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Kazakh construction industry to expand by 4.2% y-o-y in 2014

September 2014

As indicated by the results of PMR’s latest report, entitled “Construction sector in Kazakhstan 2014. Development forecasts for 2015-2020”, the construction industry in Kazakhstan is projected to accelerate its annual expansion pace to 4.2% in 2014, up from 3.5% growth seen a year ago. During the first half of 2014, the Kazakh construction industry also showed great promise, with growth fuelled mostly by civil engineering construction activity.

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Shopping centre construction is one of the non-residential construction segments with huge potential to be capitalised in the future. According to PMR, Kazakhstan has less than 60 m² of GLA per 1,000 inhabitants in shopping centres with at least two anchor tenants and 10,000 m² of GLA. The more dynamic development of upmarket shopping centres outside Almaty and Astana has been hindered by the limited number of large cities, significantly lower purchasing power, unsatisfactory transport infrastructure, the weak presence of modern retail chains and the population’s propensity for open-air market shopping. There are only three cities with over 500,000 residents in Kazakhstan: Almaty, Astana and Shymkent.

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Source: http://www.constructionshows.com/kazakh-construction-industry-expand-4-2-y-o-y-2014/2312855

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