In Brief: How the Markets Differ
The two cities are almost level on price: in August 2026 a new-build square meter in Astana cost 1% more than in Almaty, while Almaty was 1.2% more expensive for resale and 2.4% for rent. The gross rental yield in both cities is about 10% (August data, at the seasonal peak).
The differences are in dynamics and structure: Astana's population is growing faster, it builds almost twice as much housing and pays higher salaries; Almaty is the largest market by population but carries seismic risk. The choice depends on why you are buying.
Update, September 14, 2026. We removed an infographic and a "summary table" with unverifiable figures (yields, liquidity, shares of cash deals), an invented staff quote and a "life hack" promising returns of up to 45%. The comparison has been rebuilt using BNS and other official data.
Prices and Rents: BNS Data
| Indicator, August 2026 | Astana | Almaty |
|---|---|---|
| New builds, KZT per m² | 747,116 (+1.1% m/m) | 739,762 (unchanged) |
| Resale, KZT per m² | 740,356 (+1.2%) | 749,480 (+0.8%) |
| Rent, KZT per m² per month | 6,079 (+4.9%) | 6,224 (+4.4%) |
| New builds y/y (July 2026) | +19.1% | +16.6% |
| Resale y/y (July 2026) | +12% | +8% |
Sources: BNS via 24.kz (August) and Kursiv (annual change for July).
For comparison, the Kazakhstan averages in August were KZT 625,435 per m² for new builds, KZT 635,185 for resale and KZT 5,350 for rent. Prices per square meter in both cities are roughly 17–20% above the national averages.
Rental Yield: Where Is It Higher
| Month of 2026 | Astana | Almaty |
|---|---|---|
| June | 9.3% | 9.4% |
| July | 9.5% | 9.6% |
| August | 9.9% | 10.0% |
Gross yield = average rent per m² × 12 ÷ average resale price per m² (BNS). Our calculation.
The gap between the cities is about 0.1 pp in Almaty's favor — within the margin of error of averages. According to estimates cited by zakon.kz (May 2026), the gross yield in both cities is 7–9% and the net yield 5–7%. What decides the outcome is the entry price and the rent of the specific apartment.
Population, Incomes and Construction
| Indicator | Astana | Almaty |
|---|---|---|
| Population on July 1, 2026 | 1,682,721 | 2,373,772 |
| Population growth, January–May 2026 | +2.17% — the fastest in the country | — |
| Average salary, Q2 2026 | KZT 647,920 | KZT 610,371 |
| Housing completed in 2025 | 4,812.5 thousand m² | 2,607.7 thousand m² |
| Housing completed per resident (our calculation) | ≈2.9 m² | ≈1.1 m² |
| Average salary ÷ new-build price per m² | ≈0.87 m² | ≈0.83 m² |
Sources: BNS via Zakon.kz, Inform.kz, Kursiv and stat.gov.kz. The last two rows are our calculations (2025 completions over 2026 population; Q2 salary over the August price).
Astana builds 2.6 times as much housing per resident as Almaty: supply grows faster there, so competition among sellers and landlords in new districts is higher. On the other hand, the average salary in the capital is higher, and the cities are close in terms of how affordable a square meter is.
Risks and City Specifics
- Almaty: seismic risk. Under the seismic micro-zoning map, the southern part of the city is in 10-point earthquake zones and the northern part in 9-point zones. When buying, pay attention to the year of construction, the structure and compliance with standards.
- Astana: large new supply. 4.81 million m² in 2025 — more than any region; as large complexes are completed, sale prices and rents in new buildings may grow more slowly.
- Astana: the LRT effect. According to the National Bank, after the line opened, asking prices near stations rose 4.6–10.5% depending on the segment and distance.
- Both cities: real prices. Across Kazakhstan resale housing rose 9% year on year in August with inflation at 9.8%, and loans remain expensive (the base rate is 16.25%).
Choosing a City for Your Goal
- To live in — work, family and infrastructure decide: with comparable prices, the difference in apartment cost is smaller than the difference in lifestyle.
- To rent out — average yields are the same, so choose the city where you know the specific district's market better and can manage the property.
- For capital growth — Astana's population and primary-housing prices are growing faster, but so is supply; Almaty grows more slowly with less new housing.
- By budget — compare prices in specific districts rather than city averages: medians for Astana's six districts are in the price index.
Frequently Asked Questions
Where are apartments more expensive — Astana or Almaty?
Almost the same. According to BNS data for August 2026, new builds are more expensive in Astana (KZT 747,116 vs 739,762 per m²) and resale housing in Almaty (KZT 749,480 vs 740,356 per m²).
Where is the rental yield higher — Astana or Almaty?
By BNS averages the difference is minimal: in August 2026 the gross yield was 9.9% in Astana and 10.0% in Almaty; in June 9.3% and 9.4%. The net yield is lower and depends on the specific apartment.
Where is the population growing faster?
In Astana: in January–May 2026 the capital's population grew 2.17% — the fastest growth among regions. On July 1, 2026 Astana had 1,682,721 residents and Almaty 2,373,772.
What are the risks of buying an apartment in Almaty?
The main specific risk is seismic: under the micro-zoning map, the southern part of the city is in 10-point earthquake zones and the northern part in 9-point zones. Pay attention to the building's year of construction and structure.
Which is better for investment in 2026 — Astana or Almaty?
On average the cities are comparable in price and rental yield. Astana stands out for population growth, higher salaries and primary-housing prices, but also for larger new supply. The decision should rest on the price and rent of a specific property.
Sources
- 24.kz, 09.09.2026: August housing and rent prices per BNS (in Russian) — 24.kz
- Kursiv, 10.08.2026: July prices in Almaty and Astana per BNS (in Russian) — kz.kursiv.media
- Tengrinews, 10.08.2026: July housing prices per BNS (in Russian) — tengrinews.kz
- Inform.kz, 09.07.2026: June housing prices per BNS (in Russian) — inform.kz
- Zakon.kz, 14.08.2026: population on July 1, 2026 (in Russian) — zakon.kz
- Inform.kz, 01.07.2026: Astana leads population growth (in Russian) — inform.kz
- Kursiv, 02.09.2026: average salary in Q2 2026 (in Russian) — kz.kursiv.media
- Bureau of National Statistics: housing completions in 2025 (in Russian) — stat.gov.kz
- Zakon.kz, 22.05.2026: how much renting apartments earns (in Russian) — zakon.kz
- Inform.kz: which Almaty districts face 9–10-point earthquakes (in Russian) — inform.kz
- Tengrinews: National Bank study on the LRT and prices (in Russian) — tengrinews.kz
- National Bank of Kazakhstan, 04.09.2026: base rate and inflation (in Russian) — nationalbank.kz