>>Currency devaluation inflated early data>>
JAN. 13 2015 (The Conway Bulletin) — The number of property deals in Kazakhstan dropped by over 13% last year, the State Statistics Committee data showed, more evidence of a downturn in the economy.
The biggest drops in the number of property transactions were in North Kazakhstan — a fall of 25% in the number of property deals in 2014 compared to 2013 — and the Akmola, Almaty and Karaganda regions which all had a fall of around 20%.
Only some of the western regions, experiencing something of an oil boom, enjoyed a small increase in the property market in 2014.
This is all bad news for Kazakhstan which is trying to keep its tenge currency strong despite a fall in the price of oil and a drop in the value of the Russian rouble.
Earlier, the shrink in Kazakhstan’s property market had been disguised by figures which showed that the value of the deals had actually increased by over 10% in 2014. A currency devaluation of 20% in February 2014 inflated the value of transactions in the Kazakh market.
ENDS
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(News report from Issue No. 214, published on Jan. 14 2015)