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Being sure in the housing market development JSC

18.04.2007 / Press-service

"Kazakhstan needs at least 50 years to solve the housing deficit problem" – concluded JSC "Bank TuranAlem" experts comparing present situation in Kazakhstan with the experience of the world leading countries.

"The housing market will develop steadily as at present we have all prerequisites for further rise in prices, though not as sheer as before", said BTA experts, they also think that during this year the real estate average value in Kazakhstan including the largest mega city Almaty will increase in 25%.

BTA experts explain such situation with a famine need in housing: "Today in the country housing demand exceeds supply practically in every region, especially in major cities of Kazakhstan".

Under this situation the banks shall play a significant part to solve this problem. Bank TuranAlem improves its technologies to provide with the banking services. One of the actions to set up favorable conditions to provide the customers with advantageous and quick mortgage loans is the establishment of a New Mortgage Lending Center "Otau" in Almaty, situated in 51 Abilai khan prospect (corner of Makatayeva str.)

Mortgage lending center "Otau" is the first center in the Republic of Kazakhstan which specializes in providing the population with mortgage loans, subsequently the managers will render wide range of services from selection of the housing, execution of its appraisal to transaction conclusion and notary attesting.

A show room equipped with modern techniques will be organized in the Mortgage Center which will help the customer to study different offers in the primary housing market and select preferred housing provided by the construction company which is the Bank's partner. The Center is able to provide banking services at the highest level, it has cash-in terminal (device accepting cash payments in favor of different service providers), ATM and cash-settlement unit.

It shall be noted that the bank holds an unprecedented event – from April 23 to June 23, 2007 the mortgage loans are given on preferential terms – commission discounts and no insurance on the first year of the service.

Bank TuranAlem within the Mortgage Center work will offer 15 mortgage lending programs, which will meet all requirements of the population. The advantages of the programs are:

  • to get the loan till retirement age. If the customer applied to the bank for a mortgage loan at 20, the mortgage loan may be given for 40 years;
  • to get the loan without initial installment;
  • to get the mortgage loan for a new housing on preferential terms (up to the moment of the housing introduction to pay only loan interest);
  • to repay the loan ahead of schedule at any time;
  • to get the mortgage loan to buy real estate in any city of the Republic of Kazakhstan;
  • to refinance the mortgage loan which was taken at another bank under more advantageous terms.

JSC "Bank TuranAlem" plans to hold on a high share of the mortgage loans in the general portfolio of the retail lending. Thus, as at the beginning of 2007 the amount of the bank's given mortgage loans is 71 bln 571 mln tenge which trebled compared to 2003. At present, BTA takes leading positions (28% as at April 1, 2007) on the mortgage loan portfolio among the Banks of Second Tier.

The representatives of Almaty Akymat, financial regulators, construction companies, and estate agencies took part in the ceremony to open a Specialized Mortgage Center.

JSC "Bank TuranAlem" (BTA) is the core of the financial group existing in all segments of the financial market. BTA financial group embodies insurance, leasing, mortgage companies, pension fund and other financial institutions. The network of the banks which are BTA strategic partners is spread over Ukraine, 4 regions of Russia, Byelorussia, Georgia and Armenia. Representative offices are operating in Russia, Byelorussia, China, Kyrgyzstan, Tajikistan and United Arab Emirates. The assets of the BTA group as at the beginning of 2007 comprise $16,3 bln, aggregate shareholders' equity $2 bln. Consolidation of the aggregate assets is planned for 2007 with increase up to $50 bln by 2015.