The real estate market in Uzbekistan declined slightly in August 2024, which indicates fluctuating trends.
According to an analysis by the Center for Economic Research and Reforms, 22.2 thousand real estate purchase and sale transactions were registered in August, which is 3.5% less than in July, when their number amounted to 23 thousand.
On an annual basis, there is a more noticeable decrease in activity: home sales fell by 20.8%, which may indicate a decrease in interest in buying a home.
Regionally, the largest decrease in real estate transactions in August 2024 was recorded in the Syrdarya (22.6%) and Khorezm regions (13.2%), as well as in the city of Tashkent (9.7%).
There is also a decrease in activity in annual terms. In Navoi, Namangan and Tashkent regions, real estate sales fell by more than 30% in each region.
In August 2024, Tashkent faced a stabilization of the situation in the rental housing market, where the average rental price remained at $8.3 per 1 sq. m, which corresponds to the indicator of the previous month, whereas in comparison with previous months, there is a decrease in prices: in July by 0.6%, and in June by 1.2%. In August, the market shows stability after two months of decline.
This may be due to various factors, including seasonal fluctuations in tenant activity. In particular, the demand for rental housing may increase by the beginning of the school year.
Differences in the cost of renting housing depending on the district of Tashkent also remain stable. High rental prices persist in Mirabad, Shaikhantakhur and Yakkasaray districts, where the average rent is about $10 per square meter.
On the other hand, rental affordability remains more attractive for budget tenants, including students, in areas such as Bektemir and Sergeli, where on average rent will cost $6 per square meter.
If in August last year, rental housing in Tashkent on average cost almost $9 per square meter, then a decrease of 7.3% was noted over the year, indicating a general downward trend in this market segment.
At the same time, over the year, the most significant decrease in rent was noted in Yakkasaray (14.8%), Yashnabad (13.3%), Shaikhantakhur (11.5%) and Yunusabad (10%) districts.
In August this year, prices for secondary housing in the republic increased by 0.7%, whereas since August last year, the average cost of housing per 1 sq.m. m increased by 9.7%.
At the same time, a significant increase in the cost of secondary housing was noted in Khorezm (21.4%), Surkhandarya (14.6%), Bukhara (13.4%) and Kashkadarya (13.3%) regions.
After a slight decrease in prices on the secondary housing market in Tashkent, the market stabilized in August: with an increase of 0.2%, the cost of housing amounted to $ 1,128 per square meter.
In most metropolitan areas, prices for secondary housing remained unchanged, only in Mirabad and Almazar districts housing became more expensive by 1.7% and 1.3%, respectively.
Prices have decreased slightly in three more districts of Tashkent. In particular, in Shaikhantakhur (1.1%), Sergeli (0.9%) and Chilanzar (0.6%) districts.
Over the year, the average price of secondary housing in Tashkent increased by 4.2%.
For reference: The overview 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)
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