Economy-class new housing prices in Kazakhstan plummet 10% in a month

Developers in Kazakhstan are forced to cut prices for completed properties in the primary real estate market. Economy-class apartments lost more than 10% of their value in May alone, according to an AERC review. This was reported by Qazaqyia.kz citing Kursiv Media.

According to the review, the cost of construction work in May 2026 increased by 2.7% compared to April and by 8.2% year-on-year. The largest increase (13.6%) was recorded in the category of other works and costs.

The average price per square meter in the primary market decreased by 0.9% (according to Krisha.kz platform). Premium real estate also became cheaper — the elite class lost 3% of its value. The comfort and business segments showed near-zero dynamics (growth of 0.3% and 0.9%, respectively).

The forced price correction occurs against the backdrop of a sharp contraction in demand. In May 2026, only 30,420 purchase and sale transactions were registered in the country. This is 13.5% less than in April and 10.5% lower than in May 2025.

In particular, the market is under pressure from the establishment of a single rate of 8.5% per annum on interim loans in Otbasy Bank, as well as an increase in the minimum sufficiency thresholds for early withdrawal of pension savings. These factors limit the affordability of apartment purchases for a significant part of the population.

The situation is developing unevenly depending on the region. The absolute leader in price reduction was Uralsk, where primary real estate fell by 5.6% in a month (to 306,667 tenge per square meter).

In Astana, the price per square meter was 614,366 tenge, reflecting a decrease of 0.2%. In Shymkent, the average figure dropped to 502,544 tenge (a decline of 0.8%). Against the general background, only Almaty stands out, where the average cost per square meter increased by 2.3% to 877,397 tenge.

Earlier it was reported that the housing market in the two largest cities of Kazakhstan shows multidirectional dynamics. While some areas are becoming more expensive, other apartments are becoming more affordable.