BAKU, Azerbaijan, June 20. Commercial banks in Uzbekistan marked an increase of 2.6 trillion soms (about $215 million) in mortgage loans, compared with the same period last year.
This was reflected in the statement by the Central Bank of Uzbekistan.
Commercial banks in Uzbekistan issued 10.6 trillion soms (about $879 million) in mortgage loans to 34,700 borrowers during the first five months of 2026.
"The average interest rates on newly issued mortgages ranged from 16.8% to 21.7%, depending on the source of financing." the statement noted.
The majority of mortgage lending continued to support the primary housing market, with 76% of total loans directed toward the purchase of newly built homes. The remaining 24% was allocated to transactions in the secondary housing market.
The figures indicate sustained demand for residential property despite relatively high borrowing costs, with newly constructed housing remaining the preferred choice among borrowers.
The growth in mortgage lending reflects continued strength in Uzbekistan's housing market and the government's broader efforts to expand access to homeownership. The dominance of the primary housing segment suggests that residential construction remains a key driver of economic activity and investment. At the same time, mortgage rates above 16% indicate that housing demand has remained resilient despite elevated financing costs, highlighting the importance of state housing programs, rising household incomes, and ongoing urban development across the country.
The increase in mortgage lending reflects continued strengthening of Uzbekistan's banking sector and growing access to housing finance. The expansion of lending activity comes amid broader reforms aimed at modernizing the country's financial system, improving banking regulation, and increasing competition in the sector.
Earlier in an exclusive interview with Trend, a representative of the National Bank of Slovakia told that a memorandum of cooperation signed with the Central Bank of Uzbekistan on June 5 would create new opportunities for the exchange of expertise and institutional dialogue between the two central banks.
"The memorandum provides a solid framework for our institutions to connect. It creates the opportunity to share our technical expertise and discuss modern central banking practices," the representative said.
The Slovak central bank also praised Uzbekistan's efforts to modernize its financial sector and align its regulatory framework with international standards.
"Uzbekistan has taken clear steps toward financial sector reform, and we respect their drive to align with international regulatory standards," the representative noted.
Central Bank of Uzbekistan signed a memorandum of cooperation with the National Bank of Slovakia to facilitate exchanges of expertise on central banking operations, financial stability, monetary policy, and banking supervision. Slovak officials noted that Uzbekistan has made significant progress in modernizing its financial sector and aligning its regulatory framework with international standards.
Together, rising mortgage issuance and expanding cooperation with international financial institutions underscore the country's efforts to build a more resilient, market-oriented banking system capable of supporting long-term economic growth and increasing access to financial services.
