Comments from the President on Housing Costs in the State Mortgage Company (GIK)
At the IV People's Kurultai, President Sadyr Japarov responded to criticism regarding the fact that the State Mortgage Company (GIK) provides land for free but sells apartments at a high price.
“The cost of housing is not that high. In the period of 2021-2022, I gathered representatives of private construction companies with a proposal to build housing at a price of $600-700 per square meter. However, all companies refused, stating that they could only build for $1,000,” he noted.
In response, the government created the state company "Kyrgyzstroyservice," which today offers apartments at a price of $700 per square meter "turnkey," transferring them to GIK. In the regions, the cost per square meter is $750 due to the need to deliver construction materials.
GIK, in turn, sells apartments at a price of $950 per square meter for a term of up to 25 years without a down payment.
“Why does the price include additional costs? This money does not go into anyone's pocket. It goes to the state company, as prices change and inflation occurs over 25 years. The company is actively developing. We have increased the authorized capital of GIK to $1 billion, whereas in 2021 it was only 10 million soms. By 2026, we plan to increase it to $2 billion. GIK will be engaged in the construction of houses in all regions, including small villages and towns,” the president added.
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