Review of Real Property, III quarter 2014
The main event in life of the “East House” real estate agency in the III quarter of 2014 is the long –awaited entry into the United Association of Realtors of Kazakhstan.
Our clients were the main motivation for this decision as for them we always try to improve ourselves, develop and grow. That’s why we say “thank you”. Just for you we try to be “the best” among “the many”.
The United Association of Realtors of Kazakhstan (UARK) is an open, democratic, non-profit association of realtor structures which was formed on March, 19, 2009.
The main goal of the UARK is:
- promotion of development of the civilized real estate market, coordination of activities and observance of realtor structures’ interests;
- protection of the rights and interests of realtors and their clients, security of buyers and sellers;
- development of mutually beneficial cooperation with other professional associations and real estate market participants;
- creation of a system of professional standards for its participants, training and retraining of realtor personnel for Kazakhstan real estate market.
As expected, the rental market in the III quarter of 2014 has demonstrated its seasonal activity. The beginning of the new academic year, change of managerial personnel of many companies, end of long summer vacations have resulted in the high level of demand among potential tenants which was satisfied by a large number of quality proposals.
The bulk of transactions on rental of residential real estate in the III quarter of 2014 fell to the share of two bedroom apartments with the area of 100 to 140 square meters and was 28% of the total number of transactions recorded in the “East House” real estate agency.
A little less, 25 % was the share of three bedroom apartments with the total area of 150 to 220 square meters and 21% - of one bedroom apartments up to 95 square meters.
The interest for apartments from 200 square meters with four bedrooms and more has been noticed – 17 % (in the first half of 2014 the range of demand in this category was from 10% to 12%).
As before, in the segment of premium class housing the lowest positions are occupied by studio apartments the area of which does not exceed 65 square meters.
As for residential complexes of business and elite class, preferences of potential tenants has long been concentrated on the “Highvill” residential complex which is located on the right bank close to the left bank of the capital. In the IV quarter of 2014 2 - 4 bedroom apartments with the area from 90 square meters at the E block are to be released to service. Construction of F and G blocks is being actively conducted.
The anticipated project of the “Highvill Kazakhstan” is “Highvill Park” which has been planned to be put into operation in 2016. The “Higvill Park” residential area is going to consist of the two complexes – “Highvill Park-1” that includes 992 apartments and “Highvill park-2” that includes 939 apartments. The complex will traditionally correspond to the concept of accessible location, developed infrastructure, higher level of comfort and safety, high quality of construction and modern engineering solutions. Apartments in the “Highvill Park” residential complex will be distinguished by: the “Smart house” system that allows an owner to manage an apartment by means of modern technologies; fine finishing of the interior with partially built-in furniture and appliances; functional layout and individual design; the elaborate security system that guarantees constant control of the inner and outer area of the complex; increased living comfort (there will be shops, a fitness center and organizations that render different services at the complex).
During the III quarter of 2014 the dynamics of rental rates for residential properties gained the positive value. Price increase has been recorded within 3% compared to the price limits of the II quarter of 2014. There were significant changes in rates for apartments with 5 bedrooms and more and cottages with the area above than 700 square meters.
According to the specialists of the “East House” real estate agency the real estate market for the business and elite class property in the capital is growing that indicates its stability and demand. Fluctuations of rental rates during the year as well as the decrease in purchase and sale transactions do not have a significant influence on the level of rental demand in this segment.
When opting for a par
ticular property, more often potential tenants pay attention to the availability of an additional service that can ensure “unproblematic” living. Following this trend the “East House” real estate agency offers its clients the “House Service” support program that includes:
- assistance in paying utility bills;
- maintenance of the good technical condition of communication systems and other home appliances (the agency staff will control the condition of your housing, inform you regarding the existing malfunctions and give useful advice on how to improve its security);
- house insurance against accidents that lead to unintentional damage to property. A nice addition for each client, a participant of the “House Service “program, is the presents that are necessary in every house to make it comfortable and cozy.