The real estate market is moving further and further out of reach for the average buyer

Housing in Kyrgyzstan has become less affordable for the population. According to real estate market data, by the end of 2024, price growth for apartments and houses outpaced citizens’ income dynamics. Over the year, apartment prices increased by 27.5%, while individual houses rose by 26.7%.

The average price per square meter in Bishkek reached 95,900 KGS (+30.7%) and in Osh — 64,400 KGS (+19.1%). Meanwhile, the price per square meter of individual housing in the capital rose to 142,100 KGS, and in Osh — to 119,000 KGS.

Amid the rapid price growth, the housing affordability index worsened from 7 to 7.6 years. This means that the average Kyrgyz citizen would need to save nearly eight years of their entire salary to purchase a standard home.

Specifically, to buy a 54-square-meter apartment in Kyrgyzstan, a family of three with both adults working would need to save approximately 37,360 KGS per month for 7 years and 6 months. This assumes the family spends only the minimum on living expenses (calculated at 24,150 KGS per month) and puts all remaining funds exclusively toward purchasing the apartment.

For comparison, in 2023 this period was seven years. The main reason is that housing prices are rising significantly faster than wages, which increased by 12.3% over the year.

The rise in real estate prices is driven both by the increasing cost of construction materials and by strong, sustained demand for housing, especially in the capital.

Additionally, according to the results of 2024, Kyrgyzstan saw an acceleration in the growth rate of the residential real estate price index from 9.8% to 27.1%, while the base residential price index increased from 266.7% to 366%. In other words, housing prices rose faster and more sharply than in the previous year, pushing the market further out of reach for the average buyer.

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