The Commercial Real Estate market in Kazakhstan has been experiencing significant growth and development in recent years. Customer preferences have shifted towards modern and well-equipped office spaces, as well as retail spaces that cater to the growing middle class. This trend is driven by the increasing demand for high-quality commercial properties in key cities such as Almaty and Nur-Sultan. Customer preferences in the Commercial Real Estate market in Kazakhstan have evolved in response to changing economic conditions and global trends. With the rise of technology and the need for flexible working spaces, there has been a growing demand for modern and well-equipped office spaces. Companies are looking for spaces that can accommodate their evolving needs, such as open-plan layouts, collaborative areas, and advanced IT infrastructure. Additionally, the retail sector has seen a shift towards modern shopping centers that offer a wide range of amenities and entertainment options, as well as catering to the growing middle class. The trends in the market are driven by several factors. Firstly, the growing middle class in Kazakhstan has led to increased consumer spending, which in turn has created a demand for retail spaces that cater to their needs. This has resulted in the development of new shopping centers and the expansion of existing ones. Secondly, the government's efforts to diversify the economy and attract foreign investment have led to increased demand for office spaces, particularly in the financial and technology sectors. This has resulted in the construction of new office buildings and the renovation of existing ones to meet international standards. In addition to customer preferences and global trends, there are also local special circumstances that have influenced the development of the Commercial Real Estate market in Kazakhstan. The country's strategic location as a transit hub between Europe and Asia has attracted foreign investors and multinational companies, driving demand for commercial properties. Furthermore, the government's commitment to improving the business environment and implementing pro-business reforms has created a favorable investment climate, encouraging both domestic and foreign investors to enter the market. Underlying macroeconomic factors have also played a role in the development of the Commercial Real Estate market in Kazakhstan. The country's stable economic growth, supported by its rich natural resources and strategic investments in infrastructure, has created a positive business environment. Additionally, low interest rates and favorable financing conditions have made it easier for companies to invest in commercial properties. Overall, the Commercial Real Estate market in Kazakhstan is experiencing growth and development driven by evolving customer preferences, global trends, local special circumstances, and underlying macroeconomic factors. With the government's commitment to attracting investment and improving the business environment, the market is expected to continue to expand in the coming years.
Data coverage:
Figures are based on value of commercial real estate.Modeling approach / Market size:
Market sizes are determined by a bottom-up approach. As a basis for evaluating this market, we use national statistical offices. Next, we use relevant key market indicators and data from country-specific associations such as share of industry, manufacturing, and services of the GPD, price level index, GDP. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the market, for example, exponential trend smoothing.Additional Notes:
The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.
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