Why investing in real estate in Bishkek may be more profitable than in Dubai
Investors from Kyrgyzstan have traditionally focused on markets with developed infrastructure and a stable investment environment, including destinations such as Dubai, Turkey, and Kazakhstan. These regions have become popular due to large-scale construction projects and attractive income-generating conditions. However, recent geopolitical events, including conflicts between the United States and Iran, have had a significant impact on the economy and financial markets worldwide.
Meanwhile, Kyrgyzstan is demonstrating steady growth in economic development, political stability, and urbanization, which is contributing to the active development of the domestic real estate market. In this context, more Kyrgyz investors are starting to pay attention to local projects, where the legal environment is more predictable, and the potential for sustainable long-term growth looks very promising.
Dubai: from the beginning to today
Dubai has not always been the dynamic city it is today. Previously, its real estate market was in its infancy, focusing on trade and small projects, while international investments were limited.
Today, Dubai has become one of the most active real estate markets in the world. In 2024, a record was set here — about 180,900 transactions totaling over 522 billion dirhams (≈142 billion USD). This represents an increase of approximately 36% in the number of transactions and 27% in their value compared to the previous year.
Modern and dynamic Dubai
This data confirms the high demand for apartments, villas, and land plots, as well as the stable price growth in the new property segment and the primary market.
The growth continued in 2025. The total number of residential real estate transactions reached nearly 200,000, with a total value of 538.1 billion dirhams (≈146.5 billion USD) — an increase of approximately 18.9% in the number of transactions and 26.9% in their value compared to 2024. The average value of a transaction rose to around 2.69 million dirhams.
However, such rapid growth makes the market more susceptible to fluctuations depending on the global economy. Rating agencies such as Fitch have warned of a possible correction in real estate prices in Dubai if supply exceeds demand.
Compared to foreign markets, price levels in Dubai are already quite high. The average cost of apartments here is around 1,700–2,000 USD per square meter, while in prestigious areas like Downtown Dubai or Palm Jumeirah, prices can exceed 25,000 USD per m².
In Bishkek, the average price of apartments in the primary market is around 1,400 USD per m², which is significantly lower than in many international markets.
Interior of an apartment in the Lyra complex (Y3), phase The Essence
The situation in other cities in the region is similar. In Almaty (Kazakhstan), the average cost of apartments is around 1,200–1,300 USD per m², while in megacities like Seoul or Singapore, housing prices in central areas can range from 8,000 to 15,000 USD per m².
This price difference indicates that developed markets require significantly larger investments and are associated with higher risks in conditions of economic or geopolitical instability.
Thus, the Dubai real estate market combines high potential and significant volatility: the sharp price increases of recent years may be subject to correction under the influence of external factors such as the global economy or international tensions.
Current situation in the Central Asian real estate market
Unlike Dubai, the Central Asian countries have long had a slowly developing real estate market that did not feature large scales. In the early 2000s, most transactions were in the basic housing segment, and the development of urban infrastructure was uneven, with the influx of foreign investments remaining relatively low and dependent on internal budgets.
However, over the last 5–7 years, the region has undergone significant changes due to economic growth and improvements in the investment climate.
In Almaty, the average cost of apartments in central areas increased by approximately 15–25% from 2022 to 2024, driven by active construction of multifunctional and premium residential complexes.
In Tashkent, the number of new apartments increased by more than 30% compared to the pre-COVID period, thanks to economic reforms and Uzbekistan's openness to foreign investments.
In Bishkek, the market is also showing positive dynamics: from 2021 to 2024, housing prices in central areas increased annually by an average of 12–18%, especially in the segment of modern residential complexes. The number of new residential projects with obtained construction permits has significantly increased compared to 2015–2018.
Moreover, the economy of Central Asia has demonstrated stable growth of 4–6% GDP annually in recent years, providing a solid foundation for demand for residential and commercial real estate. Urbanization, the growth of the middle class, and stable remittances from labor migrants also contribute to the increasing demand for housing in the region.
Large urban complex All-in-one Royal Central Park
Currently, in cities like Almaty, Tashkent, and Bishkek, modern residential complexes, elite apartments, and multifunctional centers of the “all-in-one” format are actively being built.
Although the market remains relatively young compared to global centers like Dubai, this stage of development provides advantages: high long-term growth potential, affordable prices, and lower volatility compared to already overheated markets.
For investors from Kyrgyzstan, this represents an opportunity to enter a forming growth cycle rather than entering a market that has already peaked and is characterized by high volatility.
Bishkek as a new growth point in Central Asia
Against the backdrop of significant fluctuations in developed global real estate markets, the Bishkek market demonstrates stable and attractive growth for both local and foreign investors.
According to data, housing prices in Bishkek have noticeably increased in recent years. In 2024, the average price of apartments rose by approximately 30.7%, reaching almost 95,900 soms per m², while prices for private houses also increased by 25.3%, reflecting high interest in real estate from buyers and investors.
The activity of transactions in the market for new residential projects has also significantly increased. In the first eight months of 2025, the number of real estate transactions in Bishkek increased by approximately 74.6% compared to the same period of the previous year. High demand is observed for both apartments and private houses.
The rental yield in Bishkek is approximately 7–9% per annum, which is significantly higher than the yields of many traditional financial instruments.
This data indicates that the Kyrgyz real estate market not only demonstrates steady growth in value but also opens sustainable opportunities for profit, which is particularly attractive for investors seeking real assets with relatively low volatility compared to large international markets like Dubai.
In recent years, large urban complexes following the “all-in-one” model have begun to develop in Bishkek, combining housing, commercial real estate, and infrastructure. An example of this is the Royal Central Park project, which demonstrates that the market is gradually transitioning to modern urban development models and comprehensive urban planning. This trend is expected to raise market standards and positively impact property values in Bishkek in the long term.
Residential towers of phase The Essence in Royal Central Park — 2 towers of 29 floors and 3 towers of 42 floors.
This underscores an important conclusion: instead of following high-volatility international markets like Dubai, investors from Kyrgyzstan can take advantage of the domestic market, where growth remains stable and yields attractive, and projects like Royal Central Park become catalysts for sustainable urban development.
