Kazakhstan's real estate market: overview, outlook and opportunities

Kazakhstan's real estate market index follows an atypical pattern, yet displays a distinct cyclicality. The cycle lasts roughly 4–5 years. Current indicators point to the imminent start of a new growth cycle, which may run until 2027 and be followed by another correction phase.

Kazakhstan's real estate market continues to hold a steady upward trajectory in transaction activity. After the acceleration of 2023–2024, growth in transaction volumes is slowing but not reversing, which points to a shift from a recovery-driven phase to a more mature market cycle. The current level of activity remains substantially above pre-crisis readings, reflecting structural market growth supported by demographics, urbanisation and the strong role of real estate as a store of capital.

Despite the steady growth in housing completions, the structural shortage on Kazakhstan's real estate market continues to widen. This indicates that construction activity is systematically lagging behind aggregate demand driven by population growth, migration to large urban agglomerations and investment demand. The situation confirms a long-term imbalance that is likely to remain a key factor supporting prices over the medium term.

Aktobe and Shymkent lead on rental yield, while the lowest readings are found in the largest cities, Astana and Almaty.

The share of foreign buyers on Kazakhstan's real estate market is rising year after year, but so far does not exceed 5%.

The most active buyers of real estate in Kazakhstan are citizens of Russia, China, Uzbekistan and Turkey.