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Mortgage market in Uzbekistan is growing again: the volume of loans and the number of borrowers have increased dramatically

In the first half of 2025, both the volume of issued mortgage loans and the number of borrowers in Uzbekistan increased significantly. This is evidenced by data from the Central Bank.

From January to June, mortgage loans totaling 9.44 trillion UZS were issued, which is 37.1% more than in the same period in 2024 (6.88 trillion). The outstanding mortgage loan balance reached 72.8 trillion UZS, increasing by 5.1 trillion in six months.

The number of borrowers grew by 20.6% — from 26,201 thousand to 31,589 thousand people. The average mortgage loan size increased by 13.7% — reaching 298.6 million UZS.

Who issues the most mortgage loans

A significant portion of mortgage loans was financed by the Ministry of Economy and Finance — 6.38 trillion UZS, which is 74% more than a year earlier. As a result, the government share in total issuance increased from 53.3% to 67.7%.

At the same time, the share of banks decreased: the volume of mortgage loans issued by them fell by 4.77% to 2.22 trillion UZS, and their market share dropped from 34.3% to 23.8%. The Mortgage Refinancing Company reduced issuance by 6.2% — to less than 800 billion UZS.

The mortgage interest rate under the state program remained unchanged at 17.5%, but banks lowered rates for their own loans from 25.1% to 23.5%.

Other details

The largest volume of mortgages was issued in Tashkent — 2.95 trillion UZS (+43.8%). As a result, the capital accounted for almost a third of all mortgage loans issued.

In second place was Andijan region with a volume of 747.2 billion UZS (+60.9%). The top five leading regions also included:

• Samarkand region — 713.5 billion UZS (+17.2%),
• Fergana region — 710.2 billion UZS (+24.64%),
• Khorezm region — 576.7 billion UZS (+59.97%).

75% of the total volume of mortgage lending was allocated for the purchase of new housing, which is 14 percentage points more than a year earlier. The volume of financing rose from 4.2 trillion to 7.08 trillion UZS (+68.5%).

The volume of mortgage loans for the purchase of secondary housing decreased by 12.2% — from 2.69 trillion to 2.36 trillion UZS.

Among mortgage borrowers, 61% (19.36 thousand) were men. By age:

• 66% of loans were issued to citizens aged 31 to 50,
• 25% — youth under 30,
• 9% — individuals over 50.

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