Uzbekistan Real Estate Market Overview by the End of February

Uzbekistan Real Estate Market Overview by the End of February

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

In February, the real estate market in Uzbekistan was characterized by an upsurge in activity, the main factor of which was the expansion of economic activity.

During the period under review, 22.2 thousand contracts for the purchase and sale of real estate were concluded. Compared to last month, this figure increased by 2%.

Leaders of the regional rating

The decline in activity noted at the beginning of the year in a number of regions fully recovered in February. High growth rates were recorded in Tashkent – 14%, Andijan – 16% and Ferghana – 13% regions.

The situation on the housing rental market in Tashkent

The housing rental market has seen a slowdown in the depreciation. If in January the rental market decreased by 2.2%, then in February it was already 1.1% and amounted to $8.9 per 1 sq. m.

In annual terms, the largest decrease in rent was noted in Almazar, Shaikhantakhur and Yakkasaray districts, from 13 to 18%.

It is noteworthy that during the month rent increased in the Bektemir and Shaikhantakhur districts, it became more expensive to rent an apartment here by 3.5% and 2.5%, respectively.

The largest decrease in rent was noted in Yashnabad by 6.3% and Chilanzar districts by 5.7%.

The rental price is still high in Shaikhantakhur, Yakkasaray and Mirabad districts, where it will cost an average of $11 per square meter to rent a house.

Relatively affordable rental housing continues to remain in the Uchtepa, Sergeli and Bektemir districts and ranges from $6 to $8 per square meter.

Price parameters in the secondary market

In February, the secondary housing market grew by 0.8%. In annual terms, secondary prices increased by 14.1%.

The most noticeable growth was recorded in Tashkent – 26.0%, Bukhara – 24.1% and Andijan – 24.0% regions.

In Tashkent, average prices for secondary housing increased by 1.6% over the month, amounting to $1,140. A noticeable increase in prices was noted in three metropolitan areas, Mirabad, Yashnabad, Yakkasaray from 2 to 6%.

At the same time, secondary housing has become cheaper in the Bektemir and Uchtepa districts by 1.1% and 0.4%, respectively.

In general, the secondary housing market in Tashkent grew by 17.3% over the year. At the same time, there was a slowdown in growth rates by 2.7 percentage points.

CERR Public Relations Service

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