In an interview with Kabar news agency, the President of Kyrgyzstan clarified the situation regarding housing being built by the State Mortgage Company (SMC). Sadyr Japarov responded to a question about Kurultai delegates, particularly migrants, believing SMC apartment prices are too high and whether they could be lowered.
According to him, SMC housing is provided for 25 years with no down payment.
«For example, in Bishkek, under the state housing program for citizens on the waiting list, the cost per square meter ranges from $900 to $1,000, depending on the district, under the Social, Preferential, and Affordable Mortgage categories.
«Under the Social Mortgage program (for single mothers, individuals with disabilities, and their guardians) and Preferential Mortgage (for teachers, doctors, and generally those receiving a state salary), housing is provided at 4 percent per annum for 25 years with no down payment. Under the Affordable Mortgage program (for individuals working in the private sector), it is provided at 8 percent per annum for 25 years with no down payment.
Under the shared-equity construction mechanism, the cost per square meter ranges from $1,000 to $1,400, depending on the district, for a turnkey solution. Prices are lower in suburban areas, and they are higher in central districts—the so-called elite districts and the Golden Square,» the head of state said.
As it is well known, he noted, shared-equity construction apartments are primarily offered to compatriots working abroad.
«In this case, citizens don’t have to wait in line, as they pay 50 percent of the housing cost upfront, and the remaining amount is paid in installments over a period of up to 15 years. Based on market prices, in the same areas, the cost of one square meter in new buildings without finishing (at foundation level) reaches $2,000-3,000. SMC’s objects, however, are offered at a significantly more affordable price and are fully finished (turnkey).
SMC is forced to factor a small premium into the price; otherwise, it would not be able to implement such large-scale construction projects. Funds from both those on the waiting list and those purchasing housing through shared-equity financing allow the company to continue constructing new projects,» Sadyr Japarov added.
At year-end 2025, 4,662 families were provided with 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 built across the republic.
«In 2026, it is planned to commission 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 region and 319 in Talas region.
Thus, we are pursuing long-term goals. Within 10-15 years, we intend to build modern residential buildings with European standards, even in rural areas. This is precisely the historic mission entrusted to the SMC. If the company were to provide housing strictly at cost, it would be unable to fulfill this task,» the president said.
Today, in his opinion, it has become a major institution with an authorized capital of billions of soms.
«The current authorized capital is 87.5 billion soms, and we plan to increase it to 200 billion in the future. If apartments were sold only at cost, SMC would quickly go bankrupt. It’s necessary to take into account the 25-year term, the impact of inflation, and the company’s minimal profit. That’s why we’re pursuing this pricing policy.
Nevertheless, we will consider the possibility of creating a separate queue or offering benefits for migrants. We will also further analyze the possibility of providing even more affordable housing for people with disabilities,» Sadyr Japarov concluded.
