The Center for Economic Research and Reforms presented an updated review of Uzbekistan’s real estate market dynamics based on the results of 2025. The findings reflect changes in transaction activity and the regional structure of the market, as well as key trends in housing sales and rentals.
According to estimates, in 2025 the total volume of housing purchase and sale transactions nationwide increased by more than 15% and reached 295 thousand transactions.
Regional breakdown
The most significant growth in market activity during the year was recorded in Bukhara Region (25.7%), Syrdarya Region (23.3%), and Samarkand Region (19.7%).
In 2025, the capital accounted for around 30% of all housing transactions in the country. The volume of sales in Tashkent increased by 18.2% and amounted to approximately 84 thousand transactions.
Price dynamics in the secondary housing market nationwide
In 2025, a moderate acceleration in price growth was observed in the secondary housing market. On average across the country, prices for secondary housing increased by about 8%, compared to 6.2% in 2024.
The highest annual growth rates were recorded in Surkhandarya and Fergana Regions, as well as in the Republic of Karakalpakstan, where average housing prices increased by around 17% over the year.
By the end of the year, high price levels in the secondary housing market persisted in the capital. Relatively high prices were also observed in Samarkand Region at $834 per square meter and Tashkent Region at $682 per square meter.
The lowest housing prices were recorded in the Republic of Karakalpakstan at $378 per square meter. Relatively low price levels were also observed in Syrdarya and Kashkadarya Regions, where the average price was around $454 per square meter.
Situation in Tashkent’s real estate market
In the secondary housing market of Tashkent, the average price per square meter increased only slightly over the year (+0.6%) and exceeded $1,100. At