The Month in Brief
- The National Bank cut the base rate to 16.25% but raised its 2027 inflation forecast.
- Primary housing is rising faster than inflation, resale slower: in real terms resale prices are falling.
- Rents are at their seasonal peak: by BNS data the Astana average rose 4.9% in August, and a one-room apartment costs about KZT 240,000 a month.
- The National Bank published an estimate of the LRT's effect on apartment prices near stations.
- By September 15 — form 270.00 for tax on housing sold in 2025.
The Rate: a Cut to 16.25% and a Higher Inflation Forecast
On September 4 the National Bank cut the base rate to 16.25% with a ±1 pp corridor. Annual inflation in August was 9.8% (food 9.5%, non-food 11.4%, services 8.9%), and household inflation expectations were 12.1%.
The 2026 inflation forecast is 9–11%, and for 2027 the regulator raised it to 6.5–8.5% (from 5.5–7.5%). For housing this means market mortgages will stay expensive: even with the 20% cap on the effective rate for new loans, they cost more than rental yields. The next rate decision is on October 23, 2026.
Prices: Primary Grows, Resale Lags Inflation
According to BNS data cited by Halyk Finance, in July primary housing in Kazakhstan rose 14.6% year on year and resale 9.5% with inflation at 10.2%: in real terms resale fell 0.7%. Month on month, primary rose 0.7% and resale 0.1%. Astana led primary-market growth: +19.1% y/y. Meanwhile July deals fell to 37,200 — 6.5% fewer than a year earlier. Fresh BNS data for August confirm the trend: across Kazakhstan new builds rose 13.1% year on year and resale 9% with inflation at 9.8%.
| Indicator | Value | Source |
|---|---|---|
| Astana new builds, per m² (August) | KZT 747,116, +1.1% m/m | BNS |
| Astana resale, per m² (August) | KZT 740,356, +1.2% m/m | BNS |
| Astana rent, per m² per month (August) | KZT 6,079, +4.9% m/m | BNS |
| Economy-class new builds, per m² (August) | KZT 356,800, +9.52% m/m | Homsters |
| Comfort class, per m² (August) | KZT 512,291, +0.57% | Homsters |
| Business class, per m² (August) | KZT 720,452, −2.02% | Homsters |
| Premium class, per m² (August) | KZT 1,060,789, −0.29% | Homsters |
BNS data for August 2026 were published on September 9–10. District averages and methodology are in the Astana price index.
In August six new Astana complexes were added to the Homsters catalog — IGILIK, Nexpo Grand, HORIZON, Zhas Otau, ULAGAT and Anyz Avenue. How price growth may continue next year is covered in our 2027 outlook, and where Astana is cheapest in "The Cheapest Apartments".
Rents: the August Peak
The start of the academic year traditionally pushes rents up. According to Krisha.kz, on August 1–18 the median rent for a one-room apartment in Astana rose from KZT 220k to KZT 240k (+9.1%), for a two-room from KZT 300k to KZT 320k (+6.7%), while three-room units held at about KZT 500k. Across Kazakhstan the median rent rose about 3.8% over the same period.
According to the BNS, in August the average rent in Astana rose to KZT 6,079 per m² per month (+4.9% m/m) and in Almaty to KZT 6,224 (+4.4%); across Kazakhstan rents rose 17% year on year. If you are relocating, see our guide "Moving to Astana".
The LRT: First Estimates of the Price Effect
The National Bank estimated how the LRT launch affected apartment asking prices, comparing properties near stations with a control group 1.5–2 km away. The strongest effect is on the Airport — Mangilik El section: +10.5% within 700–1,000 m. On the Zhibek Zholy — Nurly Zhol section it is +6.5% (300–700 m), and on Astana Zhuldyzy — Mynzhyldyq Alleiasy +4.9% within 300 m.
An important caveat: no clear dependence on distance to the station was found and the sample is limited. Full analysis: "The LRT and Apartment Prices".
Mortgages: the Umai Program Launched
Since August 31 Otbasy Bank has accepted applications for Umai, a program for women aged 18–65: 14.8% on the bridge loan, falling to 5% after saving 50%, a down payment from 20% in Astana and Almaty, and loans up to KZT 50m. It covers completed new builds, guaranteed housing under construction and resale built in 2016 or later.
As a reminder, since July 1 the effective rate on new mortgage loans has been capped at 20%, and the next quarterly "7-20-25" tranche of KZT 25bn is released at the start of the quarter — in early October. All terms: "Subsidized Mortgages 2026".
Taxes: Returns Due by September 15
If you sold housing in 2025 and the income is taxable, form 270.00 must be filed by September 15, 2026 and the tax paid by September 25.
For housing bought from January 1, 2026 a new rule applies: exemption after two years of ownership; resident rates of 10% up to 8,500 MCI and 15% above. Worked examples: "Tax on Selling an Apartment in 2026".
What Changed on the Site
In September we checked our articles against primary sources and made important corrections:
- Astana has six districts, not five: Sarayshyk was split from Almaty district on January 29, 2025. We added a Sarayshyk review and a guide to the left and right banks.
- For foreigners: housing can be registered to an individual only with a residence permit — the guide was rewritten, and we added articles on the residence permit, IIN and bank accounts.
- Developers and new builds: the developers review was rewritten on verifiable data, and we added a construction companies ranking and completion dates.
- Finance: mortgages in Astana and tax articles were updated to 2026 rules.
What to Watch in October
- October 23 — the National Bank's base-rate decision.
- BNS data for Q3 — after it we will update the Astana price index and check the 2027 outlook.
- Early October — the next quarterly "7-20-25" tranche.
Frequently Asked Questions
What is the National Bank's base rate in September 2026?
16.25% a year with a ±1 pp corridor — decided on September 4, 2026. The next rate decision is scheduled for October 23, 2026.
How much does a square meter cost in Astana in 2026?
According to the BNS, in August 2026 — KZT 747,116 in new builds and KZT 740,356 on the resale market. New-build prices depend heavily on class: in August economy class averaged KZT 356,800 per m² and business class KZT 720,452.
How much does renting a one-room apartment in Astana cost in September?
According to Krisha.kz, on August 1–18 the median one-room rent rose to KZT 240,000 a month and two-room rent to KZT 320,000.
When is the deadline to report selling an apartment in 2025?
Form 270.00 is due by September 15, 2026 and the tax by September 25, 2026 — if the income from the sale is taxable.
Sources
- National Bank of Kazakhstan, 04.09.2026: base-rate decision (in Russian) — nationalbank.kz
- Kursiv, 26.08.2026: resale cheaper in real terms, Halyk Finance (in Russian) — kz.kursiv.media
- 24.kz, 09.09.2026: August housing and rent prices per BNS (in Russian) — 24.kz
- Homsters: Astana new-build market, August 2026 (in Russian) — info.homsters.kz
- Krisha.kz: what is happening with rents (in Russian) — krisha.kz
- Tengrinews: National Bank study on LRT and prices (in Russian) — tengrinews.kz
- Forbes Kazakhstan, 27.08.2026: the Umai program (in Russian) — forbes.kz
- Krisha.kz: mortgage rate cap from July 1, 2026 (in Russian) — krisha.kz
- Mybuh.kz: tax on selling an apartment and filing deadlines (in Russian) — mybuh.kz
- Wikipedia: Sarayshyk district (in Russian) — ru.wikipedia.org