The Center for Economic Research and Reforms (CERR) presented an analysis of real estate market activity in Uzbekistan for 2024.
Throughout the year, the domestic real estate market demonstrated an average 6% decline in total sales, amounting to 256,500 transactions, which corresponds to the activity levels of 2022.
Starting from the second quarter of 2024, the sales volume stabilized within a range of 20,000 to 24,000 transactions per month, indicating a recovery in the market.
The most noticeable decline in real estate sales was observed in Navoi, Tashkent, and Bukhara regions, where the number of transactions decreased by an average of 14% over the year.
In Tashkent, the largest city in the republic, accounting for about 30% of the total real estate market, sales fell by 8.7%, which is 7,000 fewer transactions compared to the previous year.
Amid the general decline in activity, Andijan and Khorezm regions demonstrated 7% growth in sales, with the number of transactions increasing by 1,140 in Andijan and 860 in Khorezm, respectively.
The secondary real estate market showed a slowdown in activity, with housing prices increasing by 6.2% over the year, compared to a 17.5% growth in the previous year.
In the first half of the year, prices grew by 0.6% per month, but in the second half, the growth rate slowed to 0.4%.
Significant regional price differences were also noted on the secondary market. The most noticeable price growth occurred in the Syrdarya, Bukhara, and Jizzakh regions, with an average increase of 12%.
In Tashkent, the average price for secondary housing decreased by 2.3%, amounting to $1,100 per square meter.
High prices on the secondary market were recorded in the Samarkand and Tashkent regions, where the average cost per square meter was $750 and $660, respectively.
At the same time, the most affordable housing remained in the Republic of Karakalpakstan, where the average price per square meter on the secondary market was $327.
By the end of 2024, the average rent per square meter in Tashkent was $8.2, reflecting an 11.1% decline compared to the previous year.
The most significant decrease in rental prices was observed in the Almazar district, where rents dropped by 17%, followed by noticeable declines in the Shaykhantakhur and Chilanzar districts, both down by 15.4%.
The highest rental rates were recorded in the Mirabad, Shaykhantakhur, and Yakkasaray districts, averaging around $10 per square meter.
Meanwhile, the most affordable rental options were found in the Uchtepa, Sergeli, and Bektemir districts, where the average cost per square meter was $6.5.
For reference: the Real Estate Market Overview in Uzbekistan is one of the CERR's research areas, providing insights into the dynamics of activity in the primary and secondary real estate markets, as well as rental analysis.
Jaloliddin Usmonov, CERR
CERR Public Relations Service
Tel: (78) 150 02 02 (417)
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