The resumption of the issuance of mortgage loans by banks will be discussed at the Council on economic policy. The issue concerning the mortgage on housing and construction market in Kazakhstan will be discussed in the government. Prime Minister, Serik Akhmetov instructed to connect “Baiterek” holding to this work, the correspondent of Business portal Kapital.kz informs.
The problem of the termination of mortgage lending in Kazakhstan was raised by Kazakhstan developers. At the meeting of the Cabinet of Ministers on Tuesday, the head of the holding BI Group Adyyn Rakhimbaev expressed a concern about the situation that is now observed in the construction industry. Housing and construction industry is a “hostage” of the banking system and the law “On the equity participation” mostly protects the interests of banks, he said.
“You cannot start a single step if the construction company do not mortgage all to the bank”, the head of BI Group said.
The speaker also complained about the cancellation by the second-tier banks of financing mortgages in September, due to the stringent requirements of the National Bank of Kazakhstan. As he explains, in such circumstances, an increase in housing construction is impossible. Earlier the share of mortgage lending in the country occupied 60-70%, in developed countries – 90%.
“Today, unfortunately, mortgage does not exist in the Kazakhstani market. It is closed almost by all the major banks. I think that next year big dynamics will not exist, if one does not announce this problem. Housing construction is not possible without a mortgage,” Aydin Rakhimbaev said.
In turn, the Minister of Economy and Budget Planning, Erbolat Dosaev said that the agency and the National Bank is considering possible measures to return to the mortgage on the market. Serik Akhmetov invited next week to the Council on Economic Policy and discuss the return of the mortgage market in the Republic of Kazakhstan.
Earlier it was reported that in August of this year, the mortgage market in Kazakhstan decreased by 2%. The volume of retail loans for the purchase and construction of housing fell by 17.8 billion Tenge. Nearly 42 % of Kazakhstan people interviewed by Kapital.kz business portal, borrowers are deterred by high interest rates on mortgages.
Source: Business portal Kapital.kz
