Analytics

Uzbekistan's real estate market in April: increased activity and annual increase in secondary prices

13.05.2024 13:25
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CERR experts summed up the results of April in the domestic housing market. After a slight decline in March, April was marked by a revival of the situation: activity is returning to the market - deals are going up. The rental market, on the contrary, shows a downward trend.

The Center for Economic Research and Reforms (CERR) in its regular overview analyzes the changes that have occurred in the real estate market.

Activity in the housing market of Uzbekistan was replaced by growth in April. So, in April, the number of transactions increased by 11.2%, sales amounted to 20 thousand transactions.

However, the April result was lower than last year's levels: year-on-year sales decreased by 2%.

The situation in the regional housing market

Regionally, the largest growth in real estate market activity was recorded in Navoi and Syrdarya regions by 24 and 22.3%, as well as in the Republic of Karakalpakstan by 23.5%.

In the capital's housing market, the number of transactions increased by 6.5% over the month.

The situation on the housing rental market in Tashkent

In April, the capital's rental market again showed a downward trend. Purchasing activity decreased by 4.6%, and the cost of 1 square meter of housing amounted to $8.3.

Rents are still high in Mirabad, Shaikhantakhur and Yakkasaray districts, where the average rent will cost $10.4 per square meter.

Relatively affordable rental housing remains in Almazar, Sergeli and Bektemir districts, the average rental price in these areas fluctuates at $6.3 per square meter.

At the same time, compared to April last year, the rental market in Tashkent shrank by 6.9%. Thus, the areas where the most price reductions were noted were Yashnabad by 11.6%, Yakkasaray by 11.1% and Shaikhantakhur by 10.5%.

The secondary housing market

In April, prices for secondary housing decreased slightly by 0.7%, while in annual terms, prices for secondary housing increased by 11.6%.

The regions with the highest increase in prices for secondary housing were Tashkent – 23.6%, Bukhara – 21.3% and Khorezm – 20.5% regions.

In turn, the growth of prices for secondary housing in the capital accelerated. If in March the average prices for secondary housing in Tashkent increased by only 0.2%, then in April by 1.1%, respectively.

The highest rates of price growth were noted in Bektemir – 3.8%, Yakkasaray – 3.6% and Chilanzar – 3.1% districts.