President's Clarifications on the Formation of Prices for Mortgage Housing
Today, January 12, President Sadyr Japarov participated in a ceremony dedicated to the handing over of keys to new apartments as part of the second phase of the construction of the "Muras" residential complex in Bishkek. During this event, he made important remarks regarding the state housing policy and future plans of the State Mortgage Company (GMC).
According to the presidential press service, the "Muras" residential complex consists of 39 blocks, of which 19 have already been completed. As part of the second phase, 1,080 apartments were handed over to owners, and earlier, 986 keys were distributed. Currently, the construction of 2,688 apartments is ongoing, which are planned to be completed on schedule. Additionally, the complex plans to build a kindergarten, a school, parking, and other social facilities.
“The handover of new apartments from the State Mortgage Company is a vivid testament to the successful implementation of our country's housing policy,” noted Sadyr Japarov.
The president reminded that the GMC was established 10 years ago with a charter capital of 10 million soms, which has now been increased to 87 billion soms. The aim of the company is to reach a capital of 200 billion soms. In 2025, the GMC provided housing for 4,662 families, which is four times higher than the figures for 2024. Since the company's inception, 14,945 families have received their own homes.
The head of state also reported that there are currently 80,245 mortgage apartments under construction in the country. By the end of the year, it is planned to build more than 20,000 apartments in Bishkek, Osh, Manas, Tokmok, Kara-Balta, Karakol, Cholpon-Ata, Balykchy, Naryn, Talas, Batken, as well as in the Kochkor district of Naryn region and in the Kara-Suu and Uzgen districts of Osh region.
The president specifically emphasized the issues of forming the cost of mortgage housing, stressing that the GMC operates based on precise calculations and detailed analysis.
“As you know, apartments are provided to citizens on the waiting list for housing programs without a down payment for 25 years at 4% and 8% per annum, which is below the inflation levels in the country,” added the president.
He cited the example of Bishkek and Chui region, where private construction companies are tasked with building housing "turnkey" at a price of $700 per square meter. After construction is completed, the apartments are transferred to the GMC, which adds $250 and sells the housing at a price of $950 per square meter.
“I ask you to understand: since the State Mortgage Company provides apartments for 25 years, these $250 do not compensate for inflation over that entire period and do not even cover half of the inflationary losses. Nevertheless, we accept such conditions to ease the burden for citizens. If you were to buy housing from private individuals, its cost would be at least $1,500 per square meter,” emphasized the president.
The president also drew attention to the rising prices of construction materials, builders' wages, infrastructure development, and the construction of pumping stations and treatment facilities, which affect the formation of an economically justified price per square meter.
A key point was the statement about the future financing of the GMC. Sadyr Japarov announced that in 2026, the company will receive funds from the state budget for the last time — approximately $500 million. Starting from 2027, budget funding will be discontinued.
“With its own capital increased to 200 billion soms, the GMC will be able to provide housing for people not for 5–10 years, but for 50–100 years,” added the president, urging citizens to understand the mortgage pricing policy.
Photo by the press service
