As of August, the share of the "shadow market" in shared-equity housing construction in Kazakhstan stood at 62.5%. These figures were provided by Kazakhstan Housing Company (KHC).
According to Kursiv.media, out of 606 construction sites in 19 major cities across the country, only 227 (37.5%) had permission from the akimat or a guarantee from KHC to attract funds from equity holders.
It has come to light that in Aktau, Kokshetau, Konayev, Petropavlovsk, Taraz, Semey, Turkestan, Uralsk, Pavlodar and Kyzylorda, none of the advertised residential complexes had the necessary permission. In these cities, the share of the "shadow market" is 100%.
The lowest rates were recorded in Shymkent (36.9%), Atyrau (45.5%) and Astana (50.2%).
For comparison: in 2024, the share of the illegal market reached 69.6%, which is 7.1 percentage points higher than this year's figure. Thus, the number of "legal" projects has increased over the year.
It is noted that new rules for shared-equity construction came into force on 30 August. Developers are now obliged to enter only into shared-equity participation agreements, excluding schemes involving reservation or investment contracts.
Residential complexes can only be advertised if permission to attract funds from equity holders has been obtained. Banks will also not issue mortgages without confirmation of the project's legality. According to KHC, these measures are aimed at protecting equity holders from the risks of construction halting and loss of invested funds.