Loading ...The real estate market and its development level characterises the national economy development. The following stages may be distinguished in the development of the Kazakhstan market of the real estate.
The first stage – the most explosive period of the real estate market development has gone through in the early nineties. Opening and development of the enterprises took place, practically, in legal vacuum. The demand very exceeded the offer, and incomes were very high, consequently. Permission on apartents privatisation can be considered possibly as a starting point here. As a result of it, there appeared a possibility to sell and buy apartments. Then, there were significant amount of businessmen and ordinary worth people, who wanted to improve their living conditions using the new way. They wanted simply to buy an apartment, without waiting a free municipal lodgings and without using the complicated exchange schemes. There have been not so many apartments privatized and there were not so many apartments’ sellers at that time, but the quantity of buyers was already enough.
The first statutory acts were adopted at the second stage. This period is characterised by granting of considerable privileges, which allowed to receive good incomes, that provided good market conditions and attracted new businessmen in this market segment. The rise of prices on residences has begun, but the apartments have been sold more difficult, as the buyer became more squeamish. New forms of servicing have appeared. Such approaches as an apartment sales with payment instalments, credits granting on the security of apartments have began to be used widely. Some companies started to work using the exclusive contracts, taking the obligation to sell a client’s apartment on a certain term.
The third stage is characterised by the demand excess, the legislative base strengthening, the intense competition in the market, that led to income decrease. The small enterprises have been closed, medium and even the large fought for a survival. A new stage of Kazakhstan market development has begun from the second half of 2001 – is a stage of the starting stabilisation and the real estate market certain rise. This development took place in condition of the favorable development of macroeconomic indicators of the country and, in particular, in conditions of the low rates of inflation, the smooth and limited devaluation of Tenge to Dollar. Hence, the real estate market as it follows from the market economy theory, has passed the recession stage, and it has moved to stabilisation, and there have been a new rise (not necessarily at once), including some rise in prices, ahead. The real estate is on the first place in any social system. It has two major functions, to be fulfilled simultaneously, they are as follows: means of production and personal consumption object for the purposes of residing, rest, cultural leisure, etc. The economic and legal regulation of various spheres of the society life by the state and the production of goods are closely connected with the real estate objects.