Housing construction to accelerate dramatically by 2040

Housing construction in Uzbekistan will accelerate in the coming decades. According to the new decree signed by the President on November 20, by 2040 the number of houses built annually will be doubled, zamin.uz reported.

The main purpose of this decision is to create a comfortable living environment amid population growth and urbanization. The government intends to stabilize the housing market, balance the processes of construction and purchase, and establish effective management in the sector.

According to the decree, by 2040 the annual volume of housing construction will reach 421 thousand units. At the same time, the mortgage credit portfolio will expand sharply and reach 56.7 billion dollars. This will open the way for banks and institutional investors to actively enter the market.

Among the priority directions specified in the document are the development of large agglomerations, the consistent construction of the “New Uzbekistan” residential areas, and increasing the share of modern housing in the housing stock to 50 percent. Protection of the rights of citizens participating in shared construction is also emphasized separately.

Overall, the new decree aims to fundamentally modernize the housing sector based on the principle of the “single life cycle of housing.” The government aims to eliminate issues at all stages — from construction to financing and operation.

The good news is that in the coming decades these changes are expected to become a real solution to the housing problem for many families — not just a “promise,” but a sign of major actions beginning.