Expert Reveals How Many Kyrgyz Citizens Own Their Homes

Monday, February 17, 2025, 15:12 At the same time, Kyrgyzstan has become one of the leaders in the Eurasian Economic Union (EAEU) in terms of new housing construction. According to data from the Eurasian Economic Commission, Kyrgyzstan and Kazakhstan led the EAEU in new housing construction from January to November 2024. Specifically, Kazakhstan recorded 16,317.2 thousand square meters of new housing, reflecting an 8.3% increase compared to the same period in 2023. Kyrgyzstan followed with 1,134.6 thousand square meters, marking a 7.1% growth. Russia and Armenia ranked third and fourth with 93,841.8 thousand square meters (+2.1%) and 928.9 thousand square meters (+1.9%), respectively. Belarus reported 3,304.3 thousand square meters (+0.4%). Regarding the growth rate of completed construction works in the EAEU, Kyrgyzstan secured first place with a 31.1% increase (+27.6% in 2023), followed by Kazakhstan (+10.2%), Belarus (+7.8%), Armenia (+3.3%), and Russia (+2.2%). “We must recognize the demand for social housing, given the limited purchasing power of the population. While the number of citizens in Kyrgyzstan is growing, not everyone owns a home. Currently, only about 40% of citizens have their own houses or apartments. Considering the sanitary standard of 14 square meters per person, the country needs an additional 50 million square meters of housing. This is why the government is focusing on building social housing,” economist Iskender Sharsheev told Vesti.kg. This demand has led to record growth in the construction sector and rising wages. "The number of square meters of new real estate increases annually, reaching about 2 million square meters in recent years. Besides private construction companies, state funds also finance construction projects, resembling programs implemented during Theodore Roosevelt’s presidency in the United States," Sharsheev noted. It is worth mentioning that both property prices and rental costs have increased across the country, particularly in major cities. The price of a one-room apartment has reached $50,000–60,000, while a three-room apartment costs $70,000–80,000. Rising rental costs have prompted citizens to create a petition advocating for rent price regulation. Source: https://vesti.kg/zxc/item/135762-ekspert-rasskazal-u-skolkikh-kyrgyzstantsev-est-svoe-zhile.html