Construction output in Kazakhstan grows 4.1%
Published on 15/01/2015
2.653 trillion tenge ($14.4 billion) worth of building work was carried out in Kazakhstan in 2014, according to figures from the country's state statistical committee, which is a 4.1% increase on last year.
Construction of buildings grew 5.9% to 2.313 trillion tenge ($12.5 billion), while large-scale renovation increased by 1.7% and general repair work by 13.9%.
29,516 buildings were completed in the year, 26,343 of which were residential and the remaining 3,173 non-residential. There was a big increase in residential construction - 613.6 billion tenge ($3.3 billion) was spent on housebuilding, 18.6% up on last year’s figures. The housing completed in 2014 totalled 7.516 million sqm, of which 3.7 million was built by individual building firms. This figure was helped by the 1.2 million sqm of housing built in Kazakhstan's largest city Almaty, the largest annual amount on record.
The main source of funding for residential construction in 2014 was the private funds of investors, making up 53.9% of the total. Money raised by equity funding accounted for 9.3% of construction spending.
Building costs per sqm were 108,400 tenge ($589) in high-rise residential buildings and 58,800 tenge ($319) in low-rise buildings.
Kazakhstan’s housing indicators have been encouraging in recent years, with total housing stock in the country rising by 11% in 2013 to 32.7 million sqm. Living area per Kazakh citizen also grew 6% over the same period.
This increase in both construction volume and living space in Kazakhstan – along with growing disposable income for its 17 million citizens and 8% per capita GDP growth last year – makes the country an attractive export market. The KazBuild building and interiors exhibition, held in Almaty in September, brings over 10,000 professionals together every year. Learn more about joining the show’s 380 exhibitors.
Source (in Russian)