The Government of Uzbekistan has adopted an important series of initiatives to create a market-based housing finance system, yet recognizes that there remains much work to be done. Reforms started with privatization of housing in the 1990s, and furthered most recently with the adoption of the President’s Resolution “On Further Development of the Housing Market.” There is broad recognition of the need to develop housing markets and finance, particularly given the demand for housing, and the potential as a stimulus for employment and investment in the production of building materials, durable goods, and banking services. Since real estate and construction are largely a non-tradable industry, the local multiplier effect of investment is enhanced as most of the investment benefits the domestic economy. In spite of these reforms, the current financial system and real estate markets remain seriously deficient.