The President of Kyrgyzstan named the cost of housing construction under the GEC programme

In an interview with the state agency Kabar, the President of Kyrgyzstan spoke about the cost of housing construction under the State Mortgage Company (SMC).

He said the GEC concludes contracts with the state-owned company Kyrgyzkurulush and private contractors, setting a single price per square metre. In Bishkek and Chui Oblast, it is US $650, while in the regions it is US $700 because of transport costs for building materials.

The President noted that large private developers disagreed with the proposed rates and refused to participate, saying they could only build turnkey projects at a cost of at least $1,000 per square metre. As a result, the GEC is working with Kyrgyzkurulush and several private companies that have agreed to the terms of the programme.

The President also explained why the cost of housing can vary. For example, a square metre in the Muras microdistrict cost $750, of which $100 remains with the GEC. These funds are used to maintain the programme, pay salaries to employees and compensate for inflation risks.