Bishkek: Price Dynamics with Regional Variations
In 2025, Bishkek experienced uneven price dynamics for residential houses compared to 2024. In certain months, such as April, June, August, October, and November, sharp price jumps were recorded, while in February, May, July, and September, a decrease was observed.
Prices per square meter of residential houses by districts of Bishkek (USD/sq. m)
| Leninsky | 1405 | 1867 |
| First May | 1192 | 1575 |
| Sverdlovsky | 1358 | 1862 |
| Oktyabrsky | 1638 | 1767 |
The Sverdlovsky district stands out with the highest price increase, where the cost per square meter rose by 37.11%, the highest figure in the city. In the Oktyabrsky district, the growth was minimal — only 7.88%.
Osh: Price Growth of More Than 37%
The city of Osh also showed a significant increase in the prices of residential houses. In 2025, the average price per square meter increased by 37.04% compared to the previous year.
Average Prices per Square Meter of Residential Houses in Osh (USD/sq. m)
| Osh | 945 | 1295 |
At the same time, Osh experienced high price volatility: the highest growth rates were recorded in March and July, significantly exceeding the figures at the end of the year.
Prices Rising Faster Than Inflation
The rate of growth in real estate prices in 2025 significantly outpaced the level of inflation. As a result, the average inflation rate was 9.2%, while prices for residential houses in the largest cities of the country increased by more than 30%.
An analysis of the changes in average apartment prices in Bishkek in 2024-2025 showed a similar picture: by the end of 2025, growth began to slow down, especially in November and December, but the overall trend remained upward.
The situation in the residential house segment was different: in 2024, the price growth rates were stable, while in 2025, fluctuations were observed, with even negative values recorded in certain periods.
Demand: Bishkek Losing Interest, Osh on the Rise
Despite the price increase, there is a decline in interest in purchasing apartments in Bishkek. Over the past five years (2021–2025), the number of apartment sales transactions in the capital has decreased.
In 2025, the volume of apartment transactions in Bishkek increased by only 2.7% — from 12,186 in 2024 to 12,512 transactions. At the same time, the demand for residential houses increased significantly — by 23.94% (from 3,483 to 4,317 transactions).
In Osh, the situation is the opposite: the real estate market is showing increased activity. In 2025, the number of apartment transactions increased by 48.18%, while transactions for residential houses rose by 37.63% (from 465 to 640 transactions).
Growth Factors and Forecast
Experts emphasize that the real estate market is characterized by inertia and is not subject to sharp fluctuations. Decisions to buy or sell require time and depend on many factors.
Local factors include:
- location of the property,
- quality of finishing,
- kitchen area,
- wall material,
- number of floors.
Among global factors, the most important are:
— level of economic development of the city,
— income of the population,
— overall quality of life.
Forecast for 2026
“It is difficult to predict prices for 2026 accurately. However, considering the market's inertia, it is expected that in the first quarter of 2026, real estate prices will not drop significantly below the level of 2025. The growing interest in residential houses is also associated with the activity of construction companies that are acquiring land plots for the subsequent construction of multi-story residential complexes,” the agency reports.
