Uzbekistan to double annual housing construction and reach 421,000 new homes by 2040

Under the decree, the annual volume of new housing construction must double, reaching 421,000 units per year by 2040.

At the same time, the mortgage loan portfolio is planned to grow more than tenfold to $56.7 billion by 2040.

To meet these targets, the following have been designated as the main priority areas for stable and balanced development of the housing sector:

• supporting urbanization processes while expanding the housing stock in large agglomerations and improving the urban environment;
• continuing systematic efforts to improve living conditions and build “New Uzbekistan” residential complexes, thereby raising the share of modern housing to 50% of the total stock by 2040;
• attracting bank financing and funds from institutional investors to the housing market, including through mortgage lending;
• protecting the rights of individuals who invest in shared-construction projects;
• carrying out comprehensive reform of the housing construction sector based on the “single life-cycle of housing” principle and removing all existing obstacles to its implementation.

Comprehensive construction principle

A comprehensive (integrated) construction principle will be introduced in housing development. This means:

• unfinished residential buildings and former industrial zones will be given priority for redevelopment;
• engineering, transport, and social infrastructure for new residential areas will be built in advance using environmentally friendly materials and energy-efficient technologies.

Within the framework of the comprehensive construction principle:

• integrated development programs will be prepared only on the basis of open and fully detailed master plans;
• land plots allocated for integrated development may not be privatized, transferred to other projects, or have their designated purpose changed;
• complete information will be provided on land plots, immovable property objects, and their legal owners included in such projects;
• a comprehensive approach will be applied that takes into account the future social needs of the area;
• absolute ownership or lease rights to the land plot on which an immovable property stands will be guaranteed to the owner of that property.