Uzbekistan’s mortgage market has entered a new phase of expansion, with local banks significantly increasing housing finance and reshaping the country’s urban and regional development landscape. The latest data from the Central Bank show that homebuyers are turning to bank lending at an accelerating pace, creating fresh momentum for construction, interior design, and related manufacturing industries.
Mortgage growth supports housing and construction
In the first half of 2026, banks in Uzbekistan issued mortgage loans worth 13.1 trillion soums, a sharp increase compared with the same period a year earlier, when the volume stood at 9.44 trillion soums. This rise of almost 3.7 trillion soums reflects a sustained push to expand access to housing finance and deepen the role of banks in the residential real estate market.
The number of mortgage borrowers grew just as fast. During the six months, 42,575 citizens received housing loans, up from 31,589 a year before. That means nearly 11,000 additional households entered the market with bank financing, underlining the rapid formalization of housing purchases and the strengthening of the country’s consumer credit culture.
The average mortgage size also edged up. Loans now average around 308 million soums, compared with 299 million soums a year earlier. While this increase is moderate, it suggests that buyers are financing slightly more expensive housing or more comprehensive home acquisition and fit-out packages, which in turn can translate into higher spending on construction finishes, interior solutions, and durable household goods.
Primary and secondary markets shape demand
The structure of mortgage lending shows a clear focus on new-build housing. In the first half of 2026, 9.8 trillion soums — around three quarters of all mortgage funds — were directed to the primary market. A total of 31,995 borrowers used bank loans to purchase newly built apartments and houses. A year earlier, the primary segment also accounted for 75 percent of lending, with 6.93 trillion soums issued to 23,596 borrowers.
This stable share and rising volumes indicate that developers can count on a growing, bank-financed demand for new housing projects. As more buyers enter the primary market, construction companies gain better visibility on future sales, making it easier to plan multi-year residential complexes, invest in higher quality materials, and integrate modern interior standards from the outset.
At the same time, the secondary housing market remains an important pillar of activity. Banks allocated 3.3 trillion soums in mortgages for the resale market, serving 10,580 borrowers in the first half of 2026. In the same period of 2025, secondary market lending stood at 2.51 trillion soums for 7,993 citizens. Despite the growth in volumes, the secondary market’s share held steady at 25 percent, indicating that both new and existing housing stock are steadily gaining liquidity.
For the renovation, interior upgrade, and home improvement segments, this balance between primary and secondary markets is crucial. Buyers of new apartments often invest in complete fit-out packages — from flooring and wall finishes to kitchens and wardrobes — while purchasers of existing homes tend to prioritize refurbishment and modernization. Both groups depend on a reliable supply of construction materials, interior products, and furniture, creating a broad base of demand across the country.
Regional lending patterns reveal new growth corridors
Tashkent city remains the undisputed leader in mortgage lending. In the first half of 2026, borrowers in the capital received 4.01 trillion soums in housing loans, up from 2.96 trillion soums a year earlier. This roughly one third increase reflects a strong pipeline of residential projects and persistent demand for urban housing in the country’s main business and services hub.
Beyond Tashkent, regional centers are rapidly catching up. Andijan region ranks second with 1.11 trillion soums in mortgages, compared with 747.2 billion soums previously. Kashkadarya follows with 963 billion soums, Fergana with 888 billion soums, and Surkhandarya with 834 billion soums. These figures point to expanding construction activity and the emergence of regional housing markets where bank lending is becoming a standard tool for families seeking better living conditions.
Meanwhile, several territories still show relatively modest mortgage volumes. Syrdarya recorded 356 billion soums, Jizzakh 414 billion soums, Bukhara 505 billion soums, and Karakalpakstan 508 billion soums. For policymakers and investors, these regions represent both a challenge and an opportunity — on the one hand, access to housing finance and modern residential projects is still limited, but on the other hand, untapped demand could be unlocked through targeted lending programs, new construction initiatives, and improved local infrastructure.
Overall, the regional breakdown of mortgage lending illustrates how Uzbekistan’s housing finance system is gradually moving from a capital-centric model toward a more distributed pattern of growth. As banks, developers, and local authorities coordinate efforts, this can support more balanced urbanization, stimulate local manufacturing of construction materials and furnishings, and deepen domestic supply chains for the building and interiors sectors.
Signals for international furniture and construction companies
For international companies active in furniture, construction, interior and exterior solutions, home appliances, design, and architecture, Uzbekistan’s expanding mortgage market sends a clear signal. More households are buying homes with bank financing, especially in new residential complexes, and each financed unit represents a potential demand package for finishes, fixtures, kitchens, bathrooms, soft furnishings, and customized interior design.
The strong orientation toward the primary housing market means that developers increasingly seek partners who can deliver integrated product lines — from façade and structural solutions to turnkey interior concepts. Foreign brands that establish local manufacturing, assembly, or distribution hubs can position themselves close to this growing customer base, optimize logistics within Central Asia, and contribute to raising quality standards in the region’s built environment.
At the same time, stable growth in the secondary housing market creates ongoing demand for renovation and modernization, opening space for modular furniture, flexible storage systems, and energy efficient home solutions tailored to existing building stock. Taken together, the mortgage dynamics in Uzbekistan signal not just a financial trend, but a strategic opening for international industry players looking to integrate into the country’s evolving housing ecosystem and build long term positions in the Central Asian market.
