1. SCOT HOLLAND | CBRE
Almaty Market View
Residential
www.cbre.kz Q2 2012
OVERVIEW
Quick Stats With the completion of the troubled housing
Change construction and the termination of funding for
Completed Residential
from such facilities by the state, the 1st Half of 2012
Q1 Q2 Buildings ('000 sqm)
also marked the start of the sate housing 10 000
12 11
construction program called "Affordable Housing
Prices – 2020”.
1 000
Absorption 100
The implications and impact of the global
10
economic downturn have “cooled down” the
Residential market segment, as a result of which 1
Hot Topics
2007 2008 2009 2010 2011 Jan-
many players have left the market. However, the June
stronger and more financially capable developers 2012
• Stable levels of selling prices have continued their construction activities,
Kazakhstan Astana
and rental rates on the although at slower rates. Source: Kazakhstan Statistics Agency
residential market of Almaty; Housing Stock per Capita
The total residential space commissioned in
• The number of actual Almaty 1st half of 2012 comprised 471,300 sqm, 20,5
residential sale-and-purchase which represents a 45% increase on a y-o-y basis. 20,0
sqm per capita
19,5
transactions during January- According to information published by the 19,0
February 2012 increased on a Kazakhstan Statistics Agency, the number of 18,5
y-o-y basis; residential property sale & purchase transactions 18,0
during January-June 2012 in Almaty increased by 17,5
• Slight easing of the mortgage 12% year-on-year 17,0
lending terms caused by higher 2007 2008 2009 2010 2011 Jan-June
Despite the increasing number of incoming 2012
competition between the Kazakhstan Almaty
requests for sale & purchase of apartments/houses
second-tier banks and and land plots, the real estate sales market still Source: Kazakhstan Statistics Agency
increased demand on behalf remains slow. Property owners still quote high Almaty Housing Stock
of the population; prices, which affects the market in a negative 26 000
manner. Potential buyers still cannot afford
• Start of the ‘Affordable 25 000
purchasing housing at relatively high prices and 24 000
Housing – 2020’ state
1,000 sqm
are waiting for further price decreases. 23 000
residential construction 22 000
program. The commissioned residential volumes in 21 000
Kazakhstan in the period January–June 2012 20 000
increased by 14.3% compared to the same 19 000
2007 2008 2009 2010 2011 Jan-
period of 2011. According to official statistics, June
the largest shares of residential space in this 2012
period of 2012 were commissioned in Astana Source: Kazakhstan Statistics Agency
(21% of total), Almaty (15.5% of total) and
Average sale price,
Almaty province (13.6% of total). primary market
Regardless of the relative overall improvement of 4 000
the market situation, the activity of real estate
3 500
3 000
USD per sqm
market players remains quite moderate. This can 2 500
be explained by the ongoing process of 2 000
1 500
overcoming the consequences of the market 1 000
downturn, as well as the low level of confidence in 500
the property market and cautiousness with regard 0
2006 2007 2008 2009 2010 2011 Jan-
to real estate investments. June
2012
According to the estimates of financial analysts,
construction and real estate business are currently Source: Kazakhstan Statistics Agency
considered among the riskiest fields of activities.
©2012, Scot Holland | CBRE

2. The increase of supply of mortgage products from specialized In addition, the breakdown of the volume of commissioned rental
institutions, such as ‘KMC’ and ‘Zhilstroysberbank’, shows the residential space by Province is as follows: Kostanay Province –
Almaty Market View Residential
wish of the Government to stimulate the construction sector. 6,300 sqm, Aktobe Province – 2,860 sqm, Almaty Province –
Following that, second tier banks have also increased the 3,800 sqm and Karaganda Province – 4,700 sqm. A total of
volume of offered mortgage loans.. Increased competition more than 136,000 sqm of rental residential space is planned to
between the mortgage market players resulted in somewhat be commissioned in 2012. The amount of target financing
eased financing terms and lowered interest rates of mortgage planned to be dedicated to the construction of rental residential
loans. ‘Zhilstroysberbank’ moderated the terms for the space in 2012 amounts to KZT 34.6 Bn.
