real estate
ANALYSIS: Kazakhstan gambles on Kapchagay development
(bne) - One of Kazakhstan’s two designated gambling zones, Kapchagay will soon see the creation of a $10bn casino city. A major tourist resort will later be built here as part of the $20bn G4 City project.
ANALYSIS: No bottom yet for Kazakh housing market
(bne) - There isn’t much to be optimistic about right now, so it should be no surprise that there is little evidence Kazakhstan’s dire residential real estate sector is bottoming out. Renaissance Capital is forecasting a gradual recovery over the next two to three years. Strong state support for the sector is expected to continue.
BI Group and Eurasia City in a USD 3 billion Moscow development project
(SRI) - Kazakh construction company Build Investments Group (BI Group) signed an agreement with Russian developer Eurasia-City to build part of the Konstantinovo development project outside Moscow.
Nazarbayev ordered to stop construction of new buildings in Almaty
(Kazakhstan Today) - The President of Kazakhstan, Nursultan Nazarbayev, ordered to stop construction of new buildings in Almaty. He informed journalists during his working trip to Almaty oblast.
Kazakhstan’s real estate market in danger of collapse
(SRI) - The real estate market in Kazakhstan is in danger of a collapse as unemployment grows and inflation reduces the purchasing power of the population, said Gulnar Rakhmatullina, an analyst at the Kazakh President’s Institute of Strategic Research (KISR) in an interview with Interfax.
Kazakhstan Business and Economy Roundup - July 10, 2008
Recessionary trends still continue in the Kazakh banking sector
(Interfax) - Ekaterina Trofimova, a credit analyst of Standard & Poor’s international rating agency, says that the situation in Kazakhstan is not changing to the better and may even aggravate.
Uzbekistan and Kazakhstan reach water agreement, discuss new gas deal
(Turkish Weekly) - An important agreement covering the release of water on the Syrdarya River has been reached.
Kazakhstan Temir Zholy JSC summed up half year results
(Kazinform) - “Income for the first six months of 2008 was KZT 208.6 bln which is 16% higher than the last year. Cargo turnover for the first half-year has increased 10.2%.”
Fitch affirms BTA Bank’s ratings; highlights downward pressure on individual rating (SRI)
Fitch affirmed Kazkommertsbank’s ratings at ‘BB+’ downward pressure on ‘C/D’ individual rating (SRI)
Housing prices in Kazakhstan down in June (SRI)
Developers plan $1.5 Billion resort casino for Kazakhstan (SRI)
Kazakhstan will supply wheat to Kyrgyzstan despite the export ban (AgriMarket.info)
National Bank of Kazakhstan: Exchange rates July 10, 2008 (Kazinform)
Indicators - July 9, 2008 (Reuters)
Housing prices in Kazakhstan down in June
June saw housing prices in Kazakhstan slide 0.5 percent on the primary market and 3.6 percent on the secondary market, the National Statistical Agency announced on Tuesday.
The resale price for condos declined by 14.9% in Astana, 6.7% in Taldykorgan, 6.5% in Aktobe, 5.6% in Shymkent, 4% in Aktau, 3.3% in Almaty and Semei each, 2.9% in Ust Kamenogorsk and 1.8% in Petropavlovsk.
ANALYSIS: Some niches thrive as Kazakh economy falters
Kazakh economic sectors from financial services to construction to retail might have strong long-term growth prospects but are currently struggling as a consequence of the global liquidity crisis. However, there are some parts of the economy that are even now flourishing.
Kazakhstan Business and Economy Roundup - June 24, 2008
Kazakh state pays less than promised
(Bloomberg - St. Petersburg Times) - The Kazakh government has spent 51 billion tenge ($417 million) to complete stalled residential construction projects, a fraction of bailouts promised by the prime minister last year.
Kazakhstan fixes its tax code
(Kommersant) - The government of Kazakhstan has presented a concept for a new tax code. The country plans to ease the tax burden on business, compensating for it by sharply increasing taxes on mineral users, except for the two dozen largest of them, mainly those at the Tengiz, Kashagan and Karachanak fields.
Kazakh-German working group on trade and economic coop holds its VI session in Berlin (Kazinform)
Presentation of initiative Kazakhstan and USA public-private economic partnership to be held in Astana (Kazakhstan Today)
Rixos opens 2nd hotel in Kazakhstan (Focus on Travel)
National Bank of Kazakhstan: Exchange rates June 24, 2008 (Kazinform)
Indicators - June 23, 2008
(Reuters) - Kazakhstan’s economic indicators based on data provided by the State Statistics Agency, government institutions, the central bank and exchanges.
Kazakh commercial real estate defies downward trend
Kazakhstan was the hardest hit in the region by the global credit crunch and residential real estate prices are still drifting downwards as pundits become increasingly pessimistic about the prospects for a recovery anytime soon. So investors and developers are instead turning to commercial real estate where significant unmet demand is keeping prices high.
