Investing in Almaty property with the yield worked out

I help you invest in Almaty real estate knowing in advance what it will earn and how you will get out. The average gross rental yield in the city is about 9%, lower in premium, while tenge deposits pay 18–20% nominal. So I calculate every property and tell you plainly when a deposit is the better deal.

Is Almaty real estate a good investment in 2026

Short answer: yes, if you buy the right property and know your goal. If the only goal is return, a tenge deposit often pays more than rent right now. Property comes out ahead when you care about protection against devaluation, growth in the unit's price, and the option to live in it yourself or pass it to your children.

According to Global Property Guide, the average gross rental yield in Almaty in early 2026 was about 9%. For premium 3-bedroom apartments in Medeu district it is about 6.4%. I treat those properties as a way to preserve capital, and I don't expect high income from them.

My own experience: how I made money in property

From 2016 I bought apartments in shell condition, renovated them and sold them within 2–3 months. I went through that cycle about 15 times. Flipping earned me 4 apartments, which I still rent out.

So I know how much vacancy, repairs between tenants, taxes and small breakdowns really eat into returns. I build those numbers into the calculation for you.

Off-plan or ready apartment: which is better for investment

Buying during construction

The upside is price: it's cheaper at the start, often with an installment plan and a first payment of about 10%. The downside is risk. A developer can delay completion, and in some parts of the premium segment supply is already well ahead of demand. For clients I buy only under a shared-construction agreement (DDU) registered in Kazreestr with a guarantee from Kazakhstan Housing Company (KZhK), or after the frame is up. In 2019 I had my own concrete plant in Burunday, so on site I can tell whether a developer is cutting corners on concrete and materials.

Ready apartment with renovation

It costs more per square meter, but you can rent it out right away and see the real building and neighbors. If you bought it with a margin on price, it's easier to sell without a big discount.

How I calculate rental yield

I calculate net, after all costs, in three scenarios: base, cautious and optimistic. I compare the result with a tenge deposit and look at what it means in dollars at different exchange rates.

Purchase price, renovation and furniture
The real rent for similar properties, not the figure in a listing
Vacancy between tenants and running costs
Tax on rental income
Expected sale price and the holding period needed for the income tax exemption

How to exit an investment without losing money

I think about the sale at the time of purchase. A clear layout, a good building, parking and a district with demand make a property liquid. In an urgent resale the discount now reaches 10–15%, so a price margin when you buy matters.

Taxes affect the exit too. For housing bought after January 1, 2026, no individual income tax is due on the sale if you have owned it for at least two years. Check with a tax adviser how this applies to your situation.

This is general information. Legal and tax details depend on your status, so before any deal I confirm them with a notary and a lawyer.

I'll run the numbers on your option

Send me the amount, the timeframe and the goal. I'll show you 2–3 scenarios with figures and an honest comparison with a deposit.

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Questions and answers

What is the real rental yield on an apartment in Almaty?

Across the city, the gross yield averages about 9%, and the net yield calculated from Bureau of National Statistics data is 6–8% a year. Premium apartments yield less, about 6%. I calculate the exact figure for a specific property.

Which is better: a rental apartment or a tenge deposit?

On net return, a deposit often wins in 2026, paying about 18–20% nominal. An apartment wins once you add price growth and protection against a falling tenge. I show you both options in numbers.

Is it safe to buy off-plan in Almaty?

The safest way is a DDU (shared-construction agreement) registered in Kazreestr, with a guarantee from the Single Operator (KZhK) or after the frame is built. Reservations and investment agreements are outside the law. I check the developer before you pay anything.

Can foreigners invest in real estate in Kazakhstan?

A foreigner can buy commercial property without a residence permit. Housing is harder: by law it is bought by foreigners with a residence permit, and in practice there are routes through a legal entity. The specific structure needs to be checked with a notary.

What taxes does a landlord pay on rental income in Kazakhstan?

A resident pays 10% individual income tax (IPN) on rental income (15% on the amount above 8,500 MRP, the monthly calculation index) or registers as a sole proprietor on a special tax regime. The rules for non-residents are less clear, so you need a tax adviser.

How much money do I need to start investing in Almaty property?

It depends on the goal. A small rental apartment and a premium unit for preserving capital need very different budgets. Tell me your amount and I'll say which options are realistic.