News and analysis from Kazakhstan - Sep 03rd 2010
business and economy
Real estate prices may climb in 2011 - housing official
(SRI) - Real estate prices in Kazakhstan may resume their growth 2011, chairman of the Agency for Construction and Communal Management Serik Nokin said on Monday, citing a current halt in new construction.
“We projects that 4.7 million square meters of housing will be sold in 2011, and the housing deficit will be as much as 1.5 million square meters,” Nokin told reporters following a government meeting. “This may cause the prices to rise. We must anticipate this and take necessary steps to eliminate the shortage.”
Nokin refused to project the real estate prices in 2011, saying it will depend on the housing deficit on the market.
“We would like to see the prices at current levels,” he said.
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