Housing and land prices decline in Tashkent

north_east

Real estate business: When will money 'come by itself'?

As of June 2025, the price of one hectare of land in Tashkent stood at 334 million soums—2.5 percent lower than the same period last year. Housing prices in the capital have also declined, according to the Central Bank's analytical report on the real estate market.

The report notes that the average price per square meter in Tashkent’s secondary housing market fell from 15.4 million soums in April to 14.9 million soums by the end of June. Land prices followed a similar trend, with the average cost per hectare dropping to 334 million soums in the first half of the year, compared to 342 million soums in the same period of 2024.

Despite the price decrease, overall activity in the real estate market remained high. In the first half of 2025, a total of 177,500 real estate transactions were registered across Uzbekistan—an increase of 10.7 percent year-on-year. Of these, 148,400 transactions involved the direct purchase and sale of housing, up by 12.1 percent compared to last year.

Mortgage lending also saw significant growth. In the second quarter, mortgage issuance rose by 36 percent compared to the same period in 2024. Of all mortgages issued, 74 percent were allocated for the purchase of newly built housing, up from 57 percent a year earlier.

Nationally, housing prices in the primary market rose by an average of 2.6 percent annually, while secondary market prices increased by 2.5 percent. However, price growth was notably slower—or even negative—in Tashkent and some other major regions. In the rental market, average prices in Tashkent fell by 6.1 percent year-on-year.

Meanwhile, the supply of construction materials has remained stable despite seasonal fluctuations. However, prices for materials used in home servicing and repairs have increased slightly. In June, these prices were 5 percent higher than in the same month of 2024.

The Central Bank notes that high market activity in the second quarter was driven by the growing number of transactions and the expansion of mortgage lending. The increased housing supply and improved purchasing power are helping to sustain demand, contributing to a balanced development of prices and overall market stability.

It should be noted that earlier reports indicated housing sales in Uzbekistan rose by 10.6 percent in the first half of 2025, totaling 136,500 units.