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Home / Business / What It Takes to Address the Housing Problem?

What It Takes to Address the Housing Problem?

Uzbekistan is developing a new program on the construction of affordable housing in rural areas.

The document envisages a significant reduction of the cost of housing being built by tenant builders through new customs and tax benefits and some other preferences.

Apart from that, it is planned to drastically revise the housing construction estimates in order to optimize costs and increase the efficiency of expenditures. A price control over construction materials and instruments might be a way out in this context.

The new program provides for the development of new types of residential houses for the population. Tentatively, they are four types of accommodation, each of which has its set of comfort characteristics, and specific price, accordingly. It is going to be a long-term program, for at least five years. The scheme of its funding assumes channeling of loan funds from international financial institutions.

The government is planning to launch the construction of affordable housing next year, during which it is envisaged to build 15,000 affordable one and two-storey comfortable accommodation houses of new design.

A significantly more beneficial mechanism of mortgage lending for the population will be an advantageous feature of the new housing. For example, today, a customer has to make an initial contribution of 25% to buy a standard design house in rural areas.

The new terms will cut the initial threshold to 15%, mortgage funds will be provided for 15 years with a mandatory three-year grace period and an interest rate of 7% per annum for the first five years. In the remaining 10 years, the loan rate will not exceed the refinancing rate of the Central Bank of Uzbekistan.

About 70,000 private standard design houses have been built in the regions of the country over the past seven years. More than 4.3 trillion soums of bank loans was invested in the construction. 
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