The CERR have regularly analyzed changes in the demand in Uzbekistan's real estate market. In January 2022, 17.7 thousand real estate contracts were concluded, a decrease of 2.4% compared to the same period in 2021. However, compared to January 2020, the increase was 15%.
Experts believe that activity in the real estate market regularly decreases at the beginning of each year, which is due to the seasonal factors. In January buyers do not usually search for property during New Year holidays and vocations. By spring, activity on the housing market recovers.
In terms of regions, the highest growth rates in January were observed in Kashkadarya (36.4%), Fergana (16%), Surkhandarya (11.1%) regions.
The decline in the number of transactions in the real estate market was recorded in the Tashkent region (-17.6%), the Republic of Karakalpakstan (-14.4%), as well as in the capital (-6.7%).
Fig. 1. Index of changes in the number of executed contracts for the purchase and sale of real estate
Fig. 2. The number of contracts concluded for the purchase and sale of real estate in Tashkent and Tashkent region
Changes in activity in the secondary housing market
According to the CERR analysis, average housing prices in the secondary market in January increased by 1.4% compared to the previous month (unchanged in December, in November the growth was 1.2%).
In terms of regions, the highest rates of growth in housing prices were observed in Fergana (5.2%), Andijan (5.0%) and Navoi (4.5%) regions, and in Jizzakh (-4.2%), Surkhandarya (-3.1%), Namangan (-2.3%) and Syrdarya (-2.1%) regions recorded a decrease in housing prices.
Experts note that housing prices in Tashkent increased by 2.4%. The largest increase in housing prices was observed in Mirzo-Ulugbek (5.0%), Mirabad (4.5%) and Yashnabad (4.3%) districts.
Prices decreased slightly in Uchtepa (-1.4%) and Almazar (0.7%) districts of the capital.
According to the Central Bank of the Republic of Uzbekistan, in 2021, the country's commercial banks issued 59.6 thousand mortgage loans for almost 9.8 trillion soums. This figure is 700 billion soums more than in 2020. As of January 1, 2022, the balance of mortgage loans accounted for 35.8 trillion soums.
Khalilullokh Khamidov, Head of the Sector, the CERR
Tel: (78) 150 02 02 (410)
Public Relations Service CERR
Tel: (78) 150 02 02 (417)