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Central Bank Governor on prices for real estate at the threshold of EXPO-2017

22 july 2014, 17:02

Central Bank Governor Kairat Kelimbetov does not exclude that prices for real estate will be rising at the threshold of EXPO-2017, a Tengrinews.kz journalist reports, citing him as telling a briefing.

“I think all the public bodies should concert their efforts to prevent the bubble seen at the real estate market back in 2004-2007. Back then the prices were inflated and nearly reached the level seen in New York and Paris. Pre-paid construction projects and mortgages will be closely monitored by the Government. (…) it would be reasonable to suggest there will be a certain hike in prices for real estate, although it is hard to predict what areas and what categories of housing are more prone to grow”, he said.

According to the Central Bank Governor, about 15% of those taking mortgages are insolvent. “The issue of insolvent borrowers is to be addressed. 200 000 people have taken mortgages; according to some estimates, about 30 000 of them are insolvent”, he said, adding that “the Central Band and second-tier banks are seeking for solutions”.

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