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Kazakhstan Multi-Family Housing Industry Analysis
The multifamily residential housing construction industry in Kazakhstan is an important sector of the country's economy, contributing to the growth and development of the real estate market. In recent years, Kazakhstan has seen a surge in demand for affordable, high-quality housing due to the increase in urbanization and population growth. As a result, the construction industry has responded by increasing the number of multifamily residential buildings, especially in urban areas.
The industry's current scenario in Kazakhstan is promising, with a steady increase in demand for housing due to population growth and urbanization. According to a report by the International Finance Corporation, the demand for housing in Kazakhstan is expected to reach 700,000 units by 2030. This presents a significant opportunity for the multifamily residential construction industry to continue to grow and meet the increasing demand for housing.
One of the challenges facing the industry is the lack of financing for developers, as obtaining financing for large-scale construction projects can be difficult. However, the Kazakh government has taken steps to address this issue by introducing policies and programs to encourage private investment in the industry. The government has also implemented reforms to improve the ease of doing business and streamline the construction permit process, making it easier for developers to obtain the necessary approvals and licenses for their projects.
The outlook for the multifamily residential housing construction industry in Kazakhstan remains positive, with continued demand for housing in urban areas. The government's commitment to improving the investment climate and increasing private investment in the industry is expected to fuel the growth of the industry in the coming years. Additionally, the government's "Nurly Zhol" infrastructure development program, which aims to build new housing, transportation, and other infrastructure, is expected to provide opportunities for the industry to participate in large-scale construction projects.
Local references to note include the construction of the Abu Dhabi Plaza in the capital city of Nur-Sultan, which is expected to be one of the largest multifamily residential complexes in Central Asia. The project includes several high-rise residential buildings, a hotel, office space, and retail space. Additionally, the construction of the "Almaly Village" residential complex in Almaty, which will provide over 4,000 new housing units, is also expected to contribute to the growth of the multifamily residential housing construction industry in Kazakhstan.
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