The property market is becoming increasingly inaccessible to the average buyer

Housing in Kyrgyzstan has become less affordable for the population. According to real estate market data, by the end of 2024, the growth in prices for apartments and houses will outpace the growth in citizens' incomes. Thus, over the year, the cost of apartments increased by 27.5%, and individual houses — by 26.7%.

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

Against the backdrop of rapid price growth, the housing affordability index deteriorated from 7 to 7.6 years. This means that the average Kyrgyz citizen will need almost eight years of savings from their entire salary to purchase standard housing. 

In particular, to buy a 54-square-metre flat in Kyrgyzstan, a family of three, where both adults work, would need to save approximately 37,360 KGS per month for 7 years and 6 months. This is assuming that the family spends the minimum amount necessary for living expenses (estimated at 24,150 KGS per month) and saves the rest exclusively for the purchase of an apartment.

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

The rise in real estate prices is associated with both the increase in the cost of construction materials and the steady demand for housing, especially in the capital.

We would add that, according to the results of 2024, Kyrgyzstan saw an increase in the growth rate of the residential property price index from 9.8% to 27.1% and an increase in the base residential property price index from 266.7% to 366%. In other words, housing became more expensive faster and more significantly than a year earlier, thus moving further away from affordability for the average buyer.