In Uzbekistan, the ability of the population to purchase housing has improved significantly.
In Uzbekistan, financial conditions eased in 2025, and the banking system maintained sufficient buffers to address potential risks, Zamin.uz reported.
According to an analytical review by the Central Bank, households’ ability to purchase housing improved significantly, and the number of transactions related to real estate increased. However, the quality of microloans and households’ debt burden in this segment remain key concerns.
Key indicators in the banking system turned positive. As of January 1, 2026, compared to the previous period, the country’s GDP growth reached 7.7%, while inflation stood at 7.3%.
The share of problematic loans in the system declined to 3%. The capital adequacy ratio rose to 18.3%, and the liquidity coverage ratio reached 208%.
Based on Central Bank analyses, rising bank profitability, growth in deposits, and a decline in dollarization in the economy have further strengthened financial stability. A decrease in housing prices in national currency was observed.
In 2025, real estate prices aligned with key macroeconomic indicators. Although housing prices in soms decreased by 4.8% over the year, prices in dollar equivalent increased by 1.5% due to the strengthening of the national currency exchange rate.
This situation reflects how market changes appear differently depending on the currency in which prices are denominated. Households’ ability to purchase housing is also improving.
During the reporting period, nominal wages increased by 19%. As a result, the housing affordability index rose from 115% to 126%.
This improvement was positively influenced by both income growth and the easing of mortgage conditions. The number of notarized real estate purchase and sale agreements increased by 15%, reaching 295,000.
Although the overall debt burden decreased, risks related to microloans remain significant. The ratio of households’ debt service expenses to income declined from 38% to 37%, indicating a slight easing of the overall debt burden.
However, in the microloan segment, debt burden is rising and credit quality is deteriorating, requiring continuous monitoring.
Potential risks that could affect the banking system in the future also exist. Stress test results show that under a positive scenario, the banking system would maintain its stability.
However, in the event of sharp adverse economic conditions, some banks’ capital indicators could approach minimum requirements. The Central Bank identifies global financial tightening, cybersecurity threats, and the economic consequences of climate change as key risks.
To mitigate these risks, the regulator is considering measures to strengthen capital buffers and tighten lending requirements.