participants of housing construction saving system, which
It should be noted that in contrast with the pre-crisis period,
mainly means decrease of the interest rates. In addition JSC
when a large portion of buyers was willing to participate in
‘Mortgage Organization ‘Kazakhstan Mortgage Company’
shared interest construction projects, today this method of
also changed its credit conditions for purchase of housing and
purchasing a housing unit is the least popular among potential
interest-shared participation in the construction of multi-family
buyers due to the facts of non-bona fide activities of
residential houses, by decreasing the interest rate.
development companies using this scheme.
However, despite the above, the system of evaluation of
Currently the largest part of potential buyers are either
borrower’s solvency remains strict. The banks continue to check
considering the use of mortgage loans or their own funds, or
solvency and paying capacity of customers very thoroughly.
would proceed with the state housing program for obtaining an
Based on the instructions issued by the Head of State, starting apartment.
from 2011 a new residential construction program is being
implemented. Its main purpose is to stimulate supply, in order The sales offices of several high-end residential complexes note
to prevent a rapid increase of property prices, which may take a marked growth of customer activity, as well as and increase of
place due to the current increase of demand and shrinking of the number of sales-and-purchase transactions. Our Company is
supply on the residential market. There are practically no new also getting more enquiries from people who are interested in
developments due to financing difficulties arising from the buying properties particularly houses.
cautiousness of investors on the one hand, and high interest Changes to the laws «On architectural, urban planning and
rates on foreign loans for local commercial banks – on the other construction activity» and «On licensing» came into force in the
hand. The housing development program in the period 2011- 1st half of the year. These changes introduce stricter
2014 assumes the commissioning of 6 Million sqm of requirements to construction companies on obtaining licenses for
residential space per year. construction activities, which should ultimately lead to an
The program for Government support of the residential sector improvement of the quality of construction in Kazakhstan.
includes 3 major support schemes: One of the recent trends on the rental housing market is that
• construction of affordable housing by local authorities using corporate clients are now coming in with much lower budgets to
the residential savings system, lease apartments for their employees. For example, several
• allocation of funds to second-tier banks for the subsequent large companies are looking for housing (both apartments and
financing of construction and mortgage lending, stand-alone houses) at around USD 2,000 per month, while the
• construction of utility infrastructure. group of potential tenants with a budget in the range
USD 4,000 - 5,000 per month is somewhat smaller.
In addition, one of the goals of the State Program for the
Development of Residential Construction in the Republic of We have also observed situations when tenants move from
Kazakhstan is to increase the affordability of housing for wider expensive houses to more affordable ones. Landlords are now
public through a better development of housing saving system. going to have to tighten their belts and offer their properties at
In particular, this program stipulates that JSC ‘Housing much more realistic prices. The boom time of leasing prices, at
Construction Saving Bank of Kazakhstan’ (‘Zhilstroysberbank’) least for the moment, is well and truly over.
will grant loans to the special-priority groups of the population Rental rate levels continue to hold although landlords seem to be
at an interest rate as low as 4% per annum. slightly more willing to negotiate. High end properties are in
A new housing construction program - "Affordable Housing - demand (though much rarer) but unfortunately good ones are
2020" – was given a start during Q2 2012, envisaging the now proving extremely difficult to find, which indicates of a very
construction of affordable housing units offered for rent with limited supply of properties with an actually good quality.
subsequent buy-out. This program is aimed at achieving a
In conclusion, we would like to note that the average price levels
volume of construction of new residential space at the level of 6
on the Almaty primary and secondary residential markets have
Mln sqm per year and reaching 10 Mln sqm per year by
remained practically unchanged in the course of Q2 2012.
2020.
