Almaty Market View Q2 2012 Eng


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Almaty Market View Q2 2012 Eng

  1. 1. SCOT HOLLAND | CBRE Almaty Market View Residential Q2 2012 OVERVIEW Quick Stats With the completion of the troubled housing Change construction and the termination of funding for Completed Residential from such facilities by the state, the 1st Half of 2012 Q1 Q2 Buildings (000 sqm) also marked the start of the sate housing 10 000 12 11 construction program called "Affordable Housing Prices – 2020”. 1 000 Absorption 100 The implications and impact of the global 10 economic downturn have “cooled down” the Residential market segment, as a result of which 1 Hot Topics 2007 2008 2009 2010 2011 Jan- many players have left the market. However, the June stronger and more financially capable developers 2012• Stable levels of selling prices have continued their construction activities, Kazakhstan Astana and rental rates on the although at slower rates. Source: Kazakhstan Statistics Agency residential market of Almaty; Housing Stock per Capita The total residential space commissioned in• The number of actual Almaty 1st half of 2012 comprised 471,300 sqm, 20,5 residential sale-and-purchase which represents a 45% increase on a y-o-y basis. 20,0 sqm per capita 19,5 transactions during January- According to information published by the 19,0 February 2012 increased on a Kazakhstan Statistics Agency, the number of 18,5 y-o-y basis; residential property sale & purchase transactions 18,0 during January-June 2012 in Almaty increased by 17,5• Slight easing of the mortgage 12% year-on-year 17,0 lending terms caused by higher 2007 2008 2009 2010 2011 Jan-June Despite the increasing number of incoming 2012 competition between the Kazakhstan Almaty requests for sale & purchase of apartments/houses second-tier banks and and land plots, the real estate sales market still Source: Kazakhstan Statistics Agency increased demand on behalf remains slow. Property owners still quote high Almaty Housing Stock of the population; prices, which affects the market in a negative 26 000 manner. Potential buyers still cannot afford• Start of the ‘Affordable 25 000 purchasing housing at relatively high prices and 24 000 Housing – 2020’ state 1,000 sqm are waiting for further price decreases. 23 000 residential construction 22 000 program. The commissioned residential volumes in 21 000 Kazakhstan in the period January–June 2012 20 000 increased by 14.3% compared to the same 19 000 2007 2008 2009 2010 2011 Jan- period of 2011. According to official statistics, June the largest shares of residential space in this 2012 period of 2012 were commissioned in Astana Source: Kazakhstan Statistics Agency (21% of total), Almaty (15.5% of total) and Average sale price, Almaty province (13.6% of total). primary market Regardless of the relative overall improvement of 4 000 the market situation, the activity of real estate 3 500 3 000 USD per sqm market players remains quite moderate. This can 2 500 be explained by the ongoing process of 2 000 1 500 overcoming the consequences of the market 1 000 downturn, as well as the low level of confidence in 500 the property market and cautiousness with regard 0 2006 2007 2008 2009 2010 2011 Jan- to real estate investments. June 2012 According to the estimates of financial analysts, construction and real estate business are currently Source: Kazakhstan Statistics Agency considered among the riskiest fields of activities. ©2012, Scot Holland | CBRE
  2. 2. The increase of supply of mortgage products from specialized In addition, the breakdown of the volume of commissioned rental institutions, such as ‘KMC’ and ‘Zhilstroysberbank’, shows the residential space by Province is as follows: Kostanay Province –Almaty Market View Residential wish of the Government to stimulate the construction sector. 6,300 sqm, Aktobe Province – 2,860 sqm, Almaty Province – Following that, second tier banks have also increased the 3,800 sqm and Karaganda Province – 4,700 sqm. A total of volume of offered mortgage loans.. Increased competition more than 136,000 sqm of rental residential space is planned to between the mortgage market players resulted in somewhat be commissioned in 2012. The amount of target financing eased financing terms and lowered interest rates of mortgage planned to be dedicated to the construction of rental residential loans. ‘Zhilstroysberbank’ moderated the terms for the space in 2012 amounts to KZT 34.6 Bn. participants of housing construction saving system, which It should be noted that in contrast with the pre-crisis period, mainly means decrease of the interest rates. In addition JSC when a large portion of buyers was willing to participate in ‘Mortgage Organization ‘Kazakhstan Mortgage Company’ shared interest construction projects, today this method of also changed its credit conditions for purchase of housing and purchasing a housing unit is the least popular among potential interest-shared participation in the construction of multi-family buyers due to the facts of non-bona fide activities of residential houses, by decreasing the interest rate. development companies using this scheme. However, despite the