According to an analysis by the Center for Economic Research and Reforms (CERR), in June 2024, the number of real estate purchase and sale transactions in Uzbekistan decreased, amounting to 20.2 thousand.
According to the results of the first half of the year, the total number of sales in the real estate market of Uzbekistan decreased by 5.7%. However, the situation in the regional context is characterized by heterogeneous dynamics, an increase in activity was noted in the Andijan, Khorezm and Kashkadarya regions.
The analysis indicates the instability of the real estate market and short-term fluctuations. In particular, activity decreased by 6.4% during the month, replacing the positive dynamics of two months, when sales increased by 9% in May and by 11% in April. Over the year, sales decreased by almost 14%.
Overall, the drop in activity reflects a general slowdown in the country's real estate market.
Regionally, the largest decrease in real estate transactions during the month was observed in the Syrdarya, Bukhara and Andijan regions - 21%, 20% and 16%, respectively.
Despite the general decline in sales in most regions of the republic, positive dynamics remains in the city of Tashkent, where activity increased by almost 5%.
According to the results of the first half of the year, the total number of sales in the real estate market of Uzbekistan decreased by 5.7%. This decrease was especially noticeable in Navoi region, where operations decreased by 26.5%, in Tashkent city by 13.8%, in Jizzakh region by 10.6%.
At the same time, there is a positive trend in a number of regions. The largest growth in 6 months compared to the same period last year was recorded in the Andijan (12.7%), Khorezm (8.3%) and Kashkadarya (6%) regions.
After some recovery in May, the capital's rental market is again marked by a downturn. The average rental price in Tashkent decreased by 1.2% and amounted to $8.3 per square meter.
Rents are still high in Mirabad, Shaikhantakhur and Yakkasaray districts, where the average rent will cost $10.2 per square meter.
Relatively affordable rental housing remains in Almazar, Sergeli and Bektemir districts, where the average rental price hovers at $6.4 per square meter.
At the same time, at the beginning of the year, there was a decrease in the cost of rent by 9.8%, whereas compared to June last year, rent decreased by 5.5%.
The most noticeable decrease in rent compared to June last year was noted in Yashnabad and Mirzo-Ulugbek districts by more than 12%, while a more moderate decline was observed in Yunusabad and Yakkasaray districts by 8.3%.
In June, the growth rate of housing prices in the secondary real estate market slowed down. If in May the increase in the average cost of housing per square meter was 1.3%, then in June the "secondary" increased by only 0.3%.
However, relative to June last year, prices on the secondary market increased by almost 10%.
A significant increase in the cost of housing in the secondary housing segment was noted in Khorezm (18.1%), Bukhara (17.1%), Kashkadarya (16.7%) and Tashkent (16%) regions.
In Tashkent, prices for the secondary housing decreased by 1.1% over the month. Moderate growth was noted in Shaikhantakhur (0.8%), Yakkasaray (0.6%) and Almazar (0.3%) districts.
For reference: The review 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)
leave a comment