Today, Bishkek enters a new phase. In the context of high interest rates, the competitive advantage now lies not only in purchasing an asset but in the ability to position oneself correctly within the market cycle so that the cost of capital does not dilute the effectiveness of investments.
Royal Central Park offers a unique approach to this task through a special financial structure that allows investors to fix the price at the current level and independently control the timelines in the first years of the new growth cycle.
Images of the city of Bishkek
Bishkek and the beginning of the revaluation cycle
Real estate prices are rising due to significant economic changes, not just emotional factors. With rising incomes and changing expectations, capital is seeking reliable tools for value preservation, leading current price levels to no longer reflect real purchasing power. Bishkek is now at the moment of the beginning of the revaluation cycle.
Over the past five years, the economy of Kyrgyzstan has shown steady growth. According to the World Bank, IMF, and the National Statistical Committee of the Kyrgyz Republic, the economy has nearly tripled compared to 2020. In 2024, GDP growth was around 11.5%, and in 2025, the growth rate remains above 10%. As a result, GDP has increased from approximately 7.2 billion dollars in 2020 to about 18 billion dollars in 2024, with a forecast exceeding 20 billion dollars by 2025.
This expansion is reflected not only in macroeconomic indicators but also in changing expectations regarding quality of life and property value. In a rapidly growing economy, the real estate market typically does not develop linearly but goes through a revaluation phase in accordance with new purchasing power and long-term expectations.
The situation in Bishkek is already showing clear signs. According to local market reports and transaction statistics, real estate prices in 2024 have risen by about 30% compared to the same period last year; in the first seven months of 2024, the growth was around 18% year-on-year and exceeded 40% compared to 2022. This means that Bishkek is no longer in anticipation but has entered a phase reflecting long-term growth expectations.
Choosing the right instrument in a growth environment
With high interest rates on loans, the question of investing in the real estate market goes beyond the simple choice of "to buy or not to buy" and becomes a matter of choosing a financial instrument.
According to the domestic credit market, the most common loans for ready-made properties have rates ranging from 18–22% per annum. Most loan programs do not support the purchase of properties at the construction stage and require monthly interest payments from the first month, leaving virtually no room for cash flow maneuvering.
As a result, investors are forced to bear the cost of carry at a stage when the property is not yet formed, and its value has not yet increased to compensate for these expenses. Thus, despite the growing market, the internal rate of return (IRR) is diluted, as cash flows do not align with the asset value growth cycle.
The key issue is not whether prices will rise in Bishkek, but the ability to maintain an investment position during growth, avoiding a decrease in effectiveness due to the cost of capital.
Image of the multifunctional complex Royal Central Park in Bishkek
Royal Central Park and the innovative financial structure
The credit policy of Royal Central Park in Bishkek is aimed at addressing the above-mentioned issues. Instead of focusing on lowering the interest rate, the project has chosen a more effective approach — changing the repayment terms of the cost of capital.
With financing of up to 70% of the apartment's cost, a maximum loan term of up to 15 years, and a three-year grace period on the principal and interest, buyers do not experience cash flow pressure at the beginning. During this period, the interest is covered by the developer, allowing investors and those planning to live in the apartment to maintain a full position in the asset at a critical moment in the cycle.
The three-year period in the investor's understanding: an option for time
An investor aware of market cycles understands that time in the growth phase is an asset. The three-year grace period in Royal Central Park is not just a discount, but a carefully designed option for time.
Firstly, this structure allows fixing the price at the current level when Bishkek is just beginning the revaluation process. The entry price is set before the new price level becomes known to the general public.
Secondly, the first three years relieve the burden of holding costs. In a high-interest-rate environment, the absence of interest payments during the accumulation of the asset's value helps avoid premature sales or reduced return expectations — common reasons for decreased investment effectiveness.
Finally, by the time the financial obligations begin to be fulfilled, the debt structure becomes much "lighter." As the market grows and the asset's value is revalued, the debt-to-value ratio automatically improves. This is the difference between passive credit leverage, where cash flows are constantly diluted, and strategic leverage, where the cost of capital is extinguished only after the asset's value increases.
The investor acquires an apartment not for short-term gain but using a structure that allows maintaining a full position during the growth phase, preventing interest rates from lowering the internal rate of return.
Maintaining position — the path to long-term profit
For those acquiring housing for personal use, the three-year grace period creates significant financial space, allowing for the stabilization of income, family life, and life plans before transitioning to the stage of servicing debt obligations. For investors, this necessary deferral allows optimizing returns, waiting for a more apparent revaluation in the market, assessing resale options, or continuing to hold the asset when operational and rental values become attractive.
Image of Royal Central Park and the 5 towers of the Essence phase — officially on sale from January 2026.
Royal Central Park is not only the first all-in-one real estate project in Bishkek but also an investment structure created with the current growth phase of the city in mind. In the context of market revaluation, the opportunity to fix the price at this level and control the asset at the beginning of growth gives long-term investors a strategic advantage, allowing for effective capital utilization and optimizing returns.
