As previously reported by Spot, the president has signed a decree aimed at the development of housing construction. Starting from July 1, escrow accounts will be implemented in shared construction.
The National Agency for Advanced Projects (NAAP) has been tasked with submitting a proposal to the President's Administration by March 1 to enhance the effectiveness of existing insurance products related to the risk of developers failing to meet their construction obligations. Other parties involved include the Ministry of Construction and Housing and Communal Services, as well as the Central Bank.
According to the set of measures, by June, NAAP, the Central Bank, the Ministry of Economic Finance, and the Mortgage Refinancing Company must prepare a draft law titled "On the Capital Market," which will provide for the creation of new financial instruments associated with mortgage lending. After interdepartmental coordination, the document is to be submitted to the Cabinet of Ministers by July 1.
The draft law provides for the issuance of securities (bonds), the obligations of which are secured by a mortgage collateral.
In 2024, the number of mortgage borrowers in Uzbekistan decreased by 16% to 58.8 thousand individuals. The average loan amount increased by 18%, exceeding 290 million soums. The share of the primary market has grown, while the proportion of young people among mortgage recipients has declined.
Earlier, Spot reported that the president approved the proposal for the implementation of the "Unified Life Cycle of Housing."