During the period January-June 2012 a total of 32,000 sqm of
rental residential space was completed and commissioned in
Kazakhstan, out of which 25,400 sqm of apartment space. At
the same time the largest proportion of commissioned rental
Q2 2012
residential space – ca. 14,270 sqm – is located in Almaty.
Page 2
©2012, Scot Holland | CBRE

3. Map of Almaty Residential market zones Market Zones
• Al-Farabi Corridor – Currently, the most
Almaty Market View Residential
popular area for up-market projects, mostly
due to the availability of large land plots for
development and re-development, good
road connections (though over-reliance on
this artery leads to heavy traffic jams and is
likely to decrease its popularity) and
proximity to the mountains and to the
expanding CBD of Almaty;
• Dostyk Corridor – Lower part – Samal
micro-districts were quite popular in the
1980’s – 1990’s when they were newly
developed; there are some land plots for
development and re-development; most
projects in this area are Elite class, though
Business class projects can also be found;
• Extended Centre – Mostly residential stock
from the 1950’s – 1970’s; with some land
plots for development and re-development,
there are a few Elite and Business class
developments;
• Golden Square – In the second half of 20th
century, centre of Almaty City; residential
stock mostly built in 1950’s – 1960’s, most
of which is with excellent for those years
quality and still very demanded; virtually
there is not land free for development, but
there are a few spots that were or will be re-
developed; most of the buildings completed
in the past 10 years are Elite class;
• Lower Town – Poor quality residential stock,
mostly individual houses and some
apartment buildings; it is largely unpopular
due to poor air quality, inefficient road
network causing traffic jams, and higher
density of industrial enterprises in the area;
Source: Google, Scot Holland CBRE • Micro-districts – Mostly residential stock
built in 1960’s – 1980’s, and some parts
Map legend: with single-family houses; the areas closer to
• Al-Farabi Corridor – red; the centre and to the mountains attract
• Dostyk Corridor – dark blue; Business class developments, while the
• Extended Centre – magenta; remaining territory hosts mostly Economy
• Golden Square – yellow; class projects;
• Lower Town – light green; • Mountain Belt –Most of the residential stock
• Micro-districts – light blue; is single-family houses; an attractive area
• Mountain Belt – dark green. due to its proximity to the mountains and
lower population density, hosts a variety of
Deluxe, Elite and Business class projects.
Q2 2012
Page3
©2012, Scot Holland | CBRE

4. SCOT HOLLAND | CBRE
Almaty Market View
Offices
www.cbre.kz Q2 2012
OVERVIEW
Quick Stats Almaty remains the commercial focal point of oil- Due to the decreased demand for space in
Change office and administrative buildings, the vacancy
rich Kazakhstan and aspires to become Central
from
Asia’s regional financial centre. rate largely increased in 2009 reaching a level
Q1 Q2
12 11
of approximately 40% both in Class A and
The commercial real estate market of Almaty is
Class B projects.
Rental rates the best developed in the country, especially the
office segment. However, starting from Q4 of 2009 the
Occupancy
demand for higher-class office premises started
The bank liquidity crisis which started in August
recovering gradually, and by the date of this
2007 affected the office market through slowing
report the estimated average vacancy rate is
down the construction and investment rates in
Hot Topics approximately 24-25% and is expected to
the real estate industry.
decrease further in the short-to-medium term.
• Despite the consequences of Nevertheless, both the economic and market
The growth of business activity of
the financial crisis, the Office indicators offer a positive outlook for the future
manufacturing, retail and other entities in 2011
of office real estate projects in Almaty. This
market remains relatively is a sign of improvement of the economic
optimism has attracted multiple investors and
stable; developers, thus making the office market
situation, resulting in a GDP growth of 5.6% in
1st half of 2012 (according to preliminary data).
• Rental rates across all classes environment more competitive every day.
