Published
03/11/2026, 13:28President Sadyr Zaparov commented on statements that the construction of houses by the City Mortgage Company (GIK) allegedly “only benefits Kanybek Tumanbayev.”
According to him, the cost of construction is determined by market conditions and the capabilities of contractors. Previously, elite companies refused to work for less than $900 per square meter.
“If anyone has a construction company and can build for the same amount, come to me,” Zhaparov said. As a result, GIC created its own company and attracted contractors willing to work at the set price.
The president also clarified the terms of mortgage lending: previously, loans were issued at 14%, which made housing unaffordable for most people. Now salaries have risen to 70-80 KGS, and mortgages are provided at 4% for 25 years. This year, it is planned to provide apartments to about 20 thousand people.
Zaparov emphasized that the $250 per square meter markup is due to the need to maintain the company's financial stability and is the result of 25 years of inflation. According to him, even with the markup, housing remains cheaper than that offered by private developers.
Thus, the participation of third-party construction companies in GIK projects is possible, but only on condition that they can meet the established construction cost.
