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How long does it take to save in UAPF in order to save up for an apartment?

LS editors calculated how many years it takes for Kazakhstanis to save in a pension fund in order to save up for an apartment.
How long does it take to save in UAPF in order to save up for an apartment?

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.

Source: https://lsm.kz/pensionnaya-kopilka-skol-ko-let-pridetsya-otkladyvat-na-pokupku-zhil-ya

Photos are from open sources.

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