The present article is devoted to a comprehensive analysis of the theoretical foundations and practical indicators of asset management in the context of a modern company operating under the economic conditions of Kazakhstan. The concept of assets is examined from both theoretical and applied perspectives, with particular attention paid to the housing sector as one of the most significant components of the national economy. The article investigates the key challenges of asset management in Kazakhstan: the mortgage lending system, the dynamics of housing prices, and the scope and effectiveness of government support programs. Detailed statistical data on the housing market of Kazakhstan for the period 2022–2025 are analyzed, including the dynamics of purchase and sale transactions, regional price changes, volume of financing under state programs, and infrastructure development indicators. Special attention is given to the state housing programs «Nurly Zher», «Nauryz», and «Otau», which are aimed at improving the accessibility of housing for the population. The study also presents a comparative analysis of the housing markets of Kazakhstan and Bulgaria in 2024–2025, identifying common trends and differences in pricing dynamics, mortgage conditions, and state regulation approaches. The results of the research demonstrate that despite positive trends in construction volumes and the expansion of state mortgage programs, the housing affordability problem in Kazakhstan remains acute, particularly in major cities such as Astana and Almaty. On the basis of international comparative analysis, the article provides recommendations for improving housing policy and increasing the transparency and efficiency of the real estate market in Kazakhstan. The findings contribute to the theoretical understanding of asset management in emerging market economies and can serve as a practical guide for policymakers and researchers.

STAVROVA E.

PhD, associate professor, South-West University «Neofit Rilski», Blagoevgrad, Bulgaria

E-mail: stavrova@swu.bg, https://orcid.org/0000-0003-0162-7916

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asset management, housing market, mortgage lending, housing affordability, housing policy, state programs, real estate market