In 2022, housing prices in Uzbekistan will increase several times higher than the income of the population. Central Bank Chairman Mamarizo Nurmurodov announced this at a press conference held on January 26, "Daryo" correspondent reports.
The chairman said that there were several factors that influenced the increase in housing prices last year.
"In 2022, the stability of the labour market, the growth of the population's income by a meagre 9%, and the high growth rates of cross-border money transfers led to the high demand for goods and real estate. This, in turn, had a certain impact on the price growth of the secondary housing market which was around 28 percent," the chairman of the Central Bank said.
“There are also supply-side inflationary risks. The stoppage and resumption of methane supply may trigger the gas price spike. Anomalous cold is likely to have a negative impact on the expected harvesting season too. The introduction of certain restrictions on the export of our main trading partners, which deliver them to us, will also affect inflation.
The next risk is related to the prices of construction materials. The current natural gas outages may cause shortages in the supply of construction materials, which could lead to higher prices for these products in the future. The increase in the volume of remittances is also a risk that puts pressure on inflation," the head of the Central Bank concluded.
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