A Lake of Opportunities: Small and Medium Businesses Choose the Issyk-Kul Region Over Bishkek

Neither Bishkek nor Osh. In 2024, the Issyk-Kul region saw the most commercial real estate transactions. Businesses there were actively purchasing cafes, shops, and especially land plots for commercial construction. While these properties are directly linked to tourism, the scale of demand points to a deeper trend: the region's transformation from a seasonal resort into a year-round investment hub.

According to official data, nearly 88,000 real estate transactions were concluded in Kyrgyzstan in 2024. Fewer than 3,000 of these involved commercial properties, and another 1,000 were for land plots intended for the construction of cafes, shops, hotels, and other business facilities.

In terms of investment volume, Bishkek and Osh still lead, but in the number of transactions, the Issyk-Kul region has taken the top spot with 897 deals for commercial properties and 408 for commercial land plots. By comparison, Bishkek had 461 commercial transactions, and the Chuy region had 500.

The high interest in acquiring land plots is particularly noteworthy, as it signals not just seasonal plans by entrepreneurs, but also long-term investment in the region's infrastructure. In fact, 37% of all land transactions nationwide took place in the Issyk-Kul region.
For example, the large-scale Green City project is underway, where giant sculptures of Zeus and Poseidon have already been installed. This unusual attraction has drawn significant attention to the city of Balykchy. In the village of Tamchy, construction has begun on a new wave-shaped airport terminal, which will become a key part of a transportation hub designed to support year-round tourism and business.

Simultaneously, a project is being developed in the Jyrgalan, Ak-Bulak, and Boz-Uchuk areas to create the all-season "Ala-Too Resort," complete with cable cars and ski slopes. All these initiatives are laying the foundation for a steady flow of tourists and entrepreneurs, transforming the Issyk-Kul region into a year-round platform for investment and business.

Interestingly, in terms of total transaction value, the Issyk-Kul region lags behind the capital, with a turnover of about 4.25 billion soms compared to over 14.8 billion in Bishkek. However, the average property value in the region is around 4.7 million soms, whereas in the capital, it's approximately 32 million. This suggests that Issyk-Kul has become a territory for small and medium-sized enterprises (SMEs), where the barrier to entry is lower and competition is not yet as high.

Activity is lower in other regions. Osh saw 326 commercial transactions, the Chuy region 500, Jalal-Abad 221, and Batken 121. The fewest transactions were recorded in the Naryn (only 38) and Talas (43) regions. These two regions also have the cheapest commercial real estate, averaging 1.8 million soms and 2 million soms, respectively.
Against this backdrop, the Issyk-Kul region is emerging as an entrepreneurial center. Road development, the launch of the airport, stable domestic tourism, and affordable land prices are creating ideal conditions for growth.