November report highlights falling rental prices in Tashkent

According to a report by the Institute of Macroeconomic and Territorial Research, in November 2024, rental prices for housing in Tashkent experienced a notable decrease.

During this period, the average cost of renting renovated apartments in the city fell by 1.3% compared to October, while prices for fully renovated apartments remained largely stable.

The report highlighted variations across apartment types. Rental prices for renovated one-room apartments decreased by 0.9%, two-room apartments by 1.3%, and four-room flats by 3.9%. However, a slight increase of 0.8% was recorded for three-room flats. This indicates shifting demand dynamics in the rental market, with smaller and larger apartments showing price declines, while medium-sized ones gained slight traction.

Affordable rental options for moderately renovated apartments were found in districts such as Sergeli and Almazar. In Sergeli, one-room apartments averaged $298, while four-room flats were priced at $411. In Almazar, one-room units averaged $330, and four-room units reached $479. On the other hand, the most expensive districts were Mirabad and Yakkasaroy, where one-room apartments cost $378 and $367, respectively, while four-room units went up to $865 and $743.

Rental prices showed little change for fully renovated housing. The average cost of a two-room apartment remained steady at $559, while three-room apartments stayed at $733. A slight increase of 0.6% was observed in the prices of one-room apartments, while four-room flats, which are less in demand, saw a 0.9% decline. Sergeli and Uchtepa districts remained the most affordable for fully renovated units, with one-room flats priced at $331 and $353, respectively. Conversely, Mirabad and Shaykhantohur districts recorded the highest prices, with four-room apartments costing $1,313 and $1,258, respectively.

In October, housing rental prices had already shown declines in five of Tashkent’s 14 districts. The largest decreases were noted in Sergeli and Uchtepa districts, where rental prices dropped by an average of 4.5%. However, prices in central districts such as Mirabad, Shaykhantohur, and Yakkasaroy remained high, averaging $10 to $11 per square meter. These trends suggest increasing affordability in outer districts, while central areas continue to maintain their premium status due to higher demand and location advantages.