Ilhom Norkulov: Uzbekistan boosts housing construction fivefold

Housing reform programs are crucial for many developing countries, Ilhom Norkulov, First Deputy Minister of Economy and Finance of Uzbekistan, said during the Business Assembly at the 13th Session of the World Urban Forum (WUF13) in Baku, according to Report.

He stressed that such programs are vital not only for Uzbekistan but also for other developing nations: "It is essential to develop the mortgage market sustainably and stably, creating more opportunities for ordinary people to buy homes or access housing loans."

The deputy minister noted that since the start of new reforms in 2017, the number of homes built in Uzbekistan has grown more than fivefold.

"Previously, annual construction was around 15,000–20,000 apartments, but last year this figure exceeded 100,000. This year, we plan to build more than 140,000 apartments. However, compared to the pace of population growth, around one million babies are born in Uzbekistan each year. That means the real growth rate is 1.8%, with approximately 270 thousand new families being formed annually. Therefore, despite the fivefold increase in housing construction, it still may not be sufficient."