The issue of unfinished buildings was raised during a meeting between President Sadyr Japarov and residents of the Issyk-Kul region. One case involved the Arkhstroy company: a local resident appealed to the head of state, complaining that she had paid for a one-room apartment back in 2017 but has received neither the housing nor a refund.
Causes and precautions
According to Minister Nurdun Oruntaev, Arkhstroy is just one example of developers who sold apartments at the foundation stage and failed to complete construction. This practice was widely used between 2014 and 2020, when companies attracted funds from citizens without fulfilling their obligations.
President Sadyr Japarov urged citizens to exercise caution and not purchase real estate from private companies at the foundation stage. He emphasized that a regulation prohibiting such sales has already been introduced in Kyrgyzstan. Instead of risky transactions, the head of state reminded them of the opportunities provided by the State Mortgage Company (SMC), which, for example, offers a program with a 50% down payment of the housing cost.
Context
The meeting with the public took place in the Issyk-Kul region, which has a population of approximately 550,000 people. President Sadyr Japarov and Minister of Construction Nurdun Oruntaev participated in the discussion of the issue.
