President Mirziyoyev pushes for construction boost in response to Uzbekistan's housing demand

During a meeting held on March 12, President Mirziyoyev ordered the acceleration of construction in the New Uzbekistan neighborhoods.

The president underlined the importance of increasing market supply primarily to prevent a sharp rise in housing prices.

"In recent years, our country has gained considerable experience in housing construction due to a significant increase in construction activities. Now is the time for builders and governors to work diligently on reducing construction costs and improving housing quality. Which minister or governor is delving into the reasons for housing price increases and working on preventing them?

To avert steep housing price inflation, we must first increase the market supply. Therefore, within two weeks, regional governors must identify an additional 20 hectares, and 60 hectares in Tashkent city, of non-agricultural lands for multi-story residential construction and auction them off within two months," said Shavkat Mirziyoyev.

The president mandated the completion and operational delivery of 474 housing constructions in the New Uzbekistan neighborhoods by July 1. Farhod Ermanov, chairman of the Council of Ministers of Karakalpakstan, Shavkatjon Abdurazzakov, governor of Namangan region, and Ulugbek Kasimov, governor of Surkhandarya region, were instructed to initiate construction work within 10 days on 16 buildings where construction has been delayed.

"You see, our population is growing rapidly. It is imperative to build corresponding housing, social, and production infrastructure. If we aim to please our people, housing remains a prime concern. Under the 2024 mortgage program, 80,000 housing units are planned, which is insufficient. To achieve our grand goals, we must increase the volume of housing construction by at least 20 percent each year. Regional governors should not just rely on budget and bank funds but also attract investments themselves and implement renovation projects," the president highlighted.

It was noted that to date, construction has started on 38 neighborhoods across the regions, with plans to build 17 more this year.

The governor of Fergana region, Khayrullo Bozorov, reported that the construction of New Uzbekistan neighborhoods has begun in the city of Fergana and the districts of Yazyavan, with 74 multi-story buildings nearing completion. Additionally, a 75-hectare park within the neighborhoods is coming to its final stages.

According to the governor, four Chinese investors are set to invest $170 million in housing construction.

A number of tasks were assigned during the meeting to address various aspects of the housing construction sector.