President of Kyrgyzstan Sadyr Japarov took part in the grand opening of a residential complex with 612 apartments built by the State Mortgage Company (SMC) on Chingiz Aitmatov Avenue in Bishkek. The press service of the head of state reported.
"I dream that every person in need of housing will get a home. And if you have a roof over your head, I am sincerely happy!” the president said.
He reminded that last year 1,059 apartments on Skryabin and Malikov streets were already commissioned in Bishkek under this program. About 600 more apartments on Malikov Street and 1,500 in Jalal-Abad are on the way, which will also be transferred to those on the waiting list in the near future.
According to Sadyr Japarov, the construction of another building with 600 apartments in Muras microdistrict will be completed in the near future - all of them will be transferred exclusively to those on the waiting list.
He also told in detail about the new opportunities provided by the State Mortgage Company. Unlike the previous system, where there was only one type of mortgage loan - with 14 percent per annum and a mandatory down payment of 30 percent, there are various programs now. In particular, public sector employees can get housing at 4 percent, and individuals - at 8 percent. It has become possible to take out a mortgage for 25 years without a down payment.
The head of the Kyrgyz Republic reported that the state has also introduced the possibility of exchanging apartments, if the family has grown and the previous housing has become small. In this case, all previously paid funds are counted towards the new apartment.
The President particularly focused on the issue of financing. According to him, a significant part of the funds for the construction of houses comes not from the budget, but from the citizens themselves, who paid half the cost of the apartments. This, in turn, helps to reduce the burden on the state and contributes to the growth of the authorized capital of the State Mortgage Company, which has already exceeded 80 billion soms.
The authorized capital of the State Mortgage Company will amount to 100 billion soms within one or two years.
Sadyr Japarov noted that in the past, housing from private companies was sold for $2,000 per square meter, often without finishing. While apartments built under the state program are sold for $850 per square meter turnkey, that is, completely ready for living. The state achieves this price by attracting the state enterprise Kyrgyzkurulushservice and several private companies that build houses for $650-700 per square meter, and the difference is used by the State Mortgage Company to cover future inflation.
In the very center of the capital, on a site that previously belonged to Maxim Bakiyev, 539 apartments were built on 1.5 hectares of land. Last year, ordinary people were given apartments there for $650 without surcharges.
Sadyr Japarov
He warned that the cost of a square meter of mortgage housing may become higher.
"The State Mortgage Company must make a profit, because there will definitely be inflation over 25 years. We will compensate for it through a markup on housing in the regions. But even taking this into account, housing from the State Mortgage Company will still be much cheaper than from private developers," the head of state explained.
Inflation is inevitable, and the State Mortgage must cover its costs. However, even taking this into account, mortgage housing prices will be lower than market prices.
Sadyr Japarov
He expressed confidence that in the future, the State Mortgage Company will switch to self-financing and continue to expand the country's housing stock without burdening the state budget.
In conclusion of his speech, the President congratulated the new residents and noted that the new homes will become a source of comfort, warmth and hope for a better future for many people.
