According to data from the National Statistical Committee, the volume of investment in fixed capital in Uzbekistan for the period from January to June 2026 amounted to 338.9 trillion soums, with the indicator showing a growth of 17.5% compared to the same period last year.
Foreign investments and unsecured foreign loans accounted for the largest share of the financing structure, reaching 235.6 trillion soums. Own funds of enterprises provided for the use of investments amounting to 38.6 trillion soums.
Additionally, foreign loans guaranteed by the Republic of Uzbekistan totaled 23.4 trillion soums, and household funds amounted to 19 trillion soums. A total of 16 trillion soums was allocated from the republican budget for fixed capital investments.
Other sources of financing included commercial bank loans and other borrowed funds, which amounted to 4.8 trillion soums, as well as funds from the Reconstruction and Development Fund, reaching 1.4 trillion soums.
The real estate market in Uzbekistan is showing steady growth. In the first six months of 2026, over 171 thousand transactions for the purchase and sale of housing and other real estate were registered in the country, exceeding last year's figure by 25.3%.
According to information from the Center for Economic Research and Reforms, after some slowdown in activity in April and May, the market has become active again. In June, more than 25 thousand transactions were recorded, which is 23% more than in the previous month. Compared to June 2025, the growth in June was 20.4%.
Growth is observed in all regions of the country. The largest increase compared to May was demonstrated by Bukhara Region (growth of 50.1%), Navoi Region (growth of 41.5%), and Samarkand Region (growth of 31.8%).
When comparing with June of last year, Tashkent became the leader in the number of transactions, where growth of 35.7% was noted. Significant growth was also shown by Syrdarya Region (26.9%), Navoi Region (26.3%), and Karakalpakstan (23.3%).
Approximately one-third of all transactions made in June were concentrated in the capital. About 7.8 thousand transactions were registered in Tashkent during this month, accounting for 30.8% of the total transactions across the country.
Overall, the number of transactions increased in all regions of Uzbekistan during the first half of the year. The highest growth rates since the beginning of the year were recorded in Syrdarya Region (36.4%), Tashkent (34.9%), and Navoi Region (30%). More modest figures were noted in Khorezm Region (16.7%), Bukhara Region (15.4%), and Fergana Region (12.1%).
Previously, the National Committee on Statistics of Uzbekistan made changes to the methodology for calculating housing price indices. These adjustments affected both the methodology and the data sources. Now, when determining property value, specific characteristics of the objects will be taken into account, and private houses have been included in the calculation for the first time.
According to data on the efficiency of the banking sector, the total assets of commercial banks in Uzbekistan reached 1,005.8 trillion soums as of July 1, 2026. This figure demonstrates an 18% growth compared to 852.2 trillion soums recorded on the same day in 2025.
During the reporting period, the banks' loan portfolio increased by 12%, amounting to 642.8 trillion soums. Deposits showed a more significant growth—33%, reaching 473.8 trillion soums, while total capital grew by 19% to 148.9 trillion soums.
The asset structure underwent changes: the share of foreign currency in total assets decreased from 40% to 35%, and in loans—from 42% to 39%, and in deposits—from 24% to 19%. The increase in the share of figures denominated in soums relative to foreign currency data indicates the activation of operations in the national currency.
State banks maintain a dominant position in the financial system, controlling 62% of assets, 66% of loans, 58% of capital, and 52% of deposits. The National Bank of Uzbekistan (NBU) remains the country's largest bank with assets of 146.5 trillion soums, accounting for 15% of the market. It is followed by Agrobank with 118.4 trillion soums (12%) and Uzpromstroybank with 108.5 trillion soums (11%).
Among the other banks, Asaka Bank leads in assets with 62.5 trillion soums, followed by Xalq Bank (57.8 trillion soums), Business Development Bank (41.2 trillion soums), Aloqabank (36.7 trillion soums), Microcreditbank (34.4 trillion soums), and Turon Bank (22 trillion soums). Among non-state-owned banks, Kapitalbank leads with assets of 62.7 trillion soums, followed by Ipoteka-bank with 56.7 trillion soums.
Kapitalbank ranks third in terms of deposit volume in the country, having collected 47.3 trillion soums, trailing only NBU and Agrobank. Octobank, with relatively modest assets of 16.5 trillion soums, holds deposits of 14.8 trillion soums, which almost covers its entire balance and indicates a deposit-oriented business model.
