Screen Reader12/19/2024
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At a Government meeting chaired by Prime Minister Olzhas Bektenov, Rustam Karagoishin, Chairman of the Board of Baiterek Holding, provided an update on housing construction financing programs for 2024.
Rustam Karagoishin highlighted that the total funding delivered through the Kazakhstan Housing Company is projected to reach 640.3 billion tenge by the end of the year. This achievement was the result of strong collaboration between Baiterek Holding and its partners.
“So far in 2024, projects totaling 604.2 billion tenge received financial support. Within the rent-to-buy housing program, 272 billion tenge was allocated, facilitating the purchase of 17,300 apartments. To date, bonds issued by local executive bodies (akimats) worth 248.5 billion tenge have been redeemed, achieving 91% of the annual target. The remaining 23.5 billion tenge is scheduled to be disbursed by December 17, 2024,” stated Rustam Karagoishin.
For credit housing, 165.1 billion tenge was fully allocated to akimats, meeting 100% of the planned target. A total of 10,000 apartments are expected to be delivered this year, with 5,700 already completed. Additionally, as part of the Astana renovation program, bonds worth 25 billion tenge issued by local executive bodies were redeemed in July 2024.
To sustain the momentum of social housing construction in 2025, a proposal has been made to combine previously allocated funds from the National Bank with repayable resources from the National Fund. This approach is expected to provide approximately 160 billion tenge to regional projects through bond loans, offering an average interest rate of 4.25% per annum.
Regarding guaranteeing shared construction and subsidizing loans to developers, 2024 saw the support of projects totaling 165.6 billion tenge, representing 93% of the annual plan. By year-end, this figure is anticipated to rise to 178.2 billion tenge, ensuring the protection of investments for over 7,000 citizens participating in commercial housing programs.
