Whatcha Got Here, Bud? A Look at Ust-Kamenogorsk's Housing Market and Trends
Rents in Uskamenogorsk experienced a significant surge, with prices almost doubling.
In the race of Kazakhstan's property prices, Ust-Kamenogorsk clocks in at the fifth spot. And boy, has this city seen some moves on the property market! According to a report by "Kryisha", the cost of a square meter is currently hovering around 323,575 tenge, marking a 93.8% hike since 2018.
You might've noticed a positive vibe on the housing market since Ust-Kamenogorsk managed to bounce back post-crisis and de-dollarization, peaked around 2016-2017. Over the past year, the prices have jumped an impressive 12.1%.
Now, here's where things get interesting. In 2020, the annual increase was the highest – a whopping 31.7%! And over the last year, prices have surged by more than 31%. That makes apartments more than twice as pricey over a 3-year stretch.
Let's dive into some examples. A 40-sq-m apartment that was once up for around 6.7 million tenge in 2018 is now going for a cool 12.9 million tenge. Convert that to greenbacks, and you're looking at a 48.7% increase over three years!
Sliding up the price rankings, Ust-Kamenogorsk stands at the fifth position, sandwiched between Shymkent and Atyrau. The top three spots are no surprise – Almaty, Nur-Sultan, and Petropavlovsk take home the gold, silver, and bronze, respectively.
In April 2021, we hit the peak of activity on the housing market, with a whopping 3,581 deals closed. We saw a similar trend in other cities, linked to the use of pension savings.
When it comes to mortgage lending, we've seen a significant increase. From 27.9 billion tenge in 2018, the value has more than doubled in 2020, reaching 56.8 billion tenge, thanks to the development of mortgage programs. From the start of the year alone, 22.94 billion tenge worth of mortgage loans have been dished out.
Finally, construction activity took a positive stride in 2020, with a mind-bending 26.6% increase in housing commission compared to 2018, and even a 17.4% bump compared to 2019. That means we've got close to 519.8 thousand sq-m of new housing popping up in the region!
Now, remember, I'm just keeping you in the loop. For the latest and most accurate information, it's best to consult reliable sources such as the National Bank of Kazakhstan, real estate market reports, or local government statistics. Happy house-hunting, my friend! 🏡🚀
Investing in Ust-Kamenogorsk's real-estate market has shown significant returns, with a 31.7% increase in property prices in 2020 alone. This surge in housing prices has made apartments more than twice as expensive over a three-year period, making it an appealing option for investors in the finance sector. The increase in mortgage lending, due to the development of mortgage programs, further supports this trend.
