BISHKEK, Kyrgyzstan, July 18. Kyrgyzstan’s real estate market experienced a significant slowdown in 2024, with the total number of registered purchase and sale transactions falling by 9.1 percent to 47,986.
Data obtained by Trend from the State Agency for Land Resources, Cadastre, Geodesy and Cartography shows transactions involving apartments dropped by 8 percent to 27,869, while sales of individual residential houses declined by 10.7 percent, totaling 20,117 deals.
The downturn reflects growing concerns over housing affordability amid sharply rising prices.
The decrease in market activity has occurred against the backdrop of soaring housing prices, which continue to outpace income growth. In the capital, Bishkek, the average price per square meter of an apartment surged by 30.7 percent over the year to reach $1,054.90. In Osh, the second-largest city, prices rose by 19.1 percent to $708.40.
The cost of individual residential houses has also seen a sharp rise. In Bishkek, house prices jumped by 25.3 percent to $1,563.10 per square meter, while in Osh, the increase was 30.2 percent, reaching $1,309.00.
The sharp appreciation in property values has further eroded housing affordability, especially for families without access to mortgages or state subsidies.