above, the system of evaluation of Currently the largest part of potential buyers are either borrower’s solvency remains strict. The banks continue to check considering the use of mortgage loans or their own funds, or solvency and paying capacity of customers very thoroughly. would proceed with the state housing program for obtaining an Based on the instructions issued by the Head of State, starting apartment. from 2011 a new residential construction program is being implemented. Its main purpose is to stimulate supply, in order The sales offices of several high-end residential complexes note to prevent a rapid increase of property prices, which may take a marked growth of customer activity, as well as and increase of place due to the current increase of demand and shrinking of the number of sales-and-purchase transactions. Our Company is supply on the residential market. There are practically no new also getting more enquiries from people who are interested in developments due to financing difficulties arising from the buying properties particularly houses. cautiousness of investors on the one hand, and high interest Changes to the laws «On architectural, urban planning and rates on foreign loans for local commercial banks – on the other construction activity» and «On licensing» came into force in the hand. The housing development program in the period 2011- 1st half of the year. These changes introduce stricter 2014 assumes the commissioning of 6 Million sqm of requirements to construction companies on obtaining licenses for residential space per year. construction activities, which should ultimately lead to an The program for Government support of the residential sector improvement of the quality of construction in Kazakhstan. includes 3 major support schemes: One of the recent trends on the rental housing market is that • construction of affordable housing by local authorities using corporate clients are now coming in with much lower budgets to the residential savings system, lease apartments for their employees. For example, several • allocation of funds to second-tier banks for the subsequent large companies are looking for housing (both apartments and financing of construction and mortgage lending, stand-alone houses) at around USD 2,000 per month, while the • construction of utility infrastructure. group of potential tenants with a budget in the range USD 4,000 - 5,000 per month is somewhat smaller. In addition, one of the goals of the State Program for the Development of Residential Construction in the Republic of We have also observed situations when tenants move from Kazakhstan is to increase the affordability of housing for wider expensive houses to more affordable ones. Landlords are now public through a better development of housing saving system. going to have to tighten their belts and offer their properties at In particular, this program stipulates that JSC ‘Housing much more realistic prices. The boom time of leasing prices, at Construction Saving Bank of Kazakhstan’ (‘Zhilstroysberbank’) least for the moment, is well and truly over. will grant loans to the special-priority groups of the population Rental rate levels continue to hold although landlords seem to be at an interest rate as low as 4% per annum. slightly more willing to negotiate. High end properties are in A new housing construction program - "Affordable Housing - demand (though much rarer) but unfortunately good ones are 2020" – was given a start during Q2 2012, envisaging the now proving extremely difficult to find, which indicates of a very construction of affordable housing units offered for rent with limited supply of properties with an actually good quality. subsequent buy-out. This program is aimed at achieving a In conclusion, we would like to note that the average price levels volume of construction of new residential space at the level of 6 on the Almaty primary and secondary residential markets have Mln sqm per year and reaching 10 Mln sqm per year by remained practically unchanged in the course of Q2 2012. 2020. During the period January-June 2012 a total of 32,000 sqm of rental residential space was completed and commissioned in Kazakhstan, out of which 25,400 sqm of apartment space. At the same time the largest proportion of commissioned rentalQ2 2012 residential space – ca. 14,270 sqm – is located in Almaty. Page 2 ©2012, Scot Holland | CBRE
  3. 3. Map of Almaty Residential market zones Market Zones • Al-Farabi Corridor – Currently, the mostAlmaty Market View Residential popular area for up-market projects, mostly due to the availability of large land plots for development and re-development, good road connections (though over-reliance on this artery leads to heavy traffic jams and is likely to decrease its popularity) and proximity to the mountains and to the expanding CBD of Almaty; • Dostyk Corridor – Lower part – Samal micro-districts were quite popular in the 1980’s – 1990’s when they were newly developed; there are some land plots for development and re-development; most projects in this area are Elite class, though Business class projects can also be found; • Extended Centre – Mostly residential stock from the 1950’s – 