The expert noted that housing prices in the country are rising significantly, driven by both objective and subjective factors.
According to Sukenbaev, the main factor is the increase in prices for construction materials, which are mainly imported from Russia, China, and other countries, as local production does not meet market demands. He also mentioned the shortage of land plots for construction, while demand from construction companies continues to grow.
Internal migration also affects the situation. "Since the beginning of the year, the population of the capital has increased by 2.1%. Considering that the average family consists of three people, this amounts to approximately 9,000 new families. According to social norms, each citizen requires 12 square meters of housing, which for one family amounts to about 40 square meters. As a result, about 9,000 houses need to be built in Bishkek," he added.
Among the subjective factors contributing to the rise in real estate prices, Sukenbaev highlighted the psychological aspect known as "word of mouth." "People discuss among themselves that housing is becoming more expensive, and this influences price formation," he noted.
Comparing the situation with other countries, Sukenbaev cited the example of the USA, where the average salary roughly corresponds to the cost of one square meter of housing. While in the USA there are 50-60 square meters per person, in Kyrgyzstan this figure is only 12. Thus, an American can save for minimal housing in three years, whereas Kyrgyz citizens will need 15-20 years, assuming they do not spend their salary. However, this is practically impossible, as money is needed for food, education, and other necessities. Moreover, Kyrgyz people often have other financial obligations, and to save, they would have to reduce their social interactions. Such calculations were made in the state agency. Nevertheless, citizens working in the mining, financial, or private sectors can save money two to three times faster," Sukenbaev concluded.
