President Sadyr Zhaparov said that the cost per square metre of housing under the state mortgage programme may increase. Currently, private companies sell self-finished flats for $2,000 per square metre, while the State Mortgage Company (SMC) offers turnkey housing for $850.

GIK is negotiating with Kyrgyzkurulushservis and several private firms to build fully-finished housing for $650 per square metre in Bishkek and $700 in the regions. After a $200 mark-up from GIK, the price comes to $850 per square metre. However, contractors have already said materials are becoming more expensive and have offered to increase the cost to $700-750, with the added mark-up.

‘Inflation is inevitable and the GEC has to cover its costs. But even with the increase in cost, prices for mortgage housing will remain below market prices,’ the president said.

Recall that the State Mortgage Company OJSC ended 2024 with an increase in financial performance. The company's net profit totalled KGS 308 million, which is almost twice as much as in 2023 (KGS 164.8 million).