Housing market: Apartment prices in Bishkek are slowly but surely rising

Kyrgyzstan's real estate market experienced a notable upturn in May 2026, with stable price growth reported for finished housing in both Bishkek and Osh. The data, compiled by the State Agency for Land Resources, Cadastre, Geodesy, and Cartography, reveals a diverging trend between apartments and individual houses across the country's major cities.

In Bishkek, apartment prices have shown consistent growth, increasing by 5.12% since the beginning of the year. The market for individual homes in the capital also saw a positive correction in May, rising by 2.9% after a previous slump. However, despite this recent uptick, residential houses in Bishkek remain 19.94% lower than their peak in January. Apartments in Bishkek are nearing the $1,300 per square meter mark, reflecting a modest but steady monthly increase of 0.41%.

Osh, the southern capital, presented a different picture for individual homes, which continued their downward trend, losing an additional 5.76% of their value in May. Conversely, the apartment sector in Osh experienced a significant surge, jumping 4.54% in May and surpassing the psychological threshold of $1,000 per square meter for the first time in 2026. Over the past year, apartments in Osh have appreciated by 29.73%, while houses have seen a substantial decline of 38.98% compared to the high base of 2025.

Analysis of the past five months of 2026 highlights these contrasting dynamics. Bishkek's apartments have steadily climbed, while its houses, despite a recent recovery, are still down from earlier highs. Osh's apartment market is showing strong investment potential, while its housing market faces ongoing depreciation. Experts suggest that the rapid increase in Osh's apartment prices indicates a potential investment overheating in that segment.