ANALYSIS OF THE DEVELOPMENT OF THE HOUSING CONSTRUCTION MARKET IN THE REPUBLIC OF KAZAKHSTAN

Abstract. The study is motivated by the strategic role of housing construction in improving living standards and supporting sustainable regional development in Kazakhstan amid accelerating urbanization, concentration of housing demand in major agglomerations, and rising housing prices. Although the construction sector expanded markedly in 2016–2024, housing construction dynamics and price indicators in both primary and secondary markets remained uneven and highly differentiated across regions, which calls for a comprehensive analysis based on comparable statistical series. The aim of the study is to assess the current state and dynamics of housing construction in Kazakhstan with a focus on regional differences in construction activity, the structure of housing construction, and price trends in the housing market. The methods include economic-statistical and comparative analysis, structural and trend analysis of time series, and the calculation of regional shares and index indicators. The empirical base relies on official data from the Bureau of National Statistics of Kazakhstan for 2016–2024 on total construction output and residential building construction, as well as for 2001–2024 on average prices of new housing sales and apartment resale prices. The results show that total construction output increased from 3.26 to 9.06 trillion KZT in 2016–2024, while residential building construction output, after accelerating up to 2022, declined in 2023 and moderately recovered in 2024; the share of residential construction in 2024 was about 11.2% of total construction output. Persistent spatial concentration is revealed: more than half of residential building construction output is generated in Astana, Almaty, and Shymkent. In 2024, the average price of new housing sales reached 500,198 KZT per sq. m, while the average resale price reached 516,203 KZT per sq. m, indicating continued price pressure and tensions in the supply–demand balance. The practical significance of the study lies in the applicability of the findings to improving the targeting of public support instruments, reducing interregional disparities, and substantiating measures aimed at expanding the supply of affordable housing.