Central Bank: No sharp fluctuations expected in Uzbekistan's housing market

Speaking in a recent interview, Sunnatilla Kholmurodov noted that the government is working to balance housing supply with demand to maintain market stability.

“There is little probability of a sharp increase or decline in housing prices in the near future,” Kholmurodov stated. He explained that Uzbekistan plans to steadily increase housing construction by 10,000 units annually through 2030. For the current year, ministries and agencies have been instructed to complete more than 140,000 apartments and houses.

Demographic growth and the expansion of mortgage products are expected to continue supporting demand. Kholmurodov noted that the Central Bank, alongside the Ministry of Economy and Finance, the Mortgage Refinancing Company of Uzbekistan, and commercial banks, is developing new mortgage products to further stimulate the market.

In 2025, the country’s banks issued a record UZS 21.2 trillion in mortgage loans to 70,400 borrowers. A total of 135,000 housing units were completed last year, including 43,600 apartments financed through bank loans.

Kholmurodov added that housing prices already showed signs of stabilization in 2025. Prices for newly built homes fell by 4.4% during the year, while the secondary housing market saw a decline of 5.9%. He attributed this trend to an increased supply of housing and rising household incomes.

As of January 1, 2026, the outstanding volume of mortgage loans in Uzbekistan stood at UZS 79.4 trillion. Approximately 81% of these loans were state–funded, with the remainder sourced from banks’ own funds. State–backed mortgage loans carried interest rates of up to 18% in 2025, while bank–funded loans reached up to 23.4%. The average mortgage rate for the year stood at approximately 21%.