President Shavkat Mirziyoyev chaired a meeting on housing construction and the "Yangi Uzbekiston" complexes in 2024, as reported by the state leader's press service. Over the past four years, a new credit system based on market principles has been implemented to expand the population's access to mortgages. This initiative has resulted in the construction of 6,000 multi-apartment buildings in regions and provided new housing to 250,000 families. Additionally, subsidies totaling 2.4 trillion UZS were granted to 45,000 low-income families for down payments and interest payments.
In the previous year, 85,000 housing units were built nationwide, marking a 1.5-fold increase compared to 2022. The population was allocated mortgage loans amounting to 17 trillion UZS. The 2024 program aims to construct 100,000 housing units. President Mirziyoyev emphasized the importance of addressing cost reduction and quality improvement in construction, urging officials to identify and implement measures to lower construction costs within two weeks.
To prevent housing market price hikes, it is crucial to increase the supply volume. Additional non-agricultural land plots will be auctioned for the construction of multi-apartment buildings. Regional leaders have been tasked with identifying an extra 20 hectares of land each within two weeks and auctioning them within two months. The acting head of Tashkent is required to sell 60 hectares of land in the capital.
Regarding Tashkent, the administration is instructed to complete the construction of 20,000 apartments in 2024, with 20-30% designated as "affordable" housing. In January, President Mirziyoyev highlighted the need to establish a Mortgage Support Fund and regulate citizens' participation in housing construction. The Central Bank reported a 4.4% increase in real estate transactions in Uzbekistan in 2023, attributing the high demand to the popularity of mortgages. New construction prices rose by 26.9%, while secondary market housing prices increased by 23%. Rental prices stabilized, decreasing by 1%.
