The number of listings for newly built homes in Kazakhstan more than halved year-on-year to 378 in June 2026. Against this backdrop, prices for such housing rose 14% year-on-year, analysts at AERC noted in a new housing market review based on data from Krisha.kz. This was reported by Qazaqyia.kz citing Kursiv Media.
According to the Bureau of National Statistics, the average cost per square meter of new housing reached 617,600 tenge in June. Prices rose 0.7% month-on-month and 14% compared to June last year.
Astana remains the most expensive market according to official statistics, with an average square meter of new housing costing 739,000 tenge, while Uralsk is the most affordable at 327,013 tenge.
However, data from the largest listings platform Krisha.kz paints a different picture. In June 2026, the average cost of housing delivered by developers was 529,300 tenge per square meter, down 1.6%. Yet in annual terms, prices remain 14% above last year's level.
The number of new home listings increased from 359 to 373 over the month. However, compared to June 2025, when there were 815 listings, the figure fell nearly 2.2 times.
One of the most unexpected findings of the study was the discrepancy between official statistics and the listings market. According to the BNS, Astana remains the most expensive city. However, analysis of Krisha.kz listings shows that the highest prices per square meter are now in Almaty – 873,800 tenge versus 612,000 tenge in the capital. Analysts note that the differences are due to different calculation methodologies.
Another interesting trend concerns different housing classes. Looking at monthly dynamics, only economy-class apartments continued to rise in price – by 1.7%. In all other segments, prices fell. Comfort-class housing decreased by 0.6%, business-class by 1.9%, and elite housing by 5.6%. However, in annual terms, all segments remain in positive territory, with the maximum growth in the elite class – 44.3%.
In June, 39,000 housing purchase and sale transactions were registered in Kazakhstan. This is 28.4% more than a month earlier and 17.4% higher than in June last year. Analysts cite the use of pension savings before raising the minimum sufficiency thresholds as one of the factors behind the revival.
Meanwhile, the mortgage market is showing the opposite trend. In May, the volume of housing loans issued fell to 205.7 billion tenge, down 6.8% from April and 4.2% from a year earlier. The average mortgage rate edged down from 9.8% to 9.7%.
Analysts noted that the dynamics in the housing market will be uneven in the coming months. The market has begun to gradually shift from rapid growth to more restrained dynamics.
"Key factors include the rise in construction costs and materials, the pace of new housing commissioning, the volume of available supply, developer activity, and the structure of supply by housing class. On the demand side, mortgage rates, volumes and schedules of mortgage program funding, requirements for down payments and borrower debt burden, as well as household income dynamics will play an important role," the review authors noted.
At the same time, a new surge in purchasing activity is possible in the second half of the year as funding for state mortgage programs, including Nauryz, becomes available.