BAKU, Azerbaijan, Feb. 7
By Ilkin Seyfaddini – Trend:
In 2019, banks of Uzbekistan allocated mortgage loans worth 7.9 trillion soum ($824.3 million), which is 66.6 percent more than in 2018, Trend reports via Central Bank of Uzbekistan.
Over 83 percent of loans were allocated on preferential basis.
The highest growth of mortgage lending was observed in Tashkent (960 billion soum or $100.2 million), as well as Tashkent (535 billion soum or $55.8 million), Jizzak (304 billion soum or $31.7 million) regions and Karakalpakstan (283 billion soum or $29.5 million).
In 2019, 96.5 percent (7.7 trillion soum or $803.4 million) of all allocated mortgage loans were directed to primary market and 3.5 percent (265 billion soum or $27.6 million) to secondary market.
Mortgage loans made up 83.2 percent (6.6 trillion soum, $688.6 million) and 16.8 percent (1.3 trillion soum, $135.6 million) of the total volume of loans provided at market rates.
Of mortgage loans granted to individuals in 2019, 4.8 trillion soums (6.1 percent or $500.8 million) were allocated at the expense of centralized resources and 3.1 trillion soums (39 percent or $323.4 million) at the expense of commercial banks.
On October 2019, the Mortgage Refinancing Company of Uzbekistan was established, with authorized capital of 25 billion soum ($2.6 million).
Its task is to provide funds to "on the basis of market principles" banks, for the needs of the population in affordable housing.