Kazakhstan is in second place in terms of the high cost of housing rent among the CIS countries

Astana. August 21st. KAZAKHSTAN TODAY - Rent of comfortable housing in Kazakhstan has risen in price by 1.9% m/m and by 28.6% y/y. By the cost of rent, the republic ranks second among the CIS countries, second only to Armenia.

For comparison: the increase in prices for goods and services in the country in July amounted to 0.6% m/m and 14% y/y, while real wage growth in the second quarter of 2023 was 4.7% m/m and only 1.2% y/y. the same quarter of the previous year. That is, the cost of rent is growing faster than the wages of citizens and inflation," the Energyprom.kz website writes.

In monthly dynamics, among the major cities of the country, rental prices increased in Karaganda (by 3.9%), Almaty (by 3.1%), Petropavlovsk (by 0.6%) and Shymkent (by 0.1%).

In annual dynamics, price growth was noted in almost all major cities, with the exception of Turkestan, where prices fell by 3%. The highest rise in prices was noted in Almaty (by 43.1%), Petropavlovsk (by 40.3%) and Kokshetau (by 37.1%).

The average cost of renting a square meter of housing in the country amounted to 4.7 thousand tenge against 3.6 thousand tenge a year earlier.

The highest prices were noted in Almaty: 5.6 thousand tenge per sq. m. m. On the second and third lines are Astana (4.5 thousand tenge per "square") and Konaev (4 thousand tenge). More pleasant rental prices were observed in cities such as Taraz (1.9 thousand tenge per sq. m.), Kyzylorda (2.1 thousand) and Turkestan (2.2 thousand)," the study says.

Further price increases are to be expected. Prices for renting apartments in Almaty, according to experts from the self-regulatory association of realtors in Kazakhstan, may rise by 10%-15% in the near future, writes nur.kz.

As of August 17 this year, according to Numbeo, in terms of the cost of renting a one-bedroom apartment not in the center of the city, Kazakhstan ranked 56th among 102 countries (394.9 US dollars per month), and in terms of the cost of renting a similar apartment in the center - 57 1st ($569.1). Bangladesh, Pakistan and Nepal scored the lowest prices in the world for renting such an apartment, Singapore was the highest.

Among the CIS countries, Kazakhstan yielded in terms of high cost only to Armenia, where the cost of a one-bedroom apartment in the city center was 1,000 US dollars, and not in the center - 680.1 US dollars. The lowest cost of rent for such housing was observed in Azerbaijan: 326.9 US dollars for an apartment in the center and 193.6 US dollars - not in the center.

Earlier it was reported that in Kazakhstan, housing rent has risen in price by almost 29% over the year.