This opinion was expressed by the property consultant, Ruslan Ungefug. Because of the growth of supply in the market of elite housing in Astana, difficulties with the sale of luxury apartments and cottages will arise. This was said by Ruslan Ungefug in an exclusive interview of Kapital.kz Business Portal . 

Ruslan Ungefug said that today in Astana there are a lot of offers of  luxury housing from large developers and it is mainly concentrated on the left bank of the capital. Also, cottage villages have become much more popular. In the next few years in Astana one plans to build more cottage villages of premium class.

According to information given by experts, some customers with the opportunity to purchase expensive apartments will be more focused on the acquisition of the cottages.

“In connection with this, I suppose  that in the near future developers who build luxury housing, as well as owners of expensive apartments will have problems with the sale of these apartments because of the increased supply of apartments in the segment of the elite class apartments,” Ruslan Ungefug said.

He noted that the luxury tax may also have additional psychological effect on the reduction in demand for apartments of elite class.

Earlier, director of the Institute of the financial and tax law, Eugene Porokhov noted that the introduction of taxes on some luxury may entail getting rid of luxuries by Kazakhstan people, and it will affect their price.

“It is not always the real estate area indicates a high abundance of its owner. It would be better to tie the luxury tax to the value of the property and its intended use. For example, an entrepreneur working in the Akmola region or in the suburbs of Almaty can have a utility room with large area. But it’s non-residential premises, and it likely does not have an expensive finishing.

Also, for example, storehouses may not cost as much as apartment for sale can cost. The gap in price in this case is significant. Luxury palaces may be small in size, but the cost can exceed several hundred million dollars. And these objects, because the area may eventually not be subject to the tax on a luxury “, Prokhorov said.

At the same time, the spokesman said that at present some Kazakhs conceal the real value of their property.

Source: Kapital.kz Business Portal