No significant increase in the rate of
of office properties increased Taking into consideration projects completed
construction of office developments was
by 10 – 12% during Q2 of during 2010-2012, it is our estimate that at the
observed during the Q1 2012. However, a
present moment there are approximately
2012; new business centre with a Total Gross Area
650,000 sqm of leasable office space in
(TGA) of 3,628 sqm was commissioned in the
• The demand for office space Almaty.
Baganashyl district of Almaty during Q2 2012.
had been increasing during However, this number does not include
Below is a brief overview of brokerage
2nd Quarter of 2012; numerous smaller office projects which are
transactions for lease of commercial space
mostly graded as Class B- or lower.
• Occupancy rates in business completed recently with the involvement of Scot
An analysis of the prime office yield levels in the Holland | CBRE:
centres increased significantly EMEA regions (Europe, Middle East and Africa)
compared to Q1 2012. o The “Urban Media” Company rented office
shows that the Almaty market has one of the
space in the “Nurly Tay” Business Complex.
highest indicators, which on one hand evidences
a high risk degree of the investments, and on the
other hand shows that the local office market is
very attractive for new players and investors.
Prime Office Yields
GDP Growth Rate, % y-o-y
16 (2003-2011)
Almaty
14 12
Kyiv 10
12
8
%
10 6
Moscow Instanbul
Sofia 4
8
Warsaw 2
Budapest
6 0
London Prague
City 2004 2005 2006 2007 2008 2009 2010 2011
4
Source: Scot Holland CBRE Source: Kazakhstan Statistics Agency
©2012, Scot Holland | CBRE

5. The 2nd Quarter of 2012 was characterized by a relative Office Monthly Rental Rates
stability of rental rates across all Classes of office properties.
80
Pending for the annual financial performance results, many 70
companies are postponing their relocation to a new office
Almaty Market View Offices
60
USD per sqm
premises on to the next year. CBRE EMEA research work 50
shows that in the current environment many companies 40
(regardless of the industry they operate in), still consider real 30
estate as an important element of cost cutting (see the graph 20
below). In particular, the companies having long-term lease 10
agreements in Almaty are looking to agree on a lower rental 0
2007 2008 2009 2010 2011 Q1 Q2
rate, and/or negotiate other commercial terms of their lease 2012 2012
agreements. Class A Class B
Currently, the base rental rates for Class A office buildings Source: Scot Holland CBRE
vary in the range USD 30 - 50 per sqm per month, with an
estimated average of USD 32 per sqm per month. However, Almaty Office Sales Prices
some specific Class A business centres still keep higher rental (USD per sqm)
rate levels, in some cases (where for example the client leases 6 000
6 200 5 200
small-size premises) up to USD 50-60 per sqm per month.
5 200 4 500
The difference in office rental rates between Class A and
4 200
Class B is approximately 30%. The base rental rates for 3 200 3 000
3 200
Class B offices start from USD 15, up to ca. USD 25 per sqm 2 000 2 000 2 000 2 000 2 100
2 200
per month, with an estimated average of USD 20 per sqm 1 500 1 500 1 500 1 550
per month. 1 200
2006 2007 2008 2009 2010 2011 Q2
Service charges are in the range USD 3-7 per sqm per 2012
month, depending on the location and class of the business Class A Class B
centre, as well as the amenities and services offered.
Source: Scot Holland CBRE
The average selling prices of office space in business centres
differ from district to district, and the current Almaty average Prime Rents for Office Space
is approximately USD 2,000 per sqm. This being said, it 100
Moscow
should be noted that the selling prices of premium-class office
space have slightly increased during 1st Half of 2012 (by 80 London
USD per sqm per month
City
approximately 2-3%). In addition, we have noted that
companies tend to submit more inquiries for the purchase of 60
Astana
their own office premises. Warsaw Istanbul
40
A comparative analysis of prime office rents in EMEA region Almaty Prague
(Europe, Middle East and Africa) showed that despite the fact Kyiv Budapest
20
that Almaty rates are lower than in other large cities like Sofia
Moscow and London, they are still above the prime rental
0
rates in many large cities of Eastern Europe and Asia.
