2025-04 The impact of the transition to escrow plans on the Tashkent development market: a financial modelling perspective
Authors: Andrey Artemenkov, Alessandro Saccal, Omonjon Ganiev, Feruza Yodgorova
KEY MESSAGE
• Introduction of escrow schemes policy for financing new residential construction in Tashkent.
• The bank will only release the buyers' funds held in escrow to the developer as a lump sum amount after construction is completed and the property is registered.
• Micro-economic approach was applied in our analysis, specifically a comparative three-statement financial modelling methodology to analyse the development process for a standardized mixed-use but predominantly residential development in central Tashkent.
• Results are obtained for key model outputs assuming the disappearance of DDY-related discounts for advance payments upon transition to escrow plans.
Recommended citation:
Artemenkov, A., Saccal, A., Ganiev, O. and Yodgorova, F. (2025). The impact of the transition to escrow plans on the Tashkent development market: a financial modelling perspective. CPRO Policy Brief 2025-04. https://doi.org/10.70735/UIQI2260
