Why is this important
The growth of mortgage loans indicates the revitalization of the housing market and increased credit activity, especially by banks. This increases the impact of the housing sector on the financial system and requires assessing household debt burden.
What happened
- The volume of issued mortgage loans for the first nine months of 2025 amounted to approximately 15.06 trillion soums, a 28.6% increase compared to the same period in 2024.
- The balance of mortgage loans reached 76 trillion soums, adding 8.3 trillion.
- The number of mortgage recipients increased from 42.7 thousand to 50.1 thousand (an increase of 17.8%).
- The average loan amount increased by 9.8% and exceeded 300 million soums.
- The Ministry of Economy and Finance allocated 7.43 trillion soums (a 10.5% increase compared to last year), while the department’s share decreased from 57.4% to 49.3%.
- Banks increased financing by 63.5% to 6.12 trillion soums, and their share increased to 40.7% compared to less than 32% a year earlier.
- Among the regions, the city of Tashkent led with 4.81 trillion soums (an increase of 36.18%).
- More than 74% of loans are directed to the primary housing market, more than a year ago.
- By age group: 66% of recipients — 31-50 years old; 25 percent — up to 30; 9 percent — older than 50. The majority of borrowers are men (60%).
What they say
- По данным Центральный банк Узбекистана, по состоянию на 1 июня 2025 остаток ипотечных кредитов — 72,0 трлн сумов (+18 % за год) с выдачей новых — 18 %
- The Bank also notes that the average debt burden ratio (DTI) for borrowers is about 65% for mortgages, while 21% of borrowers have DTI greater than 100%.
Context
In 2024, the volume of mortgage loans amounted to 17.1 trillion soums (a 1.2% increase), and the number of borrowers decreased to 58.8 thousand people. In the first half of 2025, the growth was even sharper: the volume amounted to 9.44 trillion soums (an increase of 37.1%), and the primary market share was 74% of all mortgages.
At the same time, mortgage rates remain quite high: the average loan rate is about 19.8% in 2024. Experts note that the growth of retail lending (including mortgages) increases risks to the stability of the banking sector.
Conclusion
Uzbekistan’s mortgage lending is showing significant growth in 2025 after stagnation in 2024. The main driver is commercial banks, which changes the structure of housing financing. At the same time, the high debt burden on borrowers and significant interest rates require close monitoring by regulators.