Source: Scot Holland CBRE
Main cost saving initiatives
Sale and leasebacks
Capex reduction initiatives
Office / warehouse closure
Relocation to cheaper sub markets
Supplier consolidation initiatives
Shared workstations / hot desking
Consolidation within the portfolio
Renegotiation of length of the lease
Q2 2012
Renegotiation of financial terms of the lease
Space reduction
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Source: Scot Holland CBRE
Page 5
©2012, Scot Holland | CBRE

6. Locations of major Office developments in Almaty
Almaty Market View Offices
Source: Google, Scot Holland CBRE
Market Zones
• Al-Farabi Corridor – New Class A office buildings which include Nurly Tau, Esentai Park, and AFD, are located along Al Farabi
Str. This zone will be the prime office property area for the following reasons: major tenants, existence of large land plots, high-rise
buildings, world known design companies, professional property management companies, higher prices and rental rates, sufficient
tenant/visitor parking, etc;
• Dostyk Corridor – Older Class A office buildings along Dostyk Ave. and up to Gogol Str. to the North is a less desirable office
space area, due to higher congestion, government restrictions on reconstruction, lack of clear land plots, limited tenant/visitor
parking, lower prices and rental rates;
• Extended Centre – An area with new Class B office premises, demanded by smaller companies who are willing to pay higher
rental rates in order to stay closer to the centre of Almaty. Located predominately south of Abai Str. and east of Rozybakiev Str.,
this area is characterized by both residential and commercial use projects and availability of land plots due to demolishing of older
residential and commercial buildings;
• Historic Centre – This office space area with older and lower-quality Class B buildings is located in the northern part of Almaty, up
to Raimbek Ave. This zone is the least desirable due to high congestion, high residential use, lower quality buildings with
practically no property management, limited or no tenant/visitor parking, and the lowest selling prices and rental rates.
Q2 2012
Page6
©2012, Scot Holland | CBRE

7. SCOT HOLLAND | CBRE
Almaty Market View
Retail
www.cbre.kz Q2 2012
OVERVIEW
Quick Stats The 2nd Quarter of 2012 was This factor, along with the outdated and poorly
Change characterized by a continuous positive trend maintained infrastructure across all regions,
from
and higher demand for lease of retail makes it logistically challenging in terms of
Q1 Q2
12 11 premises. At the same time new brands are transporting goods and providing services on
Rental rates entering the market in addition to the a nationwide basis, and significantly increases
existing portfolio of experienced retail overall business running costs.
Absorption
market players. As a result, up until now many international
The tendency towards involving new brands retailers and world-known brands were having
and experienced international players second thoughts about the feasibility of
Hot Topics would definitely contribute to the faster entering the market and investing significant
‘natural development’ of the retail market amounts of money in retail facilities in cities
• Increase of rental rates short- to
segment, and especially of larger trade across Kazakhstan.
medium-term in new
formats required by international brands. Since late 2010 the retail market of
conceptual and popular
We expect that other international retail Kazakhstan saw some professional
centres; international retailers becoming more active
operators will enter local market; however
• We estimate that at the current this process would require sustained with implementing their development programs
moment the total Retail stock negotiations. in the country. The plans for expansion cover
(GLA) in Almaty has reached mainly well located shopping centres with a
Overall, the retail market in Kazakhstan strong mix of both anchor tenants and
ca. 533,000 sqm; consists of individual and specialized stores, internationally known brands. When
shopping centres, bazaars, and wholesale
• Some shopping centres under negotiating with landlords, many well-
markets. Due to its historical and economic established retailers manage to get favourable
construction and planned for
particularities, the fact that it is an immature lease conditions.
