Tashkent, Uzbekistan – Podrobno.uz. The Ministry of Justice has not ruled out that the transition to an escrow account system could lead to higher housing prices in Uzbekistan. This was stated by Jamshid Mirzayev, head of the Economic Legislation Department of the Ministry, at a meeting of the People's Democratic Party faction.

During the discussion, deputy Anvarkhon Temirov raised the question of whether mandatory bank financing would increase construction costs. The ministry official said that four scientific organizations had studied this aspect and confirmed the likelihood of price increases.

The reason for the possible rise in prices is a change in the financial model. Currently, developers directly manage shareholders' funds, using them as interest-free resources. After the introduction of the new mechanism, buyers' funds will be frozen in bank accounts until the project is completed. To carry out construction, developers will have to take out bank loans and pay interest on them.

The Ministry emphasized that the key goal of the innovation is the complete protection of citizens' funds. All payments from buyers, including mortgages and government subsidies, will be accumulated in escrow accounts in an authorized bank, and the developer can only withdraw them after fulfilling all obligations. In the event of construction failure, the buyer is guaranteed to get their money back.

Source: podrobno.uz