Current situation in the residential real estate market of Uzbekistan - CERR analysis

Current situation in the residential real estate market of Uzbekistan - CERR analysis

The Center for Economic Research and Reforms (CERR) regularly analyzes changes in the demand in Uzbekistan's real estate market.

In February 2022, the number of registered transactions of purchase and sale of housing in Uzbekistan accounted for 22 thousand, which is 24.1% more than in January this year. (17.7 thousand). The growth compared to the same period of 2021 was 8.7% (20.2 thousand) and 30% compared to February 2020 (16.9 thousand).

From regional perspective, in February, the highest growth rates were recorded in Bukhara (50.8%), Namangan (37%), Fergana (30.9%) and Khorezm (29.6%) regions.

A decrease in the number of transactions in the real estate market was observed in Tashkent (-13.4%), Navoi (-6.4%) and Andijan (-1.9%) regions.

Fig. 1. Index of changes in the number of formalized contracts for the purchase and sale of real estate

Experts suppose that after the coronavirus crisis in 2020, the residential real estate market in Uzbekistan has fully recovered in 2021.

Mortgage reforms undertaken by the government, the liberalization of mortgage loans in 2021 and the recovering growth of the population's income have influenced the further development of the residential real estate market in Uzbekistan.

In general, in the light of current global risks to Uzbekistan, the purchasing power in the sector will continue to be backed by government housing programs, preferential loans and subsidies.

Changes in activity in the secondary housing market

According to the CERR, in February, average housing prices in the secondary market rose by 1.7% compared to the previous month (growth in January - 1.4%).

Across regions, the highest rates of growth in housing prices were observed in Syrdarya (10.1%) and Surkhandarya (6.4%) regions, as well as in the Republic of Karakalpakstan (4.5%); a decrease in housing prices were recorded in Samarkand (-2.3 %), Andijan (-2.1%) and Namangan (-1.3%) regions .

Experts note that average housing prices in the secondary market in Tashkent increased by 1.6% compared to the previous month. The highest growth was noted in Uchtepa (4.2%), Yakkasaray (3.4%) and Yashnabad (2.9%) districts.

A decrease in average prices in the secondary housing market was recorded in Shaykhantakhur (-2.1 percent) and Bektemir (-1.9 percent) districts of the capital.

Detailed information on how rental prices are changing in the capital, how long it takes the average time to buy a house in Uzbekistan and in which regions it takes longer periods and in which cities this figure is relatively low, as well as how the availability of mortgages is changing, you can find in the 3rd issue of "Economic Review".

Khalilullokh Khamidov, Head of the Sector, the CERR

Tel: (78) 150 02 02 (410)

Public Relations Service CERR

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