commissioning earlier have
market with very low population density,
postponed their launch; The situation on the retail market is starting to
and the dependence of the economy on
change in a positive direction, due to the fact
• Stable demand for street retail global oil & gas prices, the retail system
that several large internationally known chains
facilities with intense and quality levels in Kazakhstan vary
and brands have started looking for
widely across the country cities and regions.
pedestrian flows, good possibilities to enter the market, either
location and accessibility. The active development and construction of independently or through local partners. Thus
shopping centres and shopping & in Q2 2012 the “Marks & Spenser” brand
entertainment centres in Kazakhstan during entered the Almaty market and opened its first
the past 5-6 years was concentrated mostly boutique in the centre of the city.
in Almaty and Astana.
The new underground shopping centre
The relatively low level of development of “Almaly” with more than 60 stores offering
the Kazakhstan retail market and the famous international and local brands opened
noticeable absence of large international at the beginning of May 2012.
operators are caused by several reasons, At the moment, catering brands (cafes and
the most prominent among which are: very restaurants both currently operating and
low population density, geographical planning to enter the local market)
position and complicated logistics caused demonstrate interest in opening new retail
by poor and outdated infrastructure. As a outlets. The ‘Burger King’ brand opened its
result, we can observe a lack of good outlet in “Mega Alma-Ata” on 28th May 2012.
quality retail space.
International retailers which have the
Kazakhstan is the largest of the five Kazakhstan market ”on their radar screens”
countries forming the Central Asian region, are primarily seeking opportunities in Almaty,
but at the same time its low population of due to its relatively larger retail volumes. It
approximately 16.5 million people places it should be noted that Russian retailers express
among the least densely populated the highest interest in researching the local
countries in the world. market.
©2012, Scot Holland | CBRE

8. In recent years more than 28 shopping & entertainment centres The rental rates in the existing shopping centres remained
(with a TGA of more than 5,000 sqm each), were constructed or at the same level during the previous Quarter, with
Almaty Market View Retail
reconstructed. However, for various reasons, Almaty market still exception of the shopping centres with least successful
experiences a deficit of conceptual project with proper location. concepts, which are likely to decrease rental rate levels.
The table below shows existing Retail stock in Almaty, as well as The current GLA index per 1,000 persons in Almaty in
vacancy levels: comparison to other Large Kazakhstan, CEE and CIS cities
is shown below (conceptual centres only).
Retail Market Indicators
Due to the fact that the commissioning dates of a number of
Total existing stock (GLA, sqm) 533,000
Vacancy starting from 5%
shopping centres were re-scheduled to a later date, the
demand for high quality retail space still remains relatively
Source: Scot Holland CBRE
high in conceptual shopping centres with professional
According to our estimates, as of the beginning of 2012, the total management.
retail stock in Almaty (taking into account only centres with GLA
In addition, the expected entry of new international brands
above 5,000 sqm) reached approximately 533,000 sqm.
and retailers should stimulate the more active market
More than 10 projects are currently under construction or at development and absorb newly-added retail space.
planning stage (expected to be completed in 2012 or later).
The demand for retail premises in stand-alone buildings
Some shopping centres under construction and planned for within the retail zones of Almaty remained high during Q2
commissioning in 2011 have postponed their launch to a later date. 2012. Most retailers seek to occupy space in the so-called
Many existing shopping centres and retail facilities are of poor «Golden Square», which however is short of proper retail
quality and lack an efficient concept, professional property premises with large windows, high ceilings, loading areas,
management and appropriate tenant mix. easy access ways and sufficient parking. In most cases,
As of today, ‘Mega Alma-Ata’, ‘Sputnik’, ‘A’port’ and ‘Prime Plaza’ available premises in the retail zones of Almaty do not
could be classified as the most conceptual and professionally meet the requirements of international and local retailers.
managed shopping & entertainment facilities in Almaty. However the demand for such premises is still quite high,
which is a reason for relatively high rental rates.
