This August 1 sq. m. of new housing cost 284.5 thousand tenge, therefore, the cost of a one-room 33 sq. m. apartment was 9.4 million tenge. According to UAPF, in the 1HY 2019, the average monthly amount of compulsory pension contribution was 16.9 thousand tenge.
“If a Kazakhstani citizen is allowed to use all his savings, then it will take him a little more than nine years to collect a down payment of 20%. However, for the property purchase will take more than 46 years of work with no break. Meanwhile, if the deductions are used as monthly payments under the mortgage program with a 7% rate, then only 31.8% will be covered,” the newspaper said.
If 10% is allowed to be allocated for housing projects, then the money from the pension fund can only be used as part of the cost of the down payment.
Photos are from open sources.