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. Last Updated: 07/27/2016

Prices Soar For Kazakh Property

ALMATY, Kazakhstan -- Property prices in Kazakhstan may rise by 25 percent this year as demand for residential space increases in the country's sixth straight year of economic growth, Bank TuranAlem said.

There is almost no region in Kazakhstan where demand does not exceed supply many times over, especially in big cities, said TuranAlem, Kazakhstan's second-biggest lender.

Property prices, fueled by home lending in five years of economic growth that averaged 10 percent, more than doubled last year. One square meter of property in Kazakhstan was valued at 123,900 tenge ($991) at the end of 2006.

"There will be further growth in property prices, though not as sharp as the case was earlier," the bank said in a statement last week. Kazakhstan needs at least 50 years to build enough living space, it said.

BTA Ipoteka, a mortgage company owned by TuranAlem, boosted loans last year by 84 percent to $610 million for a market share of about 20 percent, the bank said April 10.

TuranAlem opened a new mortgage unit in Almaty on Wednesday.