Commercial banks in Uzbekistan will be entitled to directly purchase commercial real estate from developers. This was discussed at a government meeting development of the services market chaired by the president Mirziyoyev today.
3,000 apartment buildings have been completed in Uzbekistan over the past three years, and the surface of commercial real estate has risen by 38 million sqm.
The president approved a mechanism by which banks will be able to directly purchase commercial real estate from developers and then transfer it to business entities for rent or lease on favorable terms.
This will result in 50 thousand sqm of commercial premises entering the market, the state budget will receive 70 billion soums in revenue, with 100-150 thousand jobs to be created.
Leasing will be at least 15-20% cheaper than rent, which will make commercial real estate more accessible to business, the president said.
Shavkat Mirziyoyev instructed responsible bodies to prepare a package of projects worth 4 trillion soums together with developers, within the framework of which commercial real estate will be leased in the sectors assigned to them.
He underscored that the service sector development program adopted three years ago is already yielding concrete results. In particular, an additional 1.5 million permanent jobs were created in the services sector, and the sector's market value has grown 3.5 times - from 19 billion (in 2018) to US$ 65 billion.
