Housing market in Uzbekistan: Positive trends and regional growth

In Tashkent and regional centers, the real estate market has increased activity, the market is regaining its position, and significant growth has been observed in the regions. This was reported by the Center for Economic Research and Reforms.

It is noted that price changes in the secondary housing market have ensured an annual growth of 6 percent, as a result of which a positive trend is observed in the market.

In November, the real estate market recorded a positive trend. The number of purchase and sale contracts amounted to 21.9 thousand, an increase of 2.5 percent compared to October.

Also, activity in the real estate market increased by 0.8 percent on an annual basis.

The growth in registered real estate transactions by region last month was recorded in Khorezm and Bukhara regions, by 15.6 percent and 8.4 percent, respectively.

Tashkent, as the capital, accounted for more than 30 percent of the total real estate market, with activity increasing by 9.3 percent. Over the month, secondary housing prices in the republic remained almost unchanged (up 0.3 percent), registering a 6.2 percent increase compared to the previous year.

By region, secondary housing prices increased significantly in Surkhandarya (18.1 percent), Bukhara (11.9 percent), and Kashkadarya (10.2 percent) regions.

The most affordable prices for secondary housing were observed in the Republic of Karakalpakstan, where the average price per square meter was $333.

The average price of secondary housing in Tashkent increased by 0.2 percent during the month, amounting to just over $1,100. A significant increase in prices was noted in the Bektemir (4.4 percent), Yashnabad (2.4 percent), and Shaykhantohur (2.2 percent) districts of the capital.

The average cost of one square meter of housing in the secondary market across the republic increased by 6.2 percent during the year, while a decrease of 1.5 percent was observed in Tashkent city.

In November, stagnation was noted in the rental market in Tashkent city. The average rental price per square meter was $8.3, which corresponds to the indicator for June of this year.

Rental prices remain high in the Mirabad, Shaykhantohur, and Yakkasaroy districts of the capital, where the average rental price per square meter is $10-11.

At the same time, the average rental price in Tashkent decreased by 10.7 percent compared to the previous year. The largest price declines over the year were recorded in Uchtepa (14.5 percent), Yashnabad (14.3 percent), and Yunusabad (13.8 percent) districts.

It should be noted that in October, housing rental prices decreased in 5 of the 14 central districts of Tashkent. The largest decrease was observed in Sergeli and Uchtepa districts, where rental prices decreased by an average of 4.5 percent. Rental prices remained high in Mirabad, Shaykhantohur, and Yakkasaroy districts, where the average price was $10-11 per square meter.