Nurly Zher Programme to Increase Housing Construction

ASTANA – The Nurly Zher land and housing development programme will be launched in 2017. One and half million Kazakh residents will be able to get their own housing until 2031 and the mortgage interest rate will be lowered down to 10 percent as part of this initiative. Zher means land in Kazakh.

“In line with the concept, the primary goal of the Nurly Zher Programme is the transition from direct housing construction financing to the mortgage lending development and stimulation of private constructors,” said Chairman of Construction and Housing and Communal Services Committee of the National Economy Ministry Markhabat Zhaiymbetov.

According to the programme, 664,000 sites of land on 10 acres are expected to provide for the individual housing construction. Thirty five thousand apartments for rent and 280,000 apartments will be provided through the Kazakhstan Mortgage Company and Kazakhstan House Construction Savings Bank, and 521,000 apartments will be constructed by private companies for mortgage loans.

As of Sept.1, about 2.3 million people are in need of housing including 400,000 people on a waiting list, 700,000 depositors of House Construction Savings Bank and 1.2 million people are on a waiting list to receive 10 acres of land.

“The state will allocate land as part of the Nurly Zher Programme. Land will be given to people who really need it. This programme should work transparently,” said Mazhilis (lower house of Parliament) Deputy Azat Peruashev.

The price on credit housing in the regions is 140,000 tenge (US$414) per square metre in Astana and 180,000 tenge (US$533) per square metre in Almaty. Commercial property costs are 280,000 tenge (US$829) in Almaty and Astana and 240,000 tenge (US$710) in the regions.

The number of House Construction Savings Bank depositors increased from 430,000 to 709,000 compared to 2014. The payment for 316,000 depositors was provided to maintain liquidity accumulation at the Construction Savings Bank system.

 

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