1970’s; with some land plots for development and re-development, there are a few Elite and Business class developments; • Golden Square – In the second half of 20th century, centre of Almaty City; residential stock mostly built in 1950’s – 1960’s, most of which is with excellent for those years quality and still very demanded; virtually there is not land free for development, but there are a few spots that were or will be re- developed; most of the buildings completed in the past 10 years are Elite class; • Lower Town – Poor quality residential stock, mostly individual houses and some apartment buildings; it is largely unpopular due to poor air quality, inefficient road network causing traffic jams, and higher density of industrial enterprises in the area; Source: Google, Scot Holland CBRE • Micro-districts – Mostly residential stock built in 1960’s – 1980’s, and some parts Map legend: with single-family houses; the areas closer to • Al-Farabi Corridor – red; the centre and to the mountains attract • Dostyk Corridor – dark blue; Business class developments, while the • Extended Centre – magenta; remaining territory hosts mostly Economy • Golden Square – yellow; class projects; • Lower Town – light green; • Mountain Belt –Most of the residential stock • Micro-districts – light blue; is single-family houses; an attractive area • Mountain Belt – dark green. due to its proximity to the mountains and lower population density, hosts a variety of Deluxe, Elite and Business class projects.Q2 2012 Page3 ©2012, Scot Holland | CBRE
  4. 4. SCOT HOLLAND | CBRE Almaty Market View Offices Q2 2012 OVERVIEW Quick Stats Almaty remains the commercial focal point of oil- Due to the decreased demand for space in Change office and administrative buildings, the vacancy rich Kazakhstan and aspires to become Central from Asia’s regional financial centre. rate largely increased in 2009 reaching a level Q1 Q2 12 11 of approximately 40% both in Class A and The commercial real estate market of Almaty is Class B projects. Rental rates the best developed in the country, especially the office segment. However, starting from Q4 of 2009 the Occupancy demand for higher-class office premises started The bank liquidity crisis which started in August recovering gradually, and by the date of this 2007 affected the office market through slowing report the estimated average vacancy rate is down the construction and investment rates in Hot Topics approximately 24-25% and is expected to the real estate industry. decrease further in the short-to-medium term.• Despite the consequences of Nevertheless, both the economic and market The growth of business activity of the financial crisis, the Office indicators offer a positive outlook for the future manufacturing, retail and other entities in 2011 of office real estate projects in Almaty. This market remains relatively is a sign of improvement of the economic optimism has attracted multiple investors and stable; developers, thus making the office market situation, resulting in a GDP growth of 5.6% in 1st half of 2012 (according to preliminary data).• Rental rates across all classes environment more competitive every day. No significant increase in the rate of of office properties increased Taking into consideration projects completed construction of office developments was by 10 – 12% during Q2 of during 2010-2012, it is our estimate that at the observed during the Q1 2012. However, a present moment there are approximately 2012; new business centre with a Total Gross Area 650,000 sqm of leasable office space in (TGA) of 3,628 sqm was commissioned in the• The demand for office space Almaty. Baganashyl district of Almaty during Q2 2012. had been increasing during However, this number does not include Below is a brief overview of brokerage 2nd Quarter of 2012; numerous smaller office projects which are transactions for lease of commercial space mostly graded as Class B- or lower.• Occupancy rates in business completed recently with the involvement of Scot An analysis of the prime office yield levels in the Holland | CBRE: centres increased significantly EMEA regions (Europe, Middle East and Africa) compared to Q1 2012. o The “Urban Media” Company rented office shows that the Almaty market has one of the space in the “Nurly Tay” Business Complex. highest indicators, which on one hand evidences a high risk degree of the investments, and on the other hand shows that the local office market is very attractive for new players and investors. Prime Office Yields GDP Growth Rate, % y-o-y 16 (2003-2011) Almaty 14 12 Kyiv 10 12 8 % 10 6 Moscow Instanbul Sofia 4 8 Warsaw 2 Budapest 6 0 London Prague City 2004 2005 2006 2007 2008 2009 2010 2011 4 Source: Scot Holland CBRE Source: Kazakhstan Statistics Agency ©2012, Scot Holland | CBRE
