Prospects for the development of the real estate market in the Republic of Kazakhstan: trends, challenges and mechanisms of improvement (on the example of Oskemen)
Year: 2026
Type: article
Abstract: The real estate market in the Republic of Kazakhstan is at a stage of deep transformation under the influence of global economic changes, urbanization processes and increasing demands for sustainable development. These changes are particularly acute in regions such as Oskemen, where traditional housing construction models are facing new challenges. The regional dimension of these processes remains under-researched: the available studies describe the markets of Astana and Almaty, while regional centres fall outside the analysis. The purpose of the study is to identify key trends, challenges and prospects for the development of the real estate market using the example of Oskemen, as well as to develop practical recommendations for its improvement. The study draws on official statistics of the Bureau of National Statistics of the Republic of Kazakhstan for 2025 and January–August 2026: housing commissioning indicators, monthly series of prices and price indices by market segment, and the number of registered transactions. The empirical basis of the study consists of official data of the Bureau of National Statistics of the Republic of Kazakhstan for 2025 and January–August 2026. Growth in housing construction in the East Kazakhstan region (172.4 thousand m² in January–August 2026, +4.7%) is shown to be driven by the multi-apartment segment, while individual housing construction declined by 5.4%. Average prices and price indices for Oskemen are shown to give opposite readings of primary-market dynamics: while the average price rose by 21.8%, the price index indicates a decline of 0.9%, which is explained by the composition of transactions and limits the applicability of average prices for analysis. The practical significance lies in a set of directions for improving the regional market, formulated without spuriously precise quantitative promises. The theoretical significance lies in distinguishing the average price from the price index as measures of market dynamics for cities with a small number of transactions. The limits of measurability are stated separately: official statistics on the spread of smart-home technologies, green certification and the occupational structure of the labour shortage are not available at the city level.
Source: Bulletin of D Serikbayev EKTU
Authors: Iuliia Trofimova, Yeldar Mubarakov
Institution: Kazakh-American Free University
Language: English
Topic: Housing Market and Economics
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W7224409663