Discussion on 2024 Accomplishments and 2025 Plans within the Mortgage Program
2025-01-23 19:00:00 / News
In 2024, 2,044 apartment buildings were constructed, providing housing for over 100,000 households. The per capita living space increased to over 19 square meters (compared to 16 sq.m in 2020). In total, 40.5 million square meters of buildings were constructed across the country, including 21.4 million sq.m of residential and 19.1 million sq.m of non-residential buildings. Construction created 350,000 jobs and generated a market worth 11 trillion soums in furniture, electronics, textiles, and building materials.
To stimulate the sector, 17 trillion soums in mortgage loans and 3 trillion soums in revolving funds for developers and builders were allocated. The President emphasized that housing construction should be seen not only as a social issue but also as a key driver of regional economic development.
A new system was announced for implementing the “New Uzbekistan” residential areas. Project design and construction must begin within two and three months respectively, or the land will be revoked and re-auctioned. Project reviews delayed by more than 15 days will result in license suspension.
An escrow system is being introduced to allow developers to attract lower-cost funding and provide early mortgage and subsidy options for citizens, including the ability to resell homes before construction is complete. This ensures buyer protection.
A mechanism will also be created to consider the income of citizens working abroad who regularly remit money home when assessing mortgage eligibility.
The meeting addressed frequent complaints about housing quality. Over 5,500 violations were identified in the last two years. In 88 cases, contractors illegally added 1-2 extra floors, and 74 buildings were found to have significant construction deficiencies.
In 2025, 120,000 apartment units are planned, with an additional 15,000 units in New Tashkent that will incorporate green energy, centralized trigeneration for heating and cooling, and energy-efficient buildings. A 100 MWh electricity storage system will be built through public-private partnership.
The government will allocate 15.5 trillion soums for housing programs, with banks providing an additional 10 trillion soums, and the Mortgage Company contributing 2.3 trillion soums.
It was instructed to provide mortgage loans for at least 70,000 households in 2025, including budget subsidies for the down payment for 30,000 of them. Additionally, a cashback mechanism for homebuyers covering part of their payments will be explored to help reduce the shadow economy.
During the meeting, officials and regional leaders reported on current progress and plans.