Bishkek Enters the Cycle of Revaluation of the Royal Central Park Real Estate Market and the Advantage of Price Fixation in the First Three Years

The rise in real estate prices amid stable economic growth is driven not by emotions but by objective factors such as purchasing power and forecasts for future development. This phenomenon is observed in Bishkek, which is currently in a phase of active growth.

In the context of rising interest rates, the focus shifts: it is not just about the act of purchasing, but about the ability to take the right position in the market, which helps avoid a decrease in investment efficiency due to the high cost of capital.
The Royal Central Park project offers a unique solution to this problem by allowing investors to fix the price at the current level and manage the timelines independently in the first years of the new economic growth cycle.


Images of the city of Bishkek
Bishkek and the moment of the reassessment cycle
The increase in real estate prices is a result of profound changes in the economy. With rising incomes and expanding expectations, capital begins to seek reliable instruments for preserving value, leading to previous price levels no longer reflecting the real market capabilities. Currently, Bishkek is on the brink of a reassessment cycle.
Over the past five years, the economy of Kyrgyzstan has demonstrated impressive growth rates. According to the World Bank, International Monetary Fund (IMF), and National Statistical Committee of the Kyrgyz Republic, the economic volume of the country has increased nearly threefold compared to 2020. In 2024, GDP growth was approximately 11.5%, and in 2025, an increase of more than 10% is expected, raising GDP from about 7.2 billion dollars in 2020 to approximately 18 billion dollars in 2024, with a forecast of exceeding 20 billion dollars in 2025.
These changes are not limited to macroeconomic indicators but also affect expectations regarding quality of life and real estate value. In conditions of rapid economic growth, the real estate market often undergoes a reassessment process — re-rate, associated with changes in purchasing power and long-term growth prospects.
The situation in Bishkek already indicates clear signals. According to local market research, in 2024, real estate prices increased by approximately 30% compared to the same period last year; since the beginning of 2024, the growth has been about 18% compared to last year and over 40% compared to 2022. This confirms that Bishkek is no longer in a waiting phase and has entered a stage reflecting long-term growth expectations.
The right moment, but the wrong tools
With high interest rates, the question of investment decisions in the real estate market is no longer reduced to the dilemma of "to buy or not to buy," but lies in the choice of financial instruments for purchasing.
According to information from the domestic credit market and commercial banks in Kyrgyzstan, the most common loans for completed real estate have rates ranging from 18–22% per annum. However, most loan programs do not support the purchase of properties under construction and require monthly interest payments from the start, leaving investors with minimal cash flow.
As a result, investors face the necessity of bearing capital costs (cost of carry) at a stage when the property is not yet ready, and its value has not yet increased to offset these expenses. Thus, although the market may show price growth, the internal rate of return (IRR) may decrease, as cash flows do not align with the asset's value growth cycle.
The key question is not whether prices will rise in Bishkek, but rather the ability to maintain an investment position during growth, without allowing the cost of capital to reduce investment efficiency.



Image of the multifunctional complex Royal Central Park in Bishkek
Royal Central Park and its financial structure
The credit policy of Royal Central Park in Bishkek is aimed at addressing the aforementioned issues. Instead of focusing on lowering the interest rate, the project has chosen a more rational financial approach — redistributing the timing of capital repayment.
When financing up to 70% of the apartment's value, with a term of up to 15 years and, importantly, a three-year grace period for principal and interest, buyers do not experience financial pressure at the initial stage. During the grace period, interest is paid by the developer, allowing for the preservation of the full investment position during the critical growth phase.
The three-year period as an option for time
Investors who understand market cycles realize that time during a growth phase is an asset. The three-year grace period in Royal Central Park is not just a "discount," but a carefully thought-out option for time.
Firstly, this structure allows for the price to be fixed at the current level when Bishkek is at the initial stage of reassessment. The entry price is set before the new price level is recognized by the market.
Secondly, the first three years do not require expenses to maintain the position. In conditions of high interest rates, the absence of the need to pay interest during the accumulation of the asset's value helps avoid pressure for premature sale or lowering expectations for returns — one of the reasons for loss of investment efficiency.
Thirdly, by the time financial obligations begin to be fulfilled, the debt structure becomes significantly lighter. As the market grows and the asset's value is reassessed, the debt-to-value ratio automatically improves. This is the difference between passive credit leverage, where cash flows are diluted, and strategic leverage, where capital costs are offset after the asset's value increases.
Investors acquire apartments not for short-term profit, but to maintain a full position during the growth phase, avoiding a decrease in internal rate of return due to high interest rates.
Maintaining position as the key to long-term profit
For buyers acquiring housing for themselves, the three-year grace period creates the necessary financial space to stabilize income and life plans before the start of debt servicing. For investors, this is an important deferment that allows optimizing returns, waiting for a clearer reassessment in the market, evaluating resale options, or continuing to hold the asset when its operational and rental value becomes attractive.


Image of Royal Central Park and 5 towers of the Essence phase — officially on sale from January 2026.
Royal Central Park is not only the first all-in-one real estate project in Bishkek but also an investment structure that has been specifically designed with the current growth cycle of the city in mind. In the context of market reassessment, the ability to fix the price at the current level and maintain control over the asset in the initial growth phase provides long-term investors with a significant strategic advantage, allowing them to maximize capital efficiency and optimize returns.