Uzbekistan allocated UZS 21.2 trillion ($1.7bn) in mortgage loans in 2025, marking an increase of UZS 4.1 trillion ($320mn) compared to the previous year, according to the Central Bank of Uzbekistan.
As a result, total household mortgage debt reached UZS 79.4 trillion ($6.2bn), reflecting continued expansion of housing finance and growing demand for home ownership.
Mortgage lending remained concentrated in the primary housing market, which accounted for 72% of total loans issued in 2025, indicating strong demand for newly built housing.
State-backed financing continued to dominate the sector, with 81% of outstanding mortgage loans funded by government programs, while the remaining share was financed by commercial banks’ own resources.
Interest rates varied depending on the funding source. State-supported loans were issued at rates of up to 18% annually, while bank-funded mortgages reached up to 23.4%, resulting in an average market rate of around 21%.
Regionally, mortgage lending was concentrated in Tashkent, which accounted for 32% of total loans, followed by Andijan Region and Fergana Region with 7% each. The lowest shares were recorded in Syrdarya Region at 2% and Jizzakh Region at 3%.
Down payment structures show a mixed financing profile. Around 22% of mortgage balances were issued with initial payments exceeding 50%, while 29% were issued with down payments of 20% or less, indicating varying levels of borrower financial capacity.
Subsidy programs also played a key role. In 2025, 20,500 people received subsidized mortgages totaling UZS 6.2 trillion ($480mn), with subsidized loans accounting for 29% of total mortgage debt.
The highest shares of subsidized lending were recorded in Andijan Region (13%), Samarkand Region (12%), and Fergana Region (12%), highlighting regional demand for government-supported housing finance.
Commercial banks, operating with their own funds, issued UZS 5.4 trillion ($420mn) in mortgage loans, a decrease of UZS 616bn ($48mn) compared to 2024. Of these, 68% (UZS 3.65 trillion / $285mn) were directed toward secondary housing purchases, while 32% (UZS 1.7 trillion / $130mn) financed primary housing.
Loan maturity structures show a concentration in medium-term lending. About 46.6% of bank-issued mortgages were extended for 6–10 years, followed by 29.5% for 16–20 years, 18.7% for 11–15 years, and 5.2% for up to 5 years.
