Caution when purchasing a flat with cash: understanding potential risks
In Kazakhstan, a significant change has taken place in the real estate market, especially for those purchasing apartments in under-construction buildings. As of August 31, all payments for shares in new buildings must be made solely via non-cash transactions through a bank. This measure is part of a broader effort to ensure compliance with the law and protect consumers.
The new rules aim to protect against risks when buying housing in under-construction buildings. The Department for Urban Planning and Housing and Communal Services in Kazakhstan has stated that second-tier banks are now obliged to check if a participant has a concluded contract in the 'Kazregister' system. This system is used to verify if a developer has permission to attract funds from participants in Kazakhstan.
The 'Kazregister' system is a tool for ensuring transparency and legality in the process of purchasing apartments in Kazakhstan. To verify if a developer has permission to attract funds from participants in Kazakhstan, one can check them through 'Kazregister'. If a developer does not have a contract in the 'Kazregister' system, the bank will refuse the transaction.
It's advised to approach the developer and clarify the situation if a transaction is refused due to the absence of a contract in the 'Kazregister' system, as this indicates they are operating outside the legal framework. Developers who insist on cash payments may not be following the new laws and regulations regarding housing payments.
Bakhytzhan Zhunisbekov, Chairman of the Committee for Construction and Housing and Communal Services in Kazakhstan, made these statements during a briefing with SCK. He emphasised that the new rules are aimed at protecting against risks when buying housing in under-construction buildings and are part of a broader effort to promote a more secure and reliable real estate market.
It's important to note that the change in payment method for apartments in Kazakhstan will not affect the price of the apartments. Non-cash payments for apartments can be made by transferring the payment to the developer's account at a bank.
For more details on these new regulations, you can refer to the article titled "New rules for buying apartments in Kazakhstan from August 31: what you need to know". The new obligation for banks in Kazakhstan to check contracts in the 'Kazregister' system is aimed at further protecting against risks when buying housing in under-construction buildings. These new rules are intended to prevent risks associated with cash transactions when buying housing in under-construction buildings.
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