Contrary to expectations, in 2024 the largest number of commercial real estate deals in Kyrgyzstan was not recorded in Bishkek or Osh, but in Issyk-Kul region. Businesses there were most active in purchasing cafés, shops, and especially land plots for commercial construction, Akchabar.kg reports in an editorial.
Official data shows around 88,000 real estate transactions across the country last year, of which fewer than 3,000 involved commercial property. Another 1,000 transactions were for land designated for business development. Issyk-Kul led with 897 commercial property deals and 408 land transactions. For comparison: Bishkek registered 461 deals, while Chui region had 500.
More than one-third (37%) of all land transactions nationwide were concentrated in Issyk-Kul, indicating long-term investment strategies among entrepreneurs. The region is gradually evolving from a seasonal tourist destination into a year-round business hub.
Notable projects are already shaping this trend. In Balykchy, the Green City development has attracted attention with its giant sculptures of Zeus and Poseidon. In Tamchy, a new wave-shaped airport terminal is under construction. Meanwhile, all-season resort “Ala-Too Resort,” complete with ski lifts and winter sports facilities, is planned in Jyrgalan, Ak-Bulak, and Boz-Uchuk.
Despite leading in transaction numbers, Issyk-Kul still lags behind the capital in investment volume: turnover in the region reached about 4.25 billion soms compared to Bishkek’s 14.8 billion. However, the average property price in Issyk-Kul stands at just 4.7 million soms, against 32 million in the capital — making the region particularly attractive for small businesses, with its low entry threshold and relatively moderate competition.
Elsewhere, Osh registered 326 commercial deals, Jalal-Abad 221, and Batken 121. The lowest activity was in Naryn (38 deals) and Talas (43), where average property prices are also the cheapest — between 1.8 and 2 million soms per object.
With infrastructure projects, growing domestic tourism, and affordable land prices, Issyk-Kul is increasingly becoming Kyrgyzstan’s new entrepreneurial center, laying the foundation for sustainable investment growth.
CentralasianLight.org
September 9, 2025