Flipping apartments in Almaty: making money from shell-and-core, renovation and resale

Flipping in Almaty works if you buy a liquid shell-and-core apartment below market, renovate quickly without overspending and sell within 2–3 months. Since 2026 it costs more: housing bought after 01.01.2026 and sold within 2 years is subject to 10% income tax on the price difference. I've been through this cycle about 15 times since 2016, and in 2026 I run the numbers on every deal more strictly than before.

In short

Since 2016 Ruslan has been through the "shell-and-core, renovation, sale" cycle about 15 times, each taking 2–3 months; it earned him 4 apartments he still rents out
Housing bought after 01.01.2026 is exempt from income tax on sale only after 2 years of ownership; selling rights under a DDU signed from 2026, after 3 years
Income tax on the gain is 10%, and 15% on annual income above 8,500 MRP
In January–July 2026 housing deals in Almaty fell by 6.8%, and there are 7–8 resale properties for every buyer
Comfort-class new builds in Almaty averaged 582,000 ₸/m² in September 2026 (Homsters)

What is property flipping and how does it work in Almaty?

Flipping means you buy an apartment, improve it and sell it for more, keeping the difference. In Almaty the simplest version is a new build with shell-and-core finish (bare walls, no fit-out), a full turnkey renovation, and selling the finished apartment to a buyer who doesn't want to live on a building site for six months.

The buyer pays for being able to move in straight away more than for the renovation itself. That gap between "needs work" and "ready to live in" is what the flipper earns.

My experience: 15 cycles of 2–3 months each

Before working as a real estate specialist, I spent about four years building houses with a construction crew, then did turnkey apartment renovations. In 2016 I started buying shell-and-core apartments, renovating and selling them. One cycle took 2–3 months, and I went through it about 15 times. That margin earned me four apartments of my own, which I still rent out.

The main thing my construction background gave me is knowing what each stage of a renovation should cost and where a crew might drag out the timeline. In flipping, every extra month and every redo eats into the profit.

How much can you make flipping an apartment? A worked example

Below is a hypothetical example. It's not one of my deals and not a forecast, just a model with assumptions to show what the result is made of. The purchase price uses the average comfort-class price from the Homsters report; the other figures are assumptions.

Good scenario: sold in 3 months

Purchase: 42 m² one-bedroom, shell-and-core at 582,000 ₸/m², about 24.4 million ₸
Renovation with kitchen and plumbing, assuming 150,000 ₸/m²: 6.3 million ₸
Paperwork, utilities and OSI fees for 3 months, assumed: 0.35 million ₸
Sale of the finished apartment, assuming 840,000 ₸/m²: about 35.3 million ₸
Real estate specialist commission on sale, 1.5%: 0.53 million ₸
Profit before tax: about 3.7 million ₸
10% income tax on the difference between sale and purchase prices (35.3 – 24.4 million ₸): about 1.1 million ₸
Net result about 2.6 million ₸ on 31 million ₸ invested over 3 months

Bad scenario: took 6 months to sell, at a discount

Same apartment, but the market is slow, and after six months it sells 10% cheaper, for 31.8 million ₸. Holding costs double. Profit before tax is close to zero, yet income tax on the price difference is still about 0.7 million ₸. The result: about minus 0.8 million ₸ and six months of frozen money.

A 10–15% discount for an urgent sale in Almaty in 2026 is entirely realistic, as market analysts point out. That's why I always calculate both scenarios before buying.

What taxes apply to flipping in Kazakhstan in 2026?

Since 1 January 2026 a new Tax Code has been in force. For housing whose title is registered after 01.01.2026, the income tax exemption kicks in only after 2 years of ownership. For apartments bought earlier, one year is still enough. From 2028 the 2-year rule will apply to everyone.

If you buy an apartment off-plan under a DDU (shared construction agreement) and sell your rights under it, for contracts signed from 2026 you can only sell tax-free after 3 years.

Income tax is 10% of the gain, and 15% on the part of annual income above 8,500 MRP. The tax is on the difference between the sale price and the purchase price. Whether renovation costs can be deducted depends on your documents and your case, and needs to be checked with a tax adviser. The return (form 270.00) is filed by 15 September of the following year.

When flipping becomes a business

If you sell apartments regularly, the tax office may treat it as business activity. Then it's better and safer to choose the structure in advance: individual, sole proprietor (IP) or LLP. Decide with an adviser based on your deal volume.

VAT and the entry price

Sales of housing by developers are VAT-exempt if construction started before 01.01.2026. In projects started later, 16% VAT applies, and the entry price for a flipper in those buildings may be higher.

Risks of flipping in Almaty

Slow sale: there are fewer deals in 2026, with 7–8 resale properties for every buyer
Renovation overspend: the crew misses deadlines, materials get more expensive, hidden defects turn up
Tax on a sale within 2 years, which takes a noticeable share of the profit
Delayed completion, if you buy before the building is commissioned
A renovation too expensive for the area: a comfort-class buyer won't pay extra for designer finishes
Competition from the developer selling fitted-out apartments in the same complex
Legal risks: buy only under a registered DDU or with a clean title history

When flipping works and when not to start

It works when three conditions are met: you bought below market, you control the renovation, and you're selling a liquid format. In Almaty that's most often one- and two-room apartments in comfort and business class, in buildings where many neighbours are still renovating and few finished apartments are on sale.

I wouldn't start if you're paying the developer's full price with no discount, if the apartment is large and expensive (those take months to sell), if you don't have the money to last six months without a sale, or if you aren't prepared to visit the site yourself every week.

For me flipping was a way to build capital and then move it into rental apartments. In 2026, with the 2-year rule, many investors make a similar choice: renovate, rent out, and sell later without income tax.

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 deal before you buy

Send me the apartment you're considering for renovation and resale. I'll work out the renovation budget, the tax and two sale scenarios, and tell you straight whether it's worth going in.

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Questions and answers

Is flipping apartments in Almaty profitable in 2026?

Only if you buy below market, keep to the renovation budget and sell liquid apartments. Since 2026, selling within 2 years means paying 10% income tax on the price difference, and the market has slowed. So every deal needs to be calculated in a good and a bad scenario.

What tax do you pay when selling an apartment within 2 years in Kazakhstan?

10% income tax on the difference between the sale and purchase price, and 15% on the part of annual income above 8,500 MRP. This applies to housing whose title was registered after 01.01.2026. For apartments bought earlier, the exemption starts after one year.

How much can you make reselling an apartment after renovation?

It depends on the purchase price, the renovation budget and how fast you sell. In the hypothetical example on this page, a one-bedroom made about 2.6 million ₸ net in 3 months, but went into the red when sold after six months at a 10% discount. There's no guaranteed return in flipping.

How long does one flipping cycle take?

In my experience, 2–3 months from purchase to sale. In 2026 a sale may take longer, so budget for at least six months of holding costs.

What apartments are best for flipping in Almaty?

One- and two-room apartments in comfort and business class, in good locations with few finished apartments on sale. Large expensive apartments sell slowly, and any delay eats the profit.

Can renovation costs be deducted when calculating income tax?

As a general rule, the tax is on the difference between sale and purchase price. Whether the base can be reduced by renovation costs depends on your documents and the specific case. Check this with a tax adviser before selling.

Do I need to register as a sole proprietor to flip apartments?

If your deals are regular, the tax office may treat it as business activity. It's best to choose the structure (individual, sole proprietor or LLP) in advance with an adviser, based on your deal volume.