New program of Housing Construction Savings Bank "Zhas Otbasy" started July 1 in Kazakhstan

On July 1, 2020, a new housing program "Zhas Otbasy" was launched in Kazakhstan. Chair of the Board of Housing Construction Savings Bank of Kazakhstan JSC Lyazzat Ibragimova told about this in an interview with

“A young family less than three years old can open a deposit and immediately deposit 50% of the cost of housing, then the mortgage will be issued with a reduced rate. We have 8.5% there, and we made it 6% for specifically for young families. The demand is very high, about 1.5 thousand deposits were opened in just a month,” Ibragimova informed.

According to her, the issue of increasing the age of a young family from 3 to 5 years is currently being considered.

“Many families now write: 'Why 3 years? Five years is also a short period for a young family. Support us too.’ We will consider these proposals. Therefore, it is very important for us that the transformation into Otbasy Bank takes place not only on paper. We want all families to have equal access regardless of profession, social status, namely, depending on income,” she said.

That is, every low-income family must apply for a mortgage with lower rates.

“We will implement these principles, by the end of the year we will implement a large package of legislative initiatives together with the Ministry of Industry and Infrastructure Development with the support of the Government, explain to the public, and only then, when we are fully prepared and correspond to this high status of Otbasy Bank, we we will start the process of renaming,” Ibragimova noted.

As for the real estate market, this is the most popular issue that is now being raised in society.

“After the quarantine, we saw a surge in interest in all mortgages. In June, we issued more than 5 thousand loans. This is a deferred demand from March, April and May. In July, the demand was also very high. We are also implementing Baqytty Otbasy, Askeri Baspana, we will already start the full implementation of consideration of 5-10-20 applications from August. The only thing I can say is that we see a drop in prices on the elite housing market, because very large expensive apartments are in little demand. I think I predict a decline in prices in the secondary housing market, because everything there depends on the speed of sale, i.e. if you want a high price, then you will be selling for a long time,” Ibragimova explained.

According to her, today there are no factors that would contribute to the growth of real estate prices in Kazakhstan. At the same time, in the long term, the demand will be very high, because the number of young people is growing.

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