Access to financing affects the entire development cycle of commercial real estate, from construction and equipment supplies to the opening of a retail store or restaurant. For property owners and management companies, the financial stability of tenants means more predictable occupancy rates and rental income. Therefore, government support instruments for businesses also have an impact on the economics of commercial real estate assets.

The construction of new properties creates opportunities across the entire business value chain. According to the Bureau of National Statistics, construction work in Kazakhstan reached KZT 7.81 trillion in January–September 2026, an increase of 11.5%. Non-residential buildings accounted for 21.5% of the total volume of completed work. Retail turnover during the same period amounted to KZT 20.05 trillion, up 4.5%. Food product sales increased by 10.1%, while non-food product sales grew by 1.6%. For property owners, this trend highlights the importance of carefully selecting tenants, while tenants themselves need to maintain sufficient financial reserves.

By the end of 2029, approximately KZT 6.5 trillion from the National Fund is expected to be allocated to the implementation of the Infrastructure Modernisation Plan. The economic impact of this funding extends far beyond the construction industry. The implementation of the plan may create new opportunities for domestic manufacturers, suppliers, contractors, and small and medium-sized businesses.

New real estate developments generate demand for products from manufacturers of construction materials, furniture, and engineering equipment, as well as for the services of contractors and logistics companies. The next stage involves equipping retail outlets and service premises, purchasing inventory, and building working capital. If tenants lack sufficient funds to launch their operations, completed commercial spaces may remain vacant.

Kazakhstan offers various business support mechanisms, including preferential lending, interest rate subsidies, and government loan guarantees. Access to a particular instrument depends on a company's business activities, investment objectives, and applicable eligibility requirements.

Companies that prepare in advance for business expansion and investment attraction will be best positioned to benefit from these opportunities. It is important not only to identify a source of financing but also to accurately assess funding requirements, payback periods, and potential risks.

Various support instruments may be relevant for tenants, suppliers, and food service businesses.

The Damu Guarantee helps businesses that lack sufficient collateral. Under Guarantee Fund 1, it can cover up to 85% of financing, subject to a maximum of KZT 3.5 billion. The instrument is available for investment, working capital, and refinancing purposes. The guarantee is provided on a fee basis, while the lending bank makes the final financing decision. This instrument may be useful for retail stores, food service businesses, and suppliers that meet the programme requirements.

«Isker Aimaq» provides micro and small businesses with loans of up to KZT 200 million for investment and working capital, with subsidies available for up to three years. Under the basic mechanism, 40% of the nominal interest rate is subsidised, while the interest rate payable by the entrepreneur must be at least 12.6%. For cafés, restaurants, retail outlets, and service businesses, eligibility depends on the type of activity and the regional list of priority sectors.

«Orleu» provides investment financing at a nominal interest rate of no more than 12.6% per annum, for a term of up to 10 years. Eligible sectors include food production, certain construction materials and furniture manufacturers, warehouses, hotels (excluding five-star hotels), and other accommodation facilities, subject to specified exclusions. This links preferential financing to construction, property fit-outs, and supplier development. Retail trade and food service activities are not included in the sectoral list of «Orleu»; other support instruments may be available for such projects.

When selecting and applying for lending programmes, businesses may benefit from professional advisory support. For example, Invest Komek specialists help assess available financing mechanisms, select an instrument based on a project's specific business activity, region, and objectives, evaluate collateral and debt exposure, prepare business plans and financial models, compile the required documentation, and support applications to banks and development institutions. It is also important to consider the programme's corresponding obligations in advance, including revenue growth, job creation, and confirmation of the targeted use of funds.

With proper planning, preferential financing helps entrepreneurs open new locations, expand existing businesses, and maintain financial resilience. For property owners and management companies, this creates conditions for stable occupancy and predictable rental income. When tenants' financial capabilities are aligned with a property's development plans, both parties gain a solid foundation for long-term partnerships and mutual growth.

Source: Invest Komek