Construction output in Kazakhstan grows 4.1%

2.653 trillion tenge ($14.4 billion) worth of construction work was carried out in Kazakhstan in 2014, according to figures from the state statistical committee, which is a 4.1% increase on last year.

Construction of buildings grew 5.9% to 2.313 trillion tenge ($12.5 billion), while large-scale renovation increased by 1.7% and general repair work by 13.9%.

29,516 buildings were completed in the year, 26,343 of which were residential and the remaining 3,173 non-residential. There was a big increase in residential construction - 613.6 billion tenge ($3.3 billion) was spent on housebuilding, 18.6% up on last year's figures. The housing completed in 2014 totalled 7.516 million sqm, of which 3.7 million was built by individual building firms.

The main source of funding for residential construction in 2014 was the private funds of investors, making up 53.9% of the total. Money raised by equity funding accounted for 9.3% of construction spending.

Building costs per sqm were 108,400 tenge ($589) in high-rise residential buildings and 58,800 tenge ($319) in low-rise buildings.