Kazakhstan Updates Rating Model for Assessing Developers in Shared Construction Guarantees

Changes to the Rules for Reviewing Documents Related to Housing Construction Projects for Guarantee Agreements came into effect in Kazakhstan on October 10, 2026. These changes involve updating the rating model for assessing developers and construction projects, as approved by the Acting Minister of Industry and Construction of the Republic of Kazakhstan on September 25, 2026, under Order No. 478.

Kazakhstan Housing Company JSC, as the sole housing construction operator, will use this updated rating model when reviewing guarantee applications for participation in shared housing construction.

The revamped model aims to enhance transparency, objectivity, and risk-oriented assessment of construction projects, ensuring uniform approaches in making guarantee decisions.

The model is based on a multifactor evaluation considering:

• the developer's financial health;
• experience in implementing housing projects;
• level of self-involvement;
• payment discipline;
• commercial attractiveness;
• financial stability of the project.

Evaluation is conducted in two main groups of indicators:

• Financial Indicators — profitability of operations and equity, current liquidity, and financial independence of the developer.
• Qualitative and Project Indicators — history of completed constructions, track record of obligations under previous guarantees, personal investment in financing, payment discipline, justification of construction costs, pricing policy, and project resilience to potential cost increases.

The assessment results in a final rating score reflecting the combined risk level of the developer and the proposed project. Developers must score at least 50 points to apply the guarantee contribution rate.

A key feature of the updated model is that developers can impact specific rating indicators. Improvement in ratings can be facilitated by:

• increasing personal investment in the project;
• strengthening financial stability;
• confirming experience in successfully completed projects;
• updating project and cost documentation;
• providing additional supporting documents.

Thus, the new approach allows developers to better understand evaluation criteria, proactively identify potential risks, and take measures to enhance project resilience.

Having certain risk factors does not necessarily preclude the issuance of a guarantee. Decisions are made based on a comprehensive analysis of the project, considering legal requirements and established evaluation procedures.

Implementing the updated rating model will improve the quality of construction project assessments, ensure consistency and predictability in decision-making, and create additional incentives for developers to enhance their financial stability.

Improving risk assessment approaches is a crucial step in further developing the shared housing construction guarantee system, aimed at reducing unfinished construction risks and strengthening the protection of the rights and legal interests of shareholders.

reported by ЖКХ24 referencing the website of the Committee for Construction and Housing and Communal Services of the Ministry of Industry and Infrastructure Development of the Republic of Kazakhstan.

Photo: gov.kz