Astana may become the first city in Kazakhstan where the housing market will face a glut. This was reported by Qazaqyia.kz citing Kursiv Media.
Such a forecast was made by the chairwoman of Otbasy Bank, Lyazzat Ibragimova, on the Taldau Talks podcast. According to her, active housing construction continues in Kazakhstan, but with further increases in supply, it is necessary to take into account the real volume of transactions and regional market characteristics.
"I believe, as an expert, that Astana will be the first to face a market glut," Ibragimova said.
The head of Otbasy Bank noted that in 2025, 188 thousand apartments were commissioned in Kazakhstan. At the same time, on average, about 430 thousand housing transactions are conducted across the country. The usual pace is approximately 30-36 thousand transactions per month.
Ibragimova separately mentioned the period of using one-time pension payments (OTPP), when the number of transactions reached 600 thousand. She called this period anomalous and believes that it should not be used as a benchmark for assessing the normal state of the market.
According to the bank head, proposals to further increase construction volumes, including up to 25 million square meters, are currently being discussed. However, without eliminating regional imbalances, an increase in supply could lead to a surplus of housing in certain markets.
At the same time, Ibragimova emphasized that she does not currently see problems with demand in the capital. Before participating in the program, she personally visited several sales departments of developers and saw queues of buyers there.
However, the volume of supply, in her estimation, is currently quite large.
"The number of objects currently offered on the market in a finished location, the amount of housing under construction and completed construction is quite large. And compared to previous years, it is at its peak," Ibragimova said.
On the same podcast, the director of the Almaty branch of the "Union of Builders of Kazakhstan", Timur Nurtayev, proposed an idea that could reduce housing prices in the country: read more here.