January 2026
Kazakhstan Real Estate Market: Overview, Prospects, Opportunities
Real Estate Market Index
Kazakhstan’s real estate market index follows a non-typical pattern, yet it exhibits clear cyclicality. The cycle duration is approximately 4–5 years. Current indicators suggest the imminent start of a new growth cycle, which may last until 2027, followed by another correction phase.
Number of Real Estate Transactions
Kazakhstan’s real estate market continues to maintain a steady upward trajectory in transaction activity. Following the acceleration in 2023–2024, the growth in transaction volumes is slowing but not reversing, indicating a transition from a recovery-driven phase to a more mature market cycle. The current level of activity remains significantly above pre-crisis levels, reflecting structural market growth supported by demographics, urbanization, and the strong role of real estate as a capital preservation tool.
Construction Volumes and Housing Shortage
Despite the steady increase in housing completions, the structural housing shortage in Kazakhstan’s real estate market continues to expand. This indicates that construction activity is systematically lagging behind total demand, driven by demographic growth, migration to major urban agglomerations, and investment demand. The situation confirms the presence of a long-term imbalance, which is likely to remain a key factor supporting prices in the medium term.
Price per Square Meter Dynamics
Astana and Almaty — continue to demonstrate outpacing growth, with the gap versus regional markets remaining intact;
Shymkent — is accelerating due to a catch-up effect and internal migration;
Atyrau — is entering a plateau phase following the overheating of 2022–2023;
Aktobe — high volatility alongside a moderate upward trend.
Shymkent — is accelerating due to a catch-up effect and internal migration;
Atyrau — is entering a plateau phase following the overheating of 2022–2023;
Aktobe — high volatility alongside a moderate upward trend.
Rental Yield
Aktobe and Shymkent lead in rental yields, while the lowest levels are observed in the largest cities—Astana and Almaty.
Foreign Demand
The share of foreign buyers in Kazakhstan’s real estate market is increasing year by year, but still does not exceed 5%.
Foreign Demand
The most active buyers of real estate in Kazakhstan are citizens of Russia, China, Uzbekistan, and Turkey.
Market Potential and Outlook
Kazakhstan’s real estate market in 2026 remains attractive for investors with a moderate risk tolerance. Regional cities with high rental yields and relatively low price bases are particularly appealing. At the same time, capital agglomerations retain a speculative component, requiring careful location selection.
Kazakhstan is a market best approached through short growth cycles, after which capital should be reallocated to countries with more favorable market conditions.
Kazakhstan’s real estate market in 2026 remains attractive for investors with a moderate risk tolerance. Regional cities with high rental yields and relatively low price bases are particularly appealing. At the same time, capital agglomerations retain a speculative component, requiring careful location selection.
Kazakhstan is a market best approached through short growth cycles, after which capital should be reallocated to countries with more favorable market conditions.