What was the real estate market like in 2023 in the CERR overview

What was the real estate market like in 2023 in the CERR overview

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

Real estate sales in Uzbekistan increased by 5.7% in 2023. During the year, 272.4 thousand apartments were sold, which exceeded last year's figures of 257 thousand transactions.

Leaders of the geographical rating

A significant increase in the volume of transactions was noted in the Republic of Karakalpakstan, which surpassed all regions in terms of growth, second only to the Kashkadarya region, 16.8% and 17.1%, respectively.

In all regions, there was an increase in housing sales operations, only in the capital activity decreased slightly – by 2.7%.

Without doubt, the growth in real estate sales was facilitated by the development of the mortgage market in Uzbekistan, which grew by almost 17% over the year, when banks issued loans to the population in the amount of 16.9 trillion sums.

The situation on the housing rental market in Tashkent

The capital's rental housing market has stabilized in 2023. In general, over the year, the average rental price in Tashkent decreased by 10.2% and amounted to $9.2 per sq. m., whereas a year earlier, rent in the capital increased by 34.6%.

It is noteworthy that the decrease in the cost of rent was noted in all districts of the capital.

On average, it is most expensive to rent a house in Shaikhantakhur ($11.8), Yakkasaray ($10.8) and Mirabad ($11.4) districts.

Relatively low rental prices were recorded in Uchtepa ($7.9), Sergeli ($6.9) and Bektemir ($5.7) districts.

The secondary real estate market

The price parameters in the secondary housing market have changed markedly. Over the year, the secondary market grew by 17.5%. At the same time, in the first half of the year, the average monthly growth was 1.8%, and in the second – 1%.

Mortgage lending for secondary loans has almost doubled over the year and amounted to 7.1 trillion sums.

Compared to last year, the largest increase in housing prices in the secondary market was recorded in Khorezm (30.1%), Tashkent (28.9%) and Bukhara (24.5%) regions.

High prices for secondary housing are noted in the capital – $1,123 per square meter, as well as in Samarkand ($714) and Tashkent ($627) regions.

At the same time, more affordable housing prices in the Republic of Karakalpakstan ($314), Syrdarya ($348) and Jizzakh ($380) regions.

For reference: The review of the real estate market of 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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