Investing in Kazakhstan: projects you can build and launch
Beyond apartments, Kazakhstan has demand for guesthouses and glamping near the mountains, bathhouse and spa complexes, warehouses along the China–Europe routes, offices for the growing IT sector, greenhouses for export to China and small factories. The demand rests on real numbers: the population grows by 200,000+ people a year, Almaty already has more than 2.3 million residents, and tourism attracted 1.26 trillion ₸ of investment in 2025. Below are sections on each direction with figures, risks and how I check land and location for a project.
Everything in this section
The nature of Kazakhstan and Almaty Region as an investment resource
Mountains, Kolsai and Kaindy, Charyn, Konaev, Alakol: which natural areas near Almaty bring tourists, where you can build and where not. 2026 data and advice.
Tourism projects in Kazakhstan: glamping, eco-hotels, bathhouses and resorts
Glamping, eco-hotels, guesthouses and bathhouses near Almaty: 2025 tourist flow, 10–25% state support, land and protected areas, a payback example and risks.
Population growth and urbanisation in Kazakhstan as the basis of property demand
Almaty has 2.35m people and adds 50,000+ a year; a third of Kazakhstan is under 18. What this means for housing, warehouses, tourism and offices. Official data.
Residential development in Almaty and Almaty Region: demand, plots, permits
How to build housing for sale or rent in Almaty and the region: demand, plots, permits, off-plan sales via Kazreestr, the foothills moratorium. Example, risks.
Logistics and warehouses in Kazakhstan: the Middle Corridor, Khorgos and the Almaty market
Middle Corridor, Khorgos, marketplaces and warehouse rent in Almaty: volumes, rates, vacancy up to 13%. Where a warehouse niche remains, how to choose a site.
Kazakhstan's IT industry and data centres: energy, tax breaks and real estate
Kazakhstan's IT exports passed $1bn; a nuclear power plant near Ulken and a data center valley are planned. What it means for property near Almaty, and risks.
Business centres and offices in Almaty: rents, vacancy and what to build
Almaty offices as an investment: 2026 rents by class, 4.5% vacancy, demand for class A, coworking and mixed-use. An example yield calculation and the risks.
Manufacturing in Almaty and the region: industrial zones, building materials, energy
How to start manufacturing near Almaty: industrial zone and SEZ, building materials, power and logistics. Lessons from my own concrete plant, numbers, risks.
Farms and greenhouses in Kazakhstan: climate, subsidies, exports to China and land rules
Greenhouse business in Kazakhstan: $1.43bn farm exports to China, energy and irrigation subsidies, the farmland ban for foreigners, water. An example and risks.
Why invest in Kazakhstan now
I see four things working for demand at the same time. The first is people. The country adds more than 200,000 residents a year, a third of the population is under 18, and Almaty and Almaty Region keep drawing people from other regions.
The second is geography. Trains from China to Europe run through Kazakhstan, and the dry port at Khorgos on the border handled more than 372,000 containers in 2025. The third is nature one to three hours' drive from Almaty, still lightly built up. The fourth is energy. The country is building its first nuclear power plant and adding new capacity, which data centres and energy-hungry factories need.
What projects can you launch in Kazakhstan besides apartments
- Tourism: glamping, eco-hotels, guesthouses, bathhouse and spa complexes, lakeside holiday bases
- Housing: low-rise settlements and houses in suburbs where the population is growing
- Logistics: warehouses and sorting centres along highways and around Almaty
- IT and data centres: offices for IT companies, server sites with power
- Offices and business centres: class B+ and mixed-use with coworking
- Manufacturing: building materials, packaging, food processing in industrial zones
- Agriculture: greenhouses and farms geared to export to China
How to choose an investment project for your budget
I start with three questions: how much money you're ready to tie up, for how long, and how much of your own time you're willing to spend. A guesthouse needs daily management. A warehouse built for a tenant needs almost none but costs more to get into.
Then I look at restrictions. A foreigner can't own agricultural land, and national park land isn't sold at all. For some projects it's easier to open your own TOO (a Kazakh limited liability partnership, similar to an LLC). You need to know all this before you pay a deposit.
How I help find and check a site for a project
I look at a site through three pairs of eyes: a builder's, an investor's and a lawyer's. For about four years I built turnkey houses, in 2019 I launched my own concrete plant (Dalila Group TOO, tasbeton.kz), and since 2022 I've been selecting premises for Kaspi Bank, including for Magnum stores: about 140 properties assessed and 15 stores opened.
For your project I check the land category and designated use, available electrical capacity, water and gas, access and roads, the flow of people and cars, and demand nearby. Then I negotiate the price or lease. Partner lawyers handle the legal paperwork, permits and the TOO, and I coordinate the process.
Questions and answers
What is profitable to invest in in Kazakhstan besides apartments?
There is demand for tourist accommodation near the mountains and lakes, warehouses around Almaty, class B+ offices and small building-materials factories. The return depends on location and management, so I calculate each project separately with a conservative scenario.
Can a foreigner buy land for a business in Kazakhstan?
A foreigner can own plots intended for construction and plots that are already built on. Agricultural land and forest fund land are prohibited for foreigners and for companies with foreign participation. A lawyer checks the details for your case.
How much money do you need to start an investment project in Almaty Region?
By my rough estimate, a small guesthouse or glamping site with 5–10 units needs from several tens of millions of tenge, not counting the land. A warehouse or factory needs several times more. I work out the exact budget after the site is chosen and the utilities are checked.
Do you help find land for a project?
Yes. I search for plots and premises, check documents, land category, power capacity and access, assess demand and negotiate. Partner lawyers handle the legal side and permits.
What are the risks of investing in Kazakhstan?
Swings in the tenge exchange rate, changes in the law, Almaty's seismic activity, shortages of electricity and water in some areas, and seasonal tourism. You can see most of these risks in advance if you check the site and run the numbers before buying.