Kazakhstan is Central Asia's largest economy, and its property market offers the region's most visible mix of high rental yields, expensive credit and persistent inflation. The Kazakhstan real estate market 2026 rewards cash buyers in Almaty and Astana who can tolerate currency risk. Our indicators below frame the numbers; current asking prices are on the Kazakhstan property page.
Prices and rents
Survey prices in 2023 averaged about $1,569 per m² in city centres and about $1,024 per m² outside them, a rise from roughly $1,421 and $1,006 in 2022. These are low by global standards but sit well above Kyrgyzstan and below Turkish or Georgian coastal prices.
Rents were about $487 a month for a one-bedroom in the centre in 2024, and $436 outside (2023). Three-bedroom flats rented for about $1,085 in the centre and $796 outside (2023). Average net salary was about $679 a month in 2024, up from $608, so rents consume a large share of local wages.
Yield and affordability
The gross city-centre rental yield was 8.4% in 2024 (8.8% in 2023), consistent with a price-to-rent ratio of 11.9 (11.4 the year before). That is attractive on paper. But the price-to-income ratio rose to 10.4 in 2024 from 9.7, so affordability is stretched and incomes are not rising as fast as prices.
Net yield is a different matter. After agent fees, tax on rental income, vacancy and repairs, a realistic net return may be several points lower. Rents are quoted in dollars in some segments and tenge in others, which complicates currency comparisons. Compare with other Eurasian options through the cheap property in Kazakhstan and under $100k listings.
| Indicator | Value | Year |
|---|---|---|
| Gross rental yield, city centre | 8.4% | 2024 |
| Price-to-rent ratio | 11.9 | 2024 |
| Price-to-income ratio | 10.4 | 2024 |
| Price per m², city centre | $1,569 | 2023 |
| Price per m², outside centre | $1,024 | 2023 |
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Rates, inflation and the currency
This is the main drag. Inflation was 11.4% in 2025, up from 8.7% in 2024, and the policy rate was 14.25% in 2024. The 20-year mortgage rate in our database was 16.79% in 2023 (15.04% in 2022). Such rates make mortgage-funded investing hard to justify, and they explain why many deals are cash or use state-subsidised programmes available to citizens.
On the plus side, the economy is growing quickly: GDP rose 6.5% in 2025 after 5.0% in 2024, to about $306 billion, with GDP per capita near $14,700. Government debt was about 24% of GDP (2024). Oil, gas and metals underpin export earnings, and the tenge is sensitive to oil prices and regional sanctions flows. For loans open to non-residents, read financing in Kazakhstan.
Taxes, demographics and quality of life
Corporate tax is 20% and personal income tax is 15% in our 2026 data (up from 10% in 2024), while VAT rose to 16% from 12% over the same period. Higher taxes may affect developer margins and, ultimately, prices of new build.
Population is about 20.8 million, growing about 1.2% a year, and 62% of people live in cities, which supports apartment demand in Almaty, Astana and Shymkent. The safety index improved to 54.1 in 2024 from 47.3, but the pollution index was high at 73.6, and the climate index (39.8) reflects harsh winters and hot summers. Corruption perception was 39 out of 100 in 2024.
Risks and outlook
- Inflation and tenge risk. A fast-inflating currency can erase a headline yield.
- Expensive credit. Resale demand depends on buyers who can pay cash.
- Construction quality and delays. Check developers and completion records.
- Rule changes. Foreign ownership of agricultural land is restricted; apartments are generally open. Confirm the position in our consultation guide.
The outlook is for strong nominal growth with real returns squeezed by inflation. Investors with dollars and a long horizon can find value in well-located apartments, while anyone relying on a mortgage should model rates above 15% before committing. Compare with other markets in the analysis hub.
An 8% yield sounds generous until inflation of 11% is on the other side of the ledger.
Last updated 8 October 2026