Retail clients remain the segment with the largest volume of borrowers. Lending to individuals grew by 20%, increasing from 196.9 trillion to 235.9 trillion soums, raising their share in the total loan portfolio from 34% to 37%, making it the largest borrower category. Industrial lending decreased by 13%, falling from 157.6 trillion to 137.6 trillion soums, and the industry's share dropped from 27% to 21%. Industry became the only major sector to record an absolute decrease, alongside housing construction and utilities, which fell by 8% to 1.9 trillion soums.
Lending in trade and public services increased by 23%, reaching 49.3 trillion soums. Construction showed a growth of 37%, amounting to 20.9 trillion soums, while agriculture grew by 14% to 66.3 trillion soums. The 'other sectors' category increased by 36%, reaching 92.4 trillion soums. Lending to transport and communications remained virtually unchanged, showing only a 1% growth to 33.9 trillion soums.
Of the total loan portfolio of 642.8 trillion soums as of July 1, 2026, retail loans accounted for 235.9 trillion soums (37%), while corporate loans made up 406.9 trillion soums (63%). Ipoteka-bank became the largest lender to retail clients, issuing individual loans totaling 29.5 trillion soums, and Xalq Bank took second place with 25.5 trillion soums. NBU continues to be the largest corporate lender, providing 83.6 trillion soums in loans to legal entities.
Regarding deposits, Kapitalbank leads in retail deposits with an amount of 28.1 trillion soums, higher than any other bank in the country, including the largest state institutions. NBU is the largest holder of corporate deposits, accumulating 39.4 trillion soums.
According to the Central Bank, in the first half of 2026, the volume of mortgage loans issued by banks in Uzbekistan reached 13.1 trillion soms. This figure exceeds the amount for the same period last year by 3.7 trillion soms, which is a growth of almost 39%. The number of people who received mortgage loans increased from 31,589 to 42,575 people, an increase of 10,986 borrowers, or 34.8%. At the same time, the average loan size slightly increased, rising from approximately 299 million to 308 million soms.
A significant part of the lending was directed towards purchasing housing on the primary market—9.8 trillion soms, accounting for 75% of the total volume. 31,995 people obtained mortgages in the primary market. Last year, the share of the primary market also accounted for 75% of lending, with 6.93 trillion soms in loans issued to 23,596 borrowers.
On the secondary market, 3.3 trillion soms in loans were provided to 10,580 citizens. Compared to the first half of 2025, when this figure was 2.51 trillion soms for 7,993 people, the share of the secondary market remained at 25%.
The largest volume of mortgage loans was allocated in Tashkent—4.01 trillion soms, demonstrating a growth of approximately 36% compared to the previous year (2.96 trillion soms). The second place was held by the Andijan region with an amount of 1.11 trillion soms versus 747.2 billion soms the previous year. Following in terms of lending volume are Kashkadarya region (963 billion soms), Fergana region (888 billion soms), and Surkhandarya region (834 billion soms).
The smallest lending volumes were recorded in Syrdarya region (356 billion soms), Jizzakh region (414 billion soms), Bukhara region (505 billion soms), and Karakalpakstan (508 billion soms).
The largest lender among banks is recognized as Xalq Banki (People's Bank), which issued mortgages worth 2.2 trillion soms. It is followed by 'Agrobank' (1.96 trillion soms), 'Milliy Bank' (1.68 trillion soms), 'Ipoteka-bank' (1.58 trillion soms), and 'Uzpromstroybank' (1.29 trillion soms).
Among mortgage recipients, men accounted for 54%, and women for 46%, which is a change from last year when the ratio was 61% and 39% respectively. The main mass of borrowers consists of citizens aged 31 to 50 years, who accounted for 65% of all loans, or 27,516 people. Another 25% of recipients, namely 10,903 people, were in the age group of 18 to 30 years, and 10% were over 50 years old.
The average interest rate for mortgages financed from the republican budget was 16.8%, down from 17.5%. Rates for funds from the Uzbekistan Mortgage Refinancing Company reached 21.6%, while the banks' own funds showed a decrease from 23.5% to 20.1%.
Previously, in the first quarter, there was a noted increase in real estate transactions by 48.4% before the introduction of escrow accounts. The volume of mortgages during this period increased by 29%, and construction by 15.5%. Apartment prices in new buildings rose by 8.1% in dollar terms, and in the secondary market by 9.4% in soms (although the growth rate in soms was lower). It is worth noting that land in Tashkent became cheaper. Previously, in the Central Bank's 2025 review, it was indicated that apartment prices in Tashkent were growing in dollars but remained almost unchanged in soms.
