In Uzbekistan, the real estate market will turn upside down
The President issued a decree on increasing the volume of mortgages, mass renovations, and construction by 10 times.
In Uzbekistan, the real estate market will be transformed
According to the information, a Coordination Council for ensuring the sustainable development of urbanization, the housing and mortgage market will be established in the country. The tasks of this organization will be to increase the possibility of owning housing, as well as to increase the share of residential buildings built on the basis of renovation in housing construction. In addition, the council will be engaged in preventing the construction of unnecessary or insufficient housing and providing housing for socially vulnerable segments of the population.
In addition, the National Committee of Uzbekistan for the Sustainable Development of Urbanization and the Housing Market will appear in the country. The Committee, in turn, will become the authorized body for the implementation of state policy in the field of urbanization processes. The organization will work together with the Cabinet of Ministers. The committee will also coordinate the construction of “New Uzbekistan” housing developments.
The Cadastre Agency under the Ministry of Finance will be transferred to the committee’s jurisdiction. It is noted that the innovations are aimed at developing the housing sector, doubling the number of housing construction projects annually to 421 thousand, increasing it by more than 10 times, and bringing the mortgage loan portfolio to $56.7 billion by 2040.
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