  5. 5. The 2nd Quarter of 2012 was characterized by a relative Office Monthly Rental Rates stability of rental rates across all Classes of office properties. 80 Pending for the annual financial performance results, many 70 companies are postponing their relocation to a new officeAlmaty Market View Offices 60 USD per sqm premises on to the next year. CBRE EMEA research work 50 shows that in the current environment many companies 40 (regardless of the industry they operate in), still consider real 30 estate as an important element of cost cutting (see the graph 20 below). In particular, the companies having long-term lease 10 agreements in Almaty are looking to agree on a lower rental 0 2007 2008 2009 2010 2011 Q1 Q2 rate, and/or negotiate other commercial terms of their lease 2012 2012 agreements. Class A Class B Currently, the base rental rates for Class A office buildings Source: Scot Holland CBRE vary in the range USD 30 - 50 per sqm per month, with an estimated average of USD 32 per sqm per month. However, Almaty Office Sales Prices some specific Class A business centres still keep higher rental (USD per sqm) rate levels, in some cases (where for example the client leases 6 000 6 200 5 200 small-size premises) up to USD 50-60 per sqm per month. 5 200 4 500 The difference in office rental rates between Class A and 4 200 Class B is approximately 30%. The base rental rates for 3 200 3 000 3 200 Class B offices start from USD 15, up to ca. USD 25 per sqm 2 000 2 000 2 000 2 000 2 100 2 200 per month, with an estimated average of USD 20 per sqm 1 500 1 500 1 500 1 550 per month. 1 200 2006 2007 2008 2009 2010 2011 Q2 Service charges are in the range USD 3-7 per sqm per 2012 month, depending on the location and class of the business Class A Class B centre, as well as the amenities and services offered. Source: Scot Holland CBRE The average selling prices of office space in business centres differ from district to district, and the current Almaty average Prime Rents for Office Space is approximately USD 2,000 per sqm. This being said, it 100 Moscow should be noted that the selling prices of premium-class office space have slightly increased during 1st Half of 2012 (by 80 London USD per sqm per month City approximately 2-3%). In addition, we have noted that companies tend to submit more inquiries for the purchase of 60 Astana their own office premises. Warsaw Istanbul 40 A comparative analysis of prime office rents in EMEA region Almaty Prague (Europe, Middle East and Africa) showed that despite the fact Kyiv Budapest 20 that Almaty rates are lower than in other large cities like Sofia Moscow and London, they are still above the prime rental 0 rates in many large cities of Eastern Europe and Asia. Source: Scot Holland CBRE Main cost saving initiatives Sale and leasebacks Capex reduction initiatives Office / warehouse closure Relocation to cheaper sub markets Supplier consolidation initiatives Shared workstations / hot desking Consolidation within the portfolio Renegotiation of length of the leaseQ2 2012 Renegotiation of financial terms of the lease Space reduction 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Source: Scot Holland CBRE Page 5 ©2012, Scot Holland | CBRE
  6. 6. Locations of major Office developments in AlmatyAlmaty Market View Offices Source: Google, Scot Holland CBRE Market Zones • Al-Farabi Corridor – New Class A office buildings which include Nurly Tau, Esentai Park, and AFD, are located along Al Farabi Str. This zone will be the prime office property area for the following reasons: major tenants, existence of large land plots, high-rise buildings, world known design companies, professional property management companies, higher prices and rental rates, sufficient tenant/visitor parking, etc; • Dostyk Corridor – Older Class A office buildings along Dostyk Ave. and up to Gogol Str. to the North is a less desirable office space area, due to higher congestion, government restrictions on reconstruction, lack of clear land plots, limited tenant/visitor parking, lower prices and rental rates; • Extended Centre – An area with new Class B office premises, demanded by smaller companies who are willing to pay higher rental rates in order to stay closer to the centre of Almaty. Located predominately south of Abai Str. and east of Rozybakiev Str., this area is characterized by both residential and commercial use projects and availability of land plots due to demolishing of older residential and commercial buildings; • Historic Centre – This office space area with older and lower-quality Class B buildings is located in the northern part of Almaty, up to Raimbek Ave. This zone is the least desirable due to high congestion, high residential use, lower quality buildings with practically no property management, limited or no tenant/visitor parking, and the lowest selling prices and rental rates.Q2 2012 Page6 ©2012, Scot Holland | CBRE
