Real Estate Market Analysis: Weak Demand in Bishkek in 2025 and Forecast for 2026

- In 2025, Kyrgyzstan saw a noticeable increase in residential real estate prices, outpacing inflation. The State Agency for Land Resources reports significant changes in the market. The highest price increases occurred in Bishkek and Osh, where the price growth is comparable to that of the capital.
Price Dynamics in Bishkek: Differences by Districts
According to collected data, prices for residential houses in Bishkek in 2025 showed heterogeneous dynamics compared to 2024. Throughout the year, in certain months (April, June, August, October, and November), there was a sharp increase in prices, while in February, May, July, and September, a decline was recorded.
Prices per Square Meter of Residential Houses in Bishkek by District (USD/sq. m)

Leninsky	1405	1867
Pervomaisky	1192	1575
Sverdlovsky	1358	1862
Oktyabrsky	1638	1767

The highest price growth was observed in the Sverdlovsky district, where the cost per square meter increased by 37.11%, the highest figure in the capital. In the Oktyabrsky district, the increase was 7.88%, the lowest value.
Osh: Significant Price Increase
In the city of Osh, a significant increase in residential houses was also recorded: in 2025, the average price per square meter rose by 37.04% compared to 2024.
Average Prices per Square Meter of Residential Houses in Osh (USD/sq. m)

Osh

945

1295

The price growth rates in Osh exhibited high volatility, especially in March and July, when they significantly exceeded the end-of-year figures.
Prices Outpace Inflation
In 2025, the increase in real estate prices significantly exceeded the inflation rate, which was 9.2%. While in the largest cities of the country, prices for residential houses increased by more than 30%.
Analysis of changes in average apartment prices in Bishkek from 2024 to 2025 shows a similar trend: by the end of 2025, the growth rates began to slow down, especially in November and December, but the overall trend remained positive.
In the segment of residential houses, the situation is different: in 2024, the price growth rates were stable, while in 2025, the dynamics were less predictable, with periods of negative changes.
Demand: Decline in Bishkek and Growth in Osh
Despite the price changes, demand for apartments in Bishkek weakened. Over the past five years (2021-2025), the number of apartment transactions in the capital has decreased.
In 2025, the number of apartment transactions in Bishkek increased by only 2.7% — from 12,186 in 2024 to 12,512 transactions. At the same time, demand for residential houses grew by 23.94% (from 3,483 to 4,317 transactions).
In the city of Osh, on the contrary, there is an increase in activity in the real estate market: in 2025, the number of apartment transactions increased by 48.18%, and for residential houses — by 37.63% (from 465 to 640 transactions).
Factors Influencing the Market and Forecasts
Experts emphasize that the real estate market is inert and not subject to sharp fluctuations. Decisions to buy or sell properties take time and depend on many factors.
Local factors include:

• location of the property,
• quality of finishing,
• kitchen area,
• wall materials,
• number of floors.

Global factors may include:
— level of economic development in the region,
— income levels,
— overall quality of life.
Forecast for 2026
“Predicting prices for 2026 is difficult. However, considering the inertia of the market, in the first quarter of 2026, real estate prices should not fall significantly below the 2025 level. The growth in demand for residential houses will also be supported by the activity of construction companies that are acquiring plots for further construction of multi-story residential complexes,” the agency reports.