Kazakhstan Housing Company (a subsidiary of JSC “NUH Baiterek,” KHC) has summarized the results of its annual study on the share of the “shadow” shared-equity housing market in Kazakhstan. The analysis covered 19 major cities and 606 ongoing construction projects, including low-rise buildings (up to 3 floors inclusive).
The study was based on advertisements for properties under construction by developers on popular national information platforms, as well as data from the Unified Information System for Shared-Equity Participation in Housing Construction “Kazreestr.”
Key Results:
As of August 2025, the share of the “shadow” shared-equity housing market in Kazakhstan was 62.5% — out of 606 ongoing projects, only 227 (or 37.5%) had the corresponding akimat permit or a KHC guarantee for attracting co-investor funds.
Compared with the results of a similar study in 2024, where the share was 69.6%, there was a decrease of 7.1 percentage points in 2025:
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The number of “legal” projects increased by 15.8% (227 in 2025 vs. 196 in 2024);
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The number of “grey” projects decreased by 15.4% (379 in 2025 vs. 448 in 2024);
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The total number of advertised ongoing projects decreased by 5.9% (606 in 2025 vs. 644 in 2024).
The highest share of the “shadow” market (100%) was recorded in Aktau, Kokshetau, Konayev, Petropavlovsk, Taraz, Semey, Turkestan, Uralsk, Pavlodar, Kyzylorda, and Besagash. In these regions, none of the advertised construction projects had an akimat permit or a KHC guarantee.
The lowest shares were noted in Shymkent (36.9%), Atyrau (45.5%), and Astana (50.2%).
| № | City | Total projects | Legal market | «Shadow» market |
Shadow Market Share 2025 |
Shadow Market Share 2024 |
| 1 | Aktau | 25 | 0 | 25 | 100,0% | 98,2% |
| 2 | Besagash | 9 | 0 | 9 | 100,0% | 100,0% |
| 3 | Kokshetau | 9 | 0 | 9 | 100,0% | 91,7% |
| 4 | Konayev | 8 | 0 | 8 | 100,0% | 80,0% |
| 5 | Petropavlovsk | 6 | 0 | 6 | 100,0% | 100,0% |
| 6 | Taraz | 5 | 0 | 5 | 100,0% | 100,0% |
| 7 | Semey | 3 | 0 | 3 | 100,0% | 100,0% |
| 8 | Uralsk | 3 | 0 | 3 | 100,0% | 91,7% |
| 9 | Turkestan | 2 | 0 | 2 | 100,0% | 100,0% |
| 10 | Pavlodar | 2 | 0 | 2 | 100,0% | 66,7% |
| 11 | Kyzylorda | 1 | 0 | 1 | 100,0% | 100,0% |
| 12 | Karaganda | 24 | 1 | 23 | 95,8% | 100,0% |
| 13 | Aktobe | 17 | 1 | 16 | 88,2% | 96,0% |
| 14 | Almaty | 168 | 59 | 109 | 64,9% | 68,5% |
| 15 | Kostanay | 20 | 7 | 13 | 65,0% | 56,3% |
| 16 | Ust-Kamenogorsk | 14 | 5 | 9 | 64,3% | 78,9% |
| 17 | Astana | 203 | 101 | 102 | 50,2% | 49,2% |
| 18 | Atyrau | 22 | 12 | 10 | 45,5% | 70,8% |
| 19 | Shymkent | 65 | 41 | 24 | 36,9% | 61,2% |
| TOTAL: | 606 | 227 | 379 | 62,5% | 69,6% | |
“The analysis shows that, despite positive dynamics, the share of the ‘shadow’ shared-equity housing market in Kazakhstan remains high. Measures to strengthen control over this market — such as prohibiting advertising of construction projects without an akimat permit or KHC guarantee, implementing cashless payments for purchasing ongoing housing, and increasing fines for violations — will serve as a necessary incentive for ‘illuminating’ the shared-equity market,” said KHC Chairman of the Board Altay Kuzdibayev.
JSC KHC continues to monitor the shared-equity housing market and implements tools to protect co-investors’ rights and create a transparent and sustainable industry.
Note: The 2024 study results published in the media, which reported a 66.6% shadow market share, did not include low-rise construction projects (up to 3 floors inclusive). Following amendments to the Law of the Republic of Kazakhstan “On Participation in Shared-Equity Housing Construction,” from September 2025, an akimat permit or KHC guarantee is also required for attracting co-investor funds in low-rise construction (previously not regulated). Therefore, the 2025 analysis results include such projects to provide a complete picture of the shared-equity housing market.