  7. 7. SCOT HOLLAND | CBRE Almaty Market View Retail Q2 2012 OVERVIEW Quick Stats The 2nd Quarter of 2012 was This factor, along with the outdated and poorly Change characterized by a continuous positive trend maintained infrastructure across all regions, from and higher demand for lease of retail makes it logistically challenging in terms of Q1 Q2 12 11 premises. At the same time new brands are transporting goods and providing services on Rental rates entering the market in addition to the a nationwide basis, and significantly increases existing portfolio of experienced retail overall business running costs. Absorption market players. As a result, up until now many international The tendency towards involving new brands retailers and world-known brands were having and experienced international players second thoughts about the feasibility of Hot Topics would definitely contribute to the faster entering the market and investing significant ‘natural development’ of the retail market amounts of money in retail facilities in cities• Increase of rental rates short- to segment, and especially of larger trade across Kazakhstan. medium-term in new formats required by international brands. Since late 2010 the retail market of conceptual and popular We expect that other international retail Kazakhstan saw some professional centres; international retailers becoming more active operators will enter local market; however• We estimate that at the current this process would require sustained with implementing their development programs moment the total Retail stock negotiations. in the country. The plans for expansion cover (GLA) in Almaty has reached mainly well located shopping centres with a Overall, the retail market in Kazakhstan strong mix of both anchor tenants and ca. 533,000 sqm; consists of individual and specialized stores, internationally known brands. When shopping centres, bazaars, and wholesale• Some shopping centres under negotiating with landlords, many well- markets. Due to its historical and economic established retailers manage to get favourable construction and planned for particularities, the fact that it is an immature lease conditions. commissioning earlier have market with very low population density, postponed their launch; The situation on the retail market is starting to and the dependence of the economy on change in a positive direction, due to the fact• Stable demand for street retail global oil & gas prices, the retail system that several large internationally known chains facilities with intense and quality levels in Kazakhstan vary and brands have started looking for widely across the country cities and regions. pedestrian flows, good possibilities to enter the market, either location and accessibility. The active development and construction of independently or through local partners. Thus shopping centres and shopping & in Q2 2012 the “Marks & Spenser” brand entertainment centres in Kazakhstan during entered the Almaty market and opened its first the past 5-6 years was concentrated mostly boutique in the centre of the city. in Almaty and Astana. The new underground shopping centre The relatively low level of development of “Almaly” with more than 60 stores offering the Kazakhstan retail market and the famous international and local brands opened noticeable absence of large international at the beginning of May 2012. operators are caused by several reasons, At the moment, catering brands (cafes and the most prominent among which are: very restaurants both currently operating and low population density, geographical planning to enter the local market) position and complicated logistics caused demonstrate interest in opening new retail by poor and outdated infrastructure. As a outlets. The ‘Burger King’ brand opened its result, we can observe a lack of good outlet in “Mega Alma-Ata” on 28th May 2012. quality retail space. International retailers which have the Kazakhstan is the largest of the five Kazakhstan market ”on their radar screens” countries forming the Central Asian region, are primarily seeking opportunities in Almaty, but at the same time its low population of due to its relatively larger retail volumes. It approximately 16.5 million people places it should be noted that Russian retailers express among the least densely populated the highest interest in researching the local countries in the world. market. ©2012, Scot Holland | CBRE
  8. 8. In recent years more than 28 shopping & entertainment centres The rental rates in the existing shopping centres remained (with a TGA of more than 5,000 sqm each), were constructed or at the same level during the previous Quarter, withAlmaty Market View Retail reconstructed. However, for various reasons, Almaty market still exception of the shopping centres with least successful experiences a deficit of conceptual project with proper location. concepts, which are likely to decrease rental rate levels. The table below shows existing Retail stock in Almaty, as well as The current GLA index per 1,000 persons in Almaty in vacancy levels: comparison to other Large Kazakhstan, CEE and CIS cities is shown below (conceptual centres only).   