Funds from the public for housing construction will be secured.

In 2024, the commissioning of multi-story buildings containing 100,000 apartments is planned, and in 2025, the construction of housing for an additional 120,000 families is scheduled.

However, against the backdrop of high demand in the construction sector, a problem of dishonest practices among entrepreneurs has emerged. The lack of an organized payment system, digitalization, and transparency creates conditions for abuse. Many citizens transfer funds for new housing directly to developers, bypassing banks, which fosters the growth of the shadow sector. Delays in the completion of projects are also common, leaving the funds contributed by citizens frozen. Participation agreements are not always officially registered and are often drafted in a way that protects the interests of unscrupulous developers.

In response to these issues, on September 23, the President instructed the development of a system that would ensure the protection of citizens' funds when purchasing housing. Relevant proposals were discussed during a recent presentation.

According to the proposed model, an escrow system, which has proven effective abroad, will be implemented. Within this framework, an escrow account will be opened in a commercial bank for each construction project, based on a contract between the client and the bank. All payments for real estate will be conducted through this account. Commercial banks will be able to provide developers with loans at a reduced rate based on the funds accumulated in the escrow account. Upon completion of the construction, the funds from this account will be transferred to the developer's account. If the developer fails to fulfill their obligations, the funds will be returned to the buyer. No enforcement actions will be applied to the funds in the escrow account.

The President approved the proposals and instructed to develop a legal framework for the implementation of this system, as well as to integrate it into the operations of ministries and agencies involved in the construction sector.