Are GIK apartments expensive? Answer from Sadyr Japarov

The President discussed market prices for housing


At the IV People's Kurultai, held in Bishkek at the end of 2025, delegates touched upon the topic of housing costs being constructed by the State Mortgage Company (GIK). At that time, President Sadyr Japarov expressed his comments on this issue.

Since the beginning of 2026, he has once again addressed the problem, as housing prices continue to remain an important topic for the citizens of Kyrgyzstan.

In an interview with the state agency "Kabar," the president explained how the cost per square meter is formed in the mortgage program.

“We are looking at this situation from a long-term perspective,” he noted.

Firstly, the housing provided through GIK is issued for 25 years without the need for a down payment.

In Bishkek, under the state program for those in line, the price of one square meter of housing ranges from 900 to 1,000 dollars depending on the area, as well as within the frameworks of "Social," "Preferential," and "Affordable" mortgages.

Under the "Social Mortgage" programs (for single mothers, people with disabilities, guardians) and "Preferential Mortgage" (for teachers, doctors, and other budget workers), housing is offered at 4% per annum for 25 years without a down payment.

For "Affordable Mortgage" (for private sector workers), the rate is 8% for the same term, also without a down payment.

Depending on the location, the cost of one square meter through the shared construction mechanism ranges from 1,000 to 1,400 dollars. Apartments are handed over in a "turnkey" condition.

Prices are lower in the suburbs, while in central and elite areas they are significantly higher.

It should be noted that housing sold on a shared basis is primarily intended for compatriots working abroad. In this case, citizens do not queue, as they pay 50% of the apartment's cost as a down payment, and the remaining amount is paid in installments over a period of up to 15 years.

When comparing with market prices, in the same areas, the cost per square meter in new homes without finishing (at the foundation stage) can reach 2,000–3,000 dollars.

At the same time, housing from GIK is offered in a fully completed form at significantly lower prices.

GIK must sell housing with a small markup over the cost price; otherwise, the company would not be able to sustain large-scale construction. Funds from citizens who receive apartments in line and those who purchase housing on a shared basis are directed to the operations of the State Mortgage Company and allow for the continued construction of new facilities.

As of the end of 2025, 4,662 families received housing.

In 2024, this figure was 1,197 families. Currently, 80,245 apartments with a total area of 5.4 million square meters are under construction in the country.

In 2026, it is planned to put into operation 20,021 apartments, including:

Bishkek — 6,323,

Chui Region — 3,129,

Manas — 3,219,

Issyk-Kul Region — 2,266,

Osh Region — 1,458,

the city of Osh — 1,454,

Batken Region — 1,420,

Naryn Region — 433,

Talas Region — 319 apartments.

Thus, the company is focused on long-term goals. Within the frameworks of GIK programs, the task is set to ensure the construction of modern residential buildings to European standards both in cities and rural areas over the next 10–15 years. This historic mission is entrusted to the State Mortgage Company. If GIK sold housing solely at cost price, it would not be able to fulfill this task in the future.

Currently, the company has become a large institution with a charter capital of 87.5 billion soms, with plans to increase it to 200 billion soms.

If housing were sold only at cost price, the company would quickly face bankruptcy, considering the 25-year mortgage lending term, inflation, and minimal profitability. Therefore, the current pricing policy is justified.

Additionally, the possibility of creating a separate queue or providing additional benefits for labor migrants is being considered. An analysis of the possibility of reducing housing costs for citizens with disabilities will also be conducted,” added Sadyr Japarov.

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