Banks to directly buy commercial real estate from developers for leasing

Banks will have the opportunity to directly purchase real estate from developers and lease it to entrepreneurs on favorable terms. This was announced during a meeting chaired by President Shavkat Mirziyoyev, which highlighted the achievements of 2024 and outlined key objectives for 2025 in advancing the service sector.

This initiative is expected to bring 50,000 square meters of commercial space into circulation, generate 70 billion UZS for the budget, and create 100,000-150,000 new jobs. Additionally, the lease prices will be 15-20% lower than typical rental rates.

It was noted that over the past three years, 3,000 multi-apartment buildings were commissioned, and the area of commercial properties increased by 38 million square meters.

Developers are now permitted to convert 10-15% of land in new districts into commercial real estate. Developers are eager to sell these properties, while retail and service networks are looking to rent or lease them. However, there has been no system connecting these two groups.

As a result, the proposal from banks to directly purchase such properties from developers has been approved.

Authorities have been tasked with working together with developers to prepare a package of projects worth 4 trillion UZS for leasing commercial properties to industry entrepreneurs.

#real estate #leasing