Kazakh PM Bektenov holds meeting on housing affordability

Prime Minister Olzhas Bektenov of Kazakhstan has chaired today a meeting discussing the implementation of the Head of State’s tasks voiced early this month in the interview to Ana tili newspaper, Kazinform News Agency reports.

The meeting was joined by the leadership of ministries of industry and construction, national economy, finance, Otbasy Bank, Samruk Kazyna national welfare fund and Baiterek national management holding.

Approaches for turning Otbasy Bank into a development institute, stepping up the work to attract private funds to further promote the sector as well as proposals for financing preferential programs, including support of industrial enterprise personnel and launch of new products, were under discussion.

Kazakh Premier Bektenov highlighted the importance to expand the preferential mortgage and rental housing program to include technicians under the Year of Trade Jobs. Otbasy Bank’s transformation aims to enhance its operations regarding housing provision to those in need under the single window principle and boost the country’s economy in general.

According to the Industry and Construction Ministry, a record of 18.9 million square meters of housing were commissioned in Kazakhstan in 2024, a 6.4% increase year-over-year. The index of actual volume stood at 113.1% in the construction sector. The work is ongoing to implement the President’s task to take the figure to 111 million square meters by 2029.

It was noted that Otbasy Bank issued 71,452 loans worth 1.29 trillion tenge, of which 39.8% for acquiring primary housing.

Earlier it was reported that Kazakhstan would build 19mln m² of housing in 2025.