Uzbekistan's real estate market records its strongest growth in 2 years

July was one of the most active months for Uzbekistan’s real estate market in the last two years, with housing sales rising by 25 percent compared to June and by 14.2 percent year-on-year, the Center for Economic Research and Reforms reported.

Housing market activity grew in all regions of the country. The highest increases were recorded in Surkhandarya (41 percent), Syrdarya (35.3 percent) and Kashkadarya (33.7 percent). In Tashkent, activity rose by 24.6 percent.

The average market value of housing in the secondary market accelerated in July. After a modest growth of 0.3 percent in June, prices rose by 1.7 percent in July. Year-on-year, housing prices were up 3.3 percent.

By region, the sharpest annual increases in housing prices since last July were recorded in Jizzakh (15.2 percent), Surkhandarya (14.1 percent) and Khorezm (9.6 percent).

In Tashkent city, the market maintained its annual downward trend, despite a slight monthly increase. In July, the average price of secondary housing rose by 0.8 percent, but compared to last year, secondary housing prices fell by 3.2 percent, while primary housing prices decreased by 0.9 percent. The steepest declines in secondary housing were recorded in Mirzo Ulugbek (-8.2 percent), Yashnabad (-4.5 percent) and Yunusabad (-4.2 percent) districts.

Among primary housing, prices fell most sharply in Uchtepa (-8.8 percent), Yunusabad (-6.7 percent) and Shaykhantohur (-4.7 percent). Rental prices in Tashkent remained stable in July, averaging $8 per square meter. The highest rental prices were observed in Mirabad, Shaykhantohur and Yakkasaroy districts, where they averaged $10.3 per square meter.

On an annual basis, the average rental price in the capital fell by 2.8 percent. The largest decreases were in Uchtepa, Yashnabad and Mirzo Ulugbek districts.

As of June, the price of one hectare of land in Tashkent amounted to 334 million soums, which is 2.5 percent lower than last year. Housing prices also showed a decline.