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    Mortgage lending surges by $1.4bn in Uzbekistan’s commercial banks in 2023

    Mortgage lending surges by $1.4bn in Uzbekistan’s commercial banks in 2023

    In 2023, commercial banks in Uzbekistan issued mortgage loans totalling UZS 16.85 trillion ($1.4bn). This represents a 17% increase from the previous year, according to the international consulting company Commonwealth Partnership Uzbekistan (CMWP).

    Photo: Mortgage lending skyrockets to $1.4bn in Uzbekistan’s commercial banks in 2023  
    Source: Gazeta.uz

    Dollar-denominated loans on rise

    The country has seen a significant increase in mortgage loans issued in dollars. In 2023, the figure reached $1.4bn, marking a 10.6% increase y/y.

    Primary vs secondary market loans

    About 60% of mortgage loans last year originated in the primary market, while the remaining 40% came from secondary housing. This ratio witnessed a shift over the year, with the popularity of new flats and houses falling by 15%.

    Mortgage contracts in housing market

    Of the total number of transactions in the primary and secondary markets, the share of mortgage contracts in 2022 was 28%.

     

    The Asian Development Bank (ADB) has been a key international financial institution supporting the Government of Uzbekistan’s housing programs. These projects have stimulated mortgage lending and supported the development of the domestic housing construction industry. In 2021, the Mortgage Refinancing Company of Uzbekistan (UzMRC) contributed 20% or UZS 1.96 trillion ($158.6mn) of the total UZS 9.8 trillion ($792.8mn) mortgage lending products in the Uzbekistan banking sector.

    As of August 1, 2023, the aggregate loan portfolio across all banks in Uzbekistan stood at UZS 430.2 trillion ($34.8bn), equivalent to $35.5bn. State-owned banks dominated the lending landscape, accounting for 72.2% of the total loans.

     

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    25.01.2024, 12:11   Comments (0)   1493
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