Tashkent real estate rebounds in April with transaction growth

After two consecutive months of decline, the Tashkent real estate market showed signs of steady recovery in April. According to a report by the Center for Economic Research and Reforms, the total number of transactions increased by 20% during the month, reaching 24,000 deals.

The report also noted that regional market dynamics across Uzbekistan were robust, with every region recording growth in transaction volume. In particular, the highest increases in activity were observed in Namangan (39%), Samarkand (29%), and Bukhara (27%).

In the secondary housing market, average home prices rose by 1.3% compared to March. On an annual basis, prices increased by 2.4%, with notably strong growth recorded in Jizzakh, Surkhandarya, and Khorezm regions, as well as in the Republic of Karakalpakstan.

Within Tashkent city, the real estate market maintained stable overall conditions in April. In the secondary market, average home prices changed minimally—with a slight decrease of 0.3%—but both primary and secondary market segments registered year-over-year declines. Average prices in the secondary market dropped by 6.3%, while the primary market saw a decrease of 4.2%.

The largest price declines in the secondary market were seen in the Chilanzar (10.7%), Mirzo Ulugbek (9.4%), and Yashnabad (8.2%) districts. In the primary market, the steepest declines occurred in Uchtepa (15.3%), Shaykhontokhur (13.3%), and Yunusabad (8.8%) districts.

Rental prices in Tashkent remained stable in April. The average rental rate held steady at US $8.1 per square meter, matching the previous month’s level. However, rent remains relatively high in certain districts, with rates averaging around US $10.4 per square meter in Mirabad, Shaykhontokhur, and Yakkasaray.

Annually, the pace of rental price decline has gradually slowed to 3%, with the most significant decreases noted in Uchtepa, Yunusabad, and Mirzo-Ulugbek districts.

It is also worth noting that there were earlier announcements regarding the introduction of a mass appraisal system in Uzbekistan. This system is intended to provide a more accurate assessment of market values for real estate assets.