The Center for Economic Research and Reforms (CERR) has published an analysis of developments in Uzbekistan’s real estate market. As of the first half of 2025, sales increased by 10.6% compared to the same period last year, reaching 136.5 thousand housing units.
In June alone, 21,000 real estate transactions were registered, an increase of 3.7% compared to the same period last year.
Regional dynamics in the real estate sector remained stable over the first half of the year. The highest growth in activity was observed in Jizzakh (29.9%), Navoi (18.3%) and Surkhandarya (17.7%) regions. Meanwhile, a slight decrease in transaction volumes was recorded in Tashkent region (-2.6%).
In June, the average market price for housing on the secondary market in Uzbekistan increased by 0.3% compared to the previous month. On a year-on-year basis, prices rose by 1.8%, reflecting the ongoing stability of this segment despite a slowdown in short-term dynamics.
At the regional level, Jizzakh region maintained the highest annual price growth rate at 11.7%, despite a moderate monthly decline of -1.3% in June. Positive year-on-year trends were also observed in Surkhandarya (10.9%), Khorezm (7.3%), Namangan (7.1%), and the Republic of Karakalpakstan (9.3%), indicating continued demand for secondary housing in these areas.
In Tashkent, the most active market in the country, the average price for secondary housing declined by 4.8% year-on-year, while prices for newly built housing fell by only 1.6%. Since June last year, the largest price decreases in the secondary market were recorded in the Mirzo-Ulugbek (-7.6%), Yashnabad (-7.3%), and Chilanzar (-6.9%) districts.
In the primary housing segment, the sharpest year-on-year declines were observed in the Uchtepa (-9.7%), Yunusabad (-8.8%), and Shaykhantakhur (-7.7%) districts.
In June, the rental market in Tashkent remained stable, with the average rental rate unchanged from previous months at $8.1 per square meter. The highest rental rates continue to be observed in central districts such as Mirabad, Shaykhantakhur, and Yakkasaray, where the average stands at around $10.3 per square meter.
On an annual basis, average rental prices in Tashkent declined by 2.6%, with the most significant drops recorded in the Uchtepa, Yashnabad, and Chilanzar districts.
Jaloliddin Usmonov, CERR
CERR Public Relations Service
Tel: (78) 150 02 02 (417)
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