BAKU, Azerbaijan, September 21. Commercial
banks in Uzbekistan extended 18.3 trillion soums (about $1.5
billion) in mortgage loans to 59,200 individuals from January
through August 2026, up 4.9 trillion soums (around $414.4 million)
from the same period last year.
This was reflected in the statement by the Central Bank of
Uzbekistan.
According to the bank, the average interest rates on mortgage
loans issued during this period ranged from 16.9% to 21.6%,
depending on the source of funding.
The primary housing market accounted for the majority of
mortgage lending, with 74% of total loans directed toward newly
built housing. The remaining 26% went to purchases in the secondary
housing market.
According to Trend’s calculations, primary-market mortgage lending
amounted to approximately 13.54 trillion soums (around $1.1
billion), while secondary-market lending totaled about 4.76
trillion soums (around $402.3 million). The difference between the
two segments was therefore roughly 8.78 trillion soums (approx.
$742 million), with lending to new housing nearly 2.85 times higher
than lending to the secondary market.
The data also show that younger and middle-aged borrowers
accounted for most mortgage recipients. Borrowers aged 31-50
represented 64% of the total, while those aged 18-30 accounted for
26%.
Borrowers aged 18-30 represented approximately 15,400 people,
while the 31-50 age group accounted for about 37,900 borrowers.
Together, the two groups represented 90%, or roughly 53,300
individuals, of all mortgage borrowers during the eight-month
period.
The average mortgage size can also be estimated from the total
lending volume and number of borrowers. Calculations show that 18.3
trillion soums (around $1.5 billion) distributed among 59,200
borrowers corresponds to an average mortgage of approximately 309
million soums (approx. $26.113) per borrower. This is an aggregate
average and does not indicate the typical loan size for an
individual borrower.
The increase in total mortgage lending of 4.9 trillion soums
(about $414 million) indicates continued expansion in housing
finance compared with the same period of 2025. At the same time,
the dominant share of lending to the primary market points to
sustained financing demand for newly constructed housing.
Uzbekistan’s mortgage market in January-August 2026 was
characterized by both higher lending volumes and strong
concentration in the primary housing segment. Interest rates
remained relatively high, while the distribution of borrowers
indicates that people aged 18-50 accounted for the overwhelming
majority of mortgage demand.