Retail Market Indicators Due to the fact that the commissioning dates of a number of Total existing stock (GLA, sqm) 533,000 Vacancy starting from 5% shopping centres were re-scheduled to a later date, the demand for high quality retail space still remains relatively Source: Scot Holland CBRE high in conceptual shopping centres with professional According to our estimates, as of the beginning of 2012, the total management. retail stock in Almaty (taking into account only centres with GLA In addition, the expected entry of new international brands above 5,000 sqm) reached approximately 533,000 sqm. and retailers should stimulate the more active market More than 10 projects are currently under construction or at development and absorb newly-added retail space. planning stage (expected to be completed in 2012 or later). The demand for retail premises in stand-alone buildings Some shopping centres under construction and planned for within the retail zones of Almaty remained high during Q2 commissioning in 2011 have postponed their launch to a later date. 2012. Most retailers seek to occupy space in the so-called Many existing shopping centres and retail facilities are of poor «Golden Square», which however is short of proper retail quality and lack an efficient concept, professional property premises with large windows, high ceilings, loading areas, management and appropriate tenant mix. easy access ways and sufficient parking. In most cases, As of today, ‘Mega Alma-Ata’, ‘Sputnik’, ‘A’port’ and ‘Prime Plaza’ available premises in the retail zones of Almaty do not could be classified as the most conceptual and professionally meet the requirements of international and local retailers. managed shopping & entertainment facilities in Almaty. However the demand for such premises is still quite high, which is a reason for relatively high rental rates. Distribution of modern retail space by administrative Last but not least, we would like to note some additional district of Almaty City factors, which will also have a significant, although Bostandyk 26% indirect, influence on the longer-term supply/demand Auezov 26% balance in the Retail property market segment: Zhetisu 20% • Overall economic development of the country; Alatau 12% • Growth of the average income level of the population; Medeu 10% • The entry of new international brands and retailers; Almaly 6% • Expected population growth; Source Scot Holland CBRE • Participation in the newly-formed Customs Union with A map with a more detailed explanation of the city administrative Russia and Belarus would have a positive effect on the districts is given on the next page. The map also shows the rate of development of the local retail market locations of existing shopping & entertainment facilities in Almaty. segment; • Pending infrastructure improvements in Kazakhstan’s major regional cities, etc. Distribution of Modern Retail Retail Space Provision Index Space, by Almaty Districts (sqm per 1,000 persons) Prague 6% Warsaw 10% Budapest 26% Astana Zagreb 12% Aktobe Sofia Karaganda Almaty Moscow 20% Kiev 26% Shymkent 0 100 200 300 400 500 600 700 800 Bostandyk Auezov Zhetysu Alatau Medeu Almaly Source: Scot Holland CBRE Source: Scot Holland CBREQ2 2012 Page 8 ©2012, Scot Holland | CBRE
  9. 9. Locations of shopping & entertainment centres in Almaty  Almaty Market View Retail For more information regarding the Market View, please contact: Scot Holland | CBRE Strategic Consulting Eugene Dolbilin Vice President Scot Holland | CBRE 105, Dostyk Ave., 3rd floor Almaty, 050051 Kazakhstan T: +7 (727) 258 1760 F: +7 (727) 258 1768 Peter Goranov Senior Manager Strategic Consulting and   Valuations Source: Google, Scot Holland CBRE Scot Holland | CBRE Administrative Districts 105, Dostyk Ave.,   • Alatau - a new administrative district of Almaty, which was formerly the western outskirts of the city; its 3rd floor population is still to be assessed to obtain reliable figures; it represents a mix of low quality individual Almaty, 050051 households, industrial facilities etc; Kazakhstan • Almaly – comprises the central part of Almaty; population 188,100; mostly residential properties, T: +7 (727) 258 1760 both prestigious and less so, condominiums and houses; both fine and basic retail facilities; also some F: +7 (727) 258 1768 office space and light industrial facilities; • Auezov – comprises the western part of Almaty; population 370,200; mostly residential, not very prestigious properties, multi-family at south-eastern part of the district, individual houses in the other parts; basic retail; no contemporary office space; • Bostandyk – comprises the southern part of Almaty; population 307,400; mostly business class residential multi-family properties plus a few prestigious residential developments; expanding retail facilities; business centres at the eastern end of the district; • Medeu – comprises the south-eastern part of Almaty; population 164,300; the most prestigious residential part with condominiums along Dostyk Ave. and individual houses in outlying parts; both fine and basic retail facilities; the business core of Almaty; • Turksib – comprises the outlying north-eastern part of Almaty; population 195,100; not prestigious individual houses; basic retail; no contemporary office space and some industrial facilities; • Zhetisu – comprises the northern part of Almaty; population 179,300; a mix of industrial facilities, trade centres and less prestigious residential properties – condominiums at the southern end and individual houses at the eastern and western parts. DISCLAIMER 2012 Scot Holland | CB Richard EllisQ2 2012 The information herein has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the market. This information is designed exclusively for use by Scot Holland | CBRE clients, and cannot be reproduced without prior written permission of Scot Holland | CBRE. Page 9 ©2012, Scot Holland | CBRE