As the head of state noted, the State Investment Committee (SIC) offers apartments to citizens on the waiting list for housing without a down payment for a period of 25 years with interest rates of 4% and 8% per annum.
“These rates are even lower than the inflation rate in our country. For example, in Bishkek and the Chui region, private construction companies were tasked with building turnkey housing at a price of $700 per square meter. These houses are transferred to the SIC without any additional costs. We accept them at $700 and add another $250. The fact is that with a 25-year mortgage, these additional $250 will not even cover half of the inflation during that period. Nevertheless, we are taking such measures to ease the lives of people,” Japarov explained.
The president also mentioned a meeting with representatives of the construction sector that took place before the launch of the mortgage program.
“I gathered private developers and offered them a price of $650 per square meter. They just laughed and said they would not build for less than $1000. As a result, due to a lack of options, we found other companies and agreed on $700 for Bishkek and the Chui region, as well as $750 for the regions. The price difference of $50 in the regions is explained by the transportation of rebar and cement from the capital — this amount covers delivery costs,” the president added.
Sadyr Japarov emphasized that such measures are aimed at streamlining the housing provision system and creating a sustainable base without additional burdens on the state budget.
“We cannot ignore important expenses, such as the increase in prices for building materials, workers' salaries, infrastructure development, as well as the construction of pumping and treatment facilities. All these factors were taken into account when determining the cost of the project. Therefore, I can confidently state that the established prices per square meter are fully justified from an economic point of view,” the president concluded.
