Map of Almaty construction and major new building sites suggests supply overhang

In connection with the extensive analysis of Almaty residential real estate in Visor Capital’s 23 September 2009 economics report, Rebound in resources rings in Kazakh recovery, we have placed markers on a Google map of real estate construction sites and of recently-completed major buildings in Almaty. While we are not sure we found all of the sites, the results are somewhat discouraging from the perspective of Almaty real estate prices. Note that the Google map system automatically hides markers when it has too many of them to display. So, to see all the sites, you actually need to zoom in.

	finished, multi-story buildings (built in this decade – mostly in the last few years) or upscale, detached-housing complexes			construction projects at initial stage (often frozen)
	construction projects at an advanced stage that are expected to be finished			free land available for construction (generally after demolition of houses)