Kazakhstan takes unprecedented measures on solution of construction sector?s problems: Vice PM

ALMATY. January 29. KAZINFORM /Daniyar Sikhimbayev/ Mortgage lending market of Kazakhstan is activated in several directions at present, Umirzak Shukeyev, Vice Prime Minister of Kazakhstan, has said at a special conference in Almaty today, Kazinform reports.

The first direction foresees mortgage lending at fixed prices through ?Damu? Fund without participation of the second-tier banks. ?Having studied financial condition of the developers and having assured they have no credits at present, the Fund started to finance the developers under their obligations to sell the flats in Almaty at USD 1000 per sq m?, U. Shukeyev said The second program provides for sale of the flats at free prices. If a developer company and a second-tier bank are confident that the project can be completed due to ?SamrukKazyna? Fund?s sources these flats can be sold at a favorable price. It was noted that the people do not buy flats because of lack of mortgage lending. The Vice PM considers there are certain reasons for this: too high prices for real estate property, high interest rates in banks and the main reason is the people?s fear that the houses won?t be completed. ?We will solve this problem through introduction of insurance policy. In case the house is not built the buyers will be able to return their money. No country in the world takes such unprecedented measures?, U. Shukeyev highlighted.