Astana Kazakhstan Real Estate
I was in Astana, Kazakhstan, recently and decided to analyse whether real estate investment in this part of Kazakhstan is worth it. Here are 6 things to do in Astana Kazakhstan that were brought to you by a bossy couple of travellers.
By far the easiest way to find a place to live in Kazakhstan is to hire an estate agent to do the necessary work for you. If your net worth is less than $2 million and you can only afford to buy a few apartments in Kazakhstan as part of your portfolio, then this market makes sense without the additional bureaucracy and fixed costs associated with managing your business. I have 10 one bedroom apartments And I'm currently in Astana, Kazakhstan with my wife and two children, and we have $10,000 in our one-bedroom apartment.
As far as the local market is concerned, the most important business centre in Astana is the largest city in Kazakhstan with a population of about 2.5 million people. In any case, most observers acknowledge that there are only a handful of real estate markets across the country and only a very small number of high-quality homes for sale.
Verny Capital's parent company owns and owns stakes in commercial real estate and luxury hotels, including hotels in Astana, the capital of Kazakhstan, and a number of other cities in the country.
The Trump Organization has pursued investments in former Soviet states such as Azerbaijan, Georgia, and Kazakhstan after failed attempts to develop real estate in Russia. Astana has driven Kazakhstan's transition from oil and gas by investing in the development of a number of natural gas and oil fields and in the construction of the Kazakh pavilion and science museum built for Expo 2017. In 2014, Kazakhstan opened the International Financial Center Astana, claiming to be a regional financial center. Adhering to the principles and standards that international investors expect from a leading financial centre, AIFC is home to the world's largest bank, the International Monetary Fund (IMF) and the World Bank (WMF), as well as a host of high-quality hotels, restaurants, offices, retail outlets and offices.
Astana is one of the most beautiful cities I have ever seen, and the flow of investment into the city and its real estate in one of the best locations in the cities further enhances the neighbourhood. In general, the development of a range of high-quality hotels, restaurants, offices, retail stores and offices will help make this city a world-class destination for business, entertainment, tourism and tourism. Astana has hosted some of Kazakhstan's most important events, such as Expo 2017 and the World Economic Forum (WEF).
This will also set a positive trend in the real estate market of Astana, "says Dmitry Kuznetsov, Head of the Real Estate Department at the Institute of Real Estate in Kazakhstan. These factors will also support the continued positive momentum in the number of transactions. Taking into account the trends of these factors, property prices in Kazakhstan will not show any particular changes, but in Almaty the price will remain at the same level and show a significant increase in buyers who previously delayed the decision to buy property. If you want to know more about the latest developments in the real estate market in Astanas, you can read the full report here.
Insight focuses on key issues related to the Astana Hub and its participants from a Kazakh legal perspective. Unfortunately, Kazakh law allows foreigners to own property in Kazakhstan only if they have a permanent residence, which is very difficult to obtain. If a person is a resident of Kazakhstan, he or she can act as if the house belongs to a foreigner.
If a foreign entity based in Belgium wants to buy an apartment or house in Kazakhstan but does not want to come here, for example by power of attorney, the law prohibits that person from owning such an apartment. From an economic point of view, granting the right to buy houses to foreigners in Kazakhstan could boost Kazakhstan's construction industry and ensure the flow of money to the domestic economy. As the office market in Almaty is more mature than that in Astana, it is expected to accommodate 250,000 square metres over the next five years.
Reliable statistics are hard to find, but it is estimated that Kazakhstan's six largest banks would have suffered a net loss of $1.5 billion in the first quarter of this year alone if property prices had fallen by 50% from April levels. Fortunately, Lewis says, capital reserves are large enough to deal with a housing crisis on its own. However, through targeted bailouts for the financial sector, the Kazakh government intends to support property prices by providing financial support to the construction and banking sectors, which are mainly concentrated on real estate in Astana.