The real estate market in Uzbekistan continued to decline. According to an analysis by the Center for Economic Research and Reforms, 21.2 thousand real estate purchase and sale transactions were registered in September, which is 4.2% less than in August, when the decrease was 3.5%.
In annual terms, there is a more noticeable decrease in activity. Compared to September last year, home sales decreased by 9%.
In 3Q 2024, home sales for the year decreased by 13% and amounted to 66.5 thousand.
Regionally, the largest decrease in real estate transactions in September was recorded in the Jizzakh, Tashkent and Samarkand regions by 20%, 14% and 13%, respectively.
The results of the third quarter showed that the largest decrease in activity in the real estate market was noted in Tashkent – by 25.7%, Bukhara – 24.3% and Namangan – by 18.7% regions.
In September of this year, prices for secondary housing in the republic remained virtually unchanged, with a slight increase of 0.1%.
For the year, the average cost of housing per 1 sq. m. in the secondary market increased by 6.7%.
At the same time, a significant increase in the cost of recycling was noted in Khorezm – by 19.5%, Bukhara – by 12.5% and Samarkand – by 10% regions.
In Tashkent, in September, prices on the secondary market decreased by 1%.
The largest decrease was noted in Mirzo-Ulugbek by 2.5% and Yunusabad districts by 2.4%. Price increases were noted only in two districts – in Yakkasaray by 1.1% and Shaikhantakhur by 0.3%.
Over the year, the average price of secondary housing in Tashkent increased by 1.8%.
Stabilization of the situation in the rental housing market in Tashkent continued in September. The average rental price increased by 1% and amounted to $8.3 per 1 sq. m, which is generally consistent with the indicator of the last and the month before last. Thus, in August-September, the rental housing market shows moderate growth, which indicates a stabilization of the situation.
In general, out of 14 metropolitan areas, the cost of renting housing has decreased in three. In Almazar district, rent decreased by 14.6%, in Uchtepa — by 7.4%, and in Bektemir — by 3.8%. At the same time, the largest price increases were noted in Shaikhontakhur and Yakkasaray districts, where rent increased by an average of 7% per month.
Differences in the cost of renting housing depending on the district of Tashkent also remain stable. High rental prices persist in Mirabad, Shaikhantakhur and Yakkasaray districts, where the average rent is about $10 per square meter.
Affordable rentals are still available in areas such as Bektemir and Sergeli, where the average rental will cost $6 per square meter.
In September last year, rental housing in Tashkent on average cost 8.4% higher than now, which indicates a general downward trend in this market segment.
At the same time, over the year, the most noticeable decrease in rent was noted in Yashnabad – by 16.2%, Almazar – by 12.2% and Yakkasaray – by 11% districts.
For reference: The overview of the real estate market in Uzbekistan is one of the research areas of the CERR, which presents the dynamics of activity in both the primary and secondary real estate markets. The data is presented both for the reporting month and for the period from the beginning of the year to the reporting month. In addition, data for the same period last year are provided to track market dynamics.
Jaloliddin Usmonov, CERR
CERR Public Relations Service
Tel: (78) 150 02 02 (417)
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