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Abstract
In this study, we assess the residential real estate market in the Republic of Kazakhstan and develop measures to improve its affordability. We use comparative and retrospective analysis of statistical indicators to assess the trends in the development of the residential real estate market in Kazakhstan, as well as the state of the housing credit system. The results show that despite the growth in housing construction, affordability remains low in comparison with developed countries. Experts believe that government support measures that include the formation of a rental non-commercial housing market, the creation and development of unitary rental property funds, as well as the shift from shared financing to project financing of residential construction will lead to affordable housing.
Keywords
residential real estate, affordability of housing, housing per capita, mortgage, housing finance, subsidy mechanism, housing programs
Housing is not only one of the basic human needs but also an important indicator of the standard of living and the general quality of life of a population. Homeownership is the most important indicator of social welfare. This indicator is an important and complex element of the national economy. The housing issue is one of the most acute problems in the Republic of Kazakhstan (Eurasian Monitor, n.d.). According to sociological research, every second Kazakhstani person is in need of better housing. The urgency of the problem was confirmed by then President Nursultan Nazarbayev in his Message to the People of Kazakhstan "The Third Modernization of Kazakhstan: Global Competitiveness."
The pace of housing construction in the Republic of Kazakhstan is shaped by the demand for improved living conditions and is due to the economic situation in the country, demographic growth, and the level of well-being of the population. Currently, the impetus for housing construction is driven by various government programs to stimulate housing construction, as well as to measures to improve housing affordability. Ensuring housing affordability and the development of the real estate market is one of the priorities of Kazakhstan's foreign and domestic policy, as defined in the Kazakhstan-2030 Strategy. Since 2017, the state policy in the field of housing has been implemented within the framework of the Nurly Zher state program.
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