Uzbekistan to double annual housing construction

Uzbekistan plans to double the number of homes built each year by 2040. This initiative was outlined in a presidential decree signed today, November 20, by President Shavkat Mirziyoyev, titled “On Measures to Ensure the Sustainable Development of the Housing and Mortgage Market in the Republic of Uzbekistan.”

The decree aims to ensure the sustainable development of the housing sector, create a balanced system for housing construction and purchase, determine construction volumes based on existing demand, enhance the efficiency of state management in the sector, and provide comfortable living conditions for all citizens in line with sustainable economic growth, population increase, and urbanization processes.

The decree sets the main goal of sustainably and evenly developing the housing sector, doubling the annual number of new homes to 421,000 by 2040, and increasing the mortgage loan portfolio more than tenfold to reach 56.7 billion US dollars.

Key priority areas for achieving sustainable and balanced development of the housing sector include:

•  Supporting urbanization by increasing housing stock in major agglomerations and developing the urban environment;
•  Improving citizens’ housing conditions and continuing the systematic construction of the “New Uzbekistan” residential complexes, raising the share of modern housing in the housing stock to 50 percent by 2040;
•  Attracting bank financing and institutional investment into the housing market, including through mortgage lending;
•  Protecting the rights of individuals investing in shared construction;
•  Reforming the housing sector based on the “Unified Life Cycle of Housing” principle and removing obstacles to its implementation.

It is worth noting that earlier, Uzbekistan allocated 244 billion UZS for the renovation of multi-storey buildings.