buildings did not change during the month, settling at 739.8 thousand tenge per square meter. The annual growth in prices for primary housing slowed to 16.6%. In the secondary market, apartments rose in price insignificantly — by only 0.8% (the average cost was 749.5 thousand tenge per square meter, annual growth — 8.2%).
Rental market
The only growing segment was housing rental. Due to the seasonal factor associated with the upcoming start of the school year, rental rates jumped by 4.4% — to 6.2 thousand tenge per square meter (annual growth was 18.1%).