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Uzbekistan to spend about $700M on rural housing

28 October 2016

Over 2.1 trillion soms ($700 million, according to latest official exchange rate) in Uzbekistan will be allocated in 2017 to build affordable housing in the country's rural areas, said the decree of Uzbekistan's acting president, Shavkat Mirziyoyev.

The document states that 69,557 houses of a total area of 9,573 million square meters have been built in the framework of the program of housing construction in rural areas. Housing conditions of more than 83,500 rural families have been improved.

The decree provides a massive program of construction of affordable houses in rural areas, calculated for a five-year period. The updated standard plans fully consider the needs of rural residents, as they are developed in accordance with their opinions and wishes.

The document states currently developers' initial installments amount to 25 percent, while they were 15 percent earlier.

It is envisaged that mortgage loans will be provided for 15 years with three years grace period of 7 percent annual interest rate for the first five years. In subsequent years, the interest rate of the loan will not exceed the refinancing rate of the Uzbek Central Bank (currently, 9 percent).