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Kazakhstan Foreign Ministry explains purchase of building in Paris for $55 million

Illustration of tengrinews.kz Illustration of tengrinews.kz
First Vice-Minister of Foreign Affairs of Kazakhstan Rapil Zhoshybayev has commented on the Ministry's plans to purchase a building for the Kazakhstan embassy in Paris for $55 million, Tengrinews reports.
"This purchase is a very important investment project. According to the statistics, real estate prices in Paris have grown by 40% since 2005 and continue growing at a average pace of around 5.7% a year. There will always be a demand for this venue and we can always sell it if need be," Rapil Zhoshybayev said answering to the inquiry of MP Aikyn Konurov about the Ministry's intention to purchase such an expensive building. The total area of the building makes 2,900 square meters, and the cost is 16.6 thousand euro per a square meter, the diplomat said. Earlier, when it was announced that Kazakhstan was planning to purchase a building for its embassy in Paris for the lump sum of $55 million, the Minister of Economy and Budget Planning Yerbolat Dosaev said that it was a necessity. “An embassy building is an asset of the country and its property. The buildings are usually either bought or built. Renting occurs very rarely. Consulates usually rent an office, but embassies always construct their buildings and it is an international practice,” the Minister explained. By Baubek Konyrov