In an interview with the "Kabar" agency, President Sadyr Japarov explained the details of the housing construction being carried out by the State Mortgage Company (GIK). He answered questions from the delegates of the kurultai, particularly migrants, who expressed concern about the high prices of apartments offered by GIK and the possibility of their reduction.
According to him, GIK provides housing for a period of 25 years without the need for a down payment. “For example, in Bishkek, under the state program for citizens on the waiting list, the cost of one square meter ranges from $900 to $1,000, depending on the area, under the 'Social', 'Preferential', and 'Affordable' mortgage categories,” the president noted.
For the "Social Mortgage" programs (for single mothers, people with disabilities, and their guardians) and "Preferential Mortgage" (for teachers, doctors, and state budget employees), housing is offered at 4% per annum for 25 years without a down payment. For the "Affordable Mortgage" program (for private sector citizens), the rate is 8% per annum under the same conditions.
As for shared construction, the price per square meter ranges from $1,000 to $1,400, depending on the area and the "turnkey" format. In the suburbs, the cost is lower, while in central and elite areas, it is significantly higher,” Sadyr Japarov explained.
The president emphasized that apartments in shared construction are primarily offered to compatriots working abroad. “In this case, citizens do not go on the waiting list, as they pay 50% of the apartment's cost upfront, and the remaining amount can be paid in installments over a period of up to 15 years. Compared to market prices, in the same areas, the cost per square meter in new buildings without finishing (at the foundation level) reaches $2,000-$3,000. GIK's projects are offered at a more affordable price and in a fully finished state,” the president added.
GIK is forced to add a small markup to the cost price in order to implement large-scale construction projects. The funds received from those on the waiting list and citizens purchasing housing through the shared principle help the company continue the construction of new facilities,” noted Sadyr Japarov.
By 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 being constructed in the republic. “In 2026, it is planned to put into operation 20,021 apartments, including 6,323 in Bishkek, 3,129 in Chui region, 3,219 in Manas, 2,266 in Issyk-Kul region, 1,458 in Osh region, 1,454 in Osh city, 1,420 in Batken region, 433 in Naryn, and 319 in Talas regions,” the president specified.
Thus, we set long-term goals for ourselves. Over the next 10-15 years, we intend to build modern residential buildings with European conditions even in rural areas. This historic mission is entrusted to GIK. If the company offered housing exclusively at cost price, it would not be able to accomplish this task,” the president concluded.
To date, in his opinion, GIK has transformed into a serious institution with a charter capital of billions of soms. “The current charter capital is 87.5 billion soms, and in the future, we plan to increase it to 200 billion. If apartments were sold only at cost price, GIK would quickly go bankrupt. It is important to consider the 25-year term, inflation, and the company's minimum profit. That is why such a pricing policy is implemented.
Nevertheless, we will consider the possibility of creating a separate queue or providing benefits for migrants. An additional analysis will also be conducted regarding the provision of even more affordable housing for people with disabilities,” summarized Sadyr Japarov.
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