Uzbekistan President Signs Decree on Housing Market Development and Mortgage Lending

Tashkent, Uzbekistan (UzDaily.com) — President Shavkat Mirziyoyev has signed a decree “On Measures for the Sustainable Development of the Housing Market and Mortgages,” aimed at creating a balanced system for residential construction and housing acquisition, as well as ensuring comfortable living conditions for citizens amid economic growth and urbanization.

The main objective of the decree is to ensure sustainable and balanced development of the housing sector, doubling the annual construction volume to 421,000 units and expanding the mortgage loan portfolio to US$56.7 billion by 2040.

Key priorities outlined in the decree include supporting the growth of the housing stock and urbanization of major agglomerations, constructing modern residential districts under the “Yangi Uzbekistan” program with the share of modern housing reaching 50% of the total stock by 2040, attracting banking and institutional financing including mortgage lending, protecting investors’ rights in shared construction, and comprehensive reform of the housing sector based on the “Single Life Cycle of Housing” principle.

The decree provides for construction with pre-prepared engineering, transport, and social infrastructure, the use of environmentally friendly and energy-saving technologies, and guarantees for property owners’ rights.

To coordinate implementation, a Coordinating Council on Sustainable Urbanization, Housing, and Mortgages and a National Committee for Sustainable Urbanization and Housing Market Development will be established. The National Committee will oversee state policy in urbanization, residential construction, renovation, and mortgage lending.

The National Committee will work closely with the Cabinet of Ministers and monitor the execution of residential construction programs, including the “Yangi Uzbekistan” projects, ensuring urbanization principles are observed in site selection.

The decree also formalizes organizational measures, including transferring the Cadastre Agency under the National Committee system, and defines the procedures for financing and material-technical support of its activities.