The highest increase in real estate prices is observed in Bishkek
At a round table dedicated to the development of the construction sector, Kainarbek Kuluyev, head of the International Association of Builders, provided explanations for the rising housing prices in the country.
According to him, this year the cost of residential buildings in Bishkek has increased by 35.7%, while in Osh this figure is 25.8%. Additionally, apartments in the capital have become 17.5% more expensive, while in Osh they have increased by 22.8%.
Kuluyev noted that the rate of growth in housing prices is four times higher than the level of inflation. At the same time, the number of buy-sell transactions has decreased by 9.1%, but the total market volume in monetary terms has remained at the same level. This indicates that housing affordability is declining, and the real purchasing power of the population is decreasing.
Among the main factors contributing to the price increase, he highlighted the shortage of land plots for multi-story construction, as well as the rising prices of construction materials and services. Furthermore, according to Kuluyev, preferences are mainly directed towards state projects.
As of today, there are 1,443 registered construction organizations in Kyrgyzstan, of which more than 99% are small and medium-sized enterprises.
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