Distribution of modern retail space by administrative Last but not least, we would like to note some additional
district of Almaty City factors, which will also have a significant, although
Bostandyk 26% indirect, influence on the longer-term supply/demand
Auezov 26% balance in the Retail property market segment:
Zhetisu 20% • Overall economic development of the country;
Alatau 12% • Growth of the average income level of the population;
Medeu 10% • The entry of new international brands and retailers;
Almaly 6% • Expected population growth;
Source Scot Holland CBRE • Participation in the newly-formed Customs Union with
A map with a more detailed explanation of the city administrative Russia and Belarus would have a positive effect on the
districts is given on the next page. The map also shows the rate of development of the local retail market
locations of existing shopping & entertainment facilities in Almaty. segment;
• Pending infrastructure improvements in Kazakhstan’s
major regional cities, etc.
Distribution of Modern Retail Retail Space Provision Index
Space, by Almaty Districts (sqm per 1,000 persons)
Prague
6% Warsaw
10% Budapest
26% Astana
Zagreb
12% Aktobe
Sofia
Karaganda
Almaty
Moscow
20% Kiev
26%
Shymkent
0 100 200 300 400 500 600 700 800
Bostandyk Auezov Zhetysu Alatau Medeu Almaly
Source: Scot Holland CBRE Source: Scot Holland CBRE
Q2 2012
Page 8
©2012, Scot Holland | CBRE

9. Locations of shopping & entertainment centres in Almaty
Almaty Market View Retail
For more information
regarding the Market View,
please contact:
Scot Holland | CBRE
Strategic Consulting
Eugene Dolbilin
Vice President
Scot Holland | CBRE
105, Dostyk Ave.,
3rd floor
Almaty, 050051
Kazakhstan
T: +7 (727) 258 1760
F: +7 (727) 258 1768
eugene.dolbilin@cbre.kz
Peter Goranov
Senior Manager
Strategic Consulting and
Valuations
Source: Google, Scot Holland CBRE
Scot Holland | CBRE
Administrative Districts 105, Dostyk Ave.,
• Alatau - a new administrative district of Almaty, which was formerly the western outskirts of the city; its 3rd floor
population is still to be assessed to obtain reliable figures; it represents a mix of low quality individual Almaty, 050051
households, industrial facilities etc; Kazakhstan
• Almaly – comprises the central part of Almaty; population 188,100; mostly residential properties, T: +7 (727) 258 1760
both prestigious and less so, condominiums and houses; both fine and basic retail facilities; also some F: +7 (727) 258 1768
office space and light industrial facilities; peter.goranov@cbre.kz
• Auezov – comprises the western part of Almaty; population 370,200; mostly residential, not very
prestigious properties, multi-family at south-eastern part of the district, individual houses in the other
parts; basic retail; no contemporary office space;
• Bostandyk – comprises the southern part of Almaty; population 307,400; mostly business class
residential multi-family properties plus a few prestigious residential developments; expanding retail
facilities; business centres at the eastern end of the district;
• Medeu – comprises the south-eastern part of Almaty; population 164,300; the most prestigious
residential part with condominiums along Dostyk Ave. and individual houses in outlying parts; both
fine and basic retail facilities; the business core of Almaty;
• Turksib – comprises the outlying north-eastern part of Almaty; population 195,100; not prestigious
individual houses; basic retail; no contemporary office space and some industrial facilities;
• Zhetisu – comprises the northern part of Almaty; population 179,300; a mix of industrial facilities,
trade centres and less prestigious residential properties – condominiums at the southern end and
individual houses at the eastern and western parts.
DISCLAIMER 2012 Scot Holland | CB Richard Ellis
Q2 2012
The information herein has been obtained from sources believed reliable. While we do not doubt its accuracy, we have
not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm
its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not
represent the current or future performance of the market. This information is designed exclusively for use by Scot Holland |
CBRE clients, and cannot be reproduced without prior written permission of Scot Holland | CBRE.
Page 9
©2012, Scot Holland | CBRE