Mortgage lending under the market-based housing programme rose 24% to UZS 21.2 trillion, while the Mortgage Refinancing Company raised US$63 million externally and UZS 600 billion in the local capital market.
Uzbekistan’s Ministry of Economy and Finance reported that UZS 21,215 billion of market-based mortgage loans were issued to 70,415 citizens in 2025, 24% more than in 2024. Of the total, UZS 13,609 billion was provided to 46,354 borrowers from budget resources.
Housing subsidies reached UZS 2,118.2 billion for 20,894 citizens. Separately, the Uzbekistan Mortgage Refinancing Company extended UZS 2.2 trillion to nearly 9,000 borrowers, including UZS 111.6 billion for green renovation loans, representing a 42% increase in its lending versus 2024.
The refinancing company raised US$63 million from ADB, IFC and EBRD facilities and attracted UZS 600 billion from the local capital market; it also reached agreements for further EBRD and AFD funding. For investors, the funding mix is a constructive step toward deeper housing finance, although affordability, subsidy dependence, asset quality, currency exposure and refinancing duration remain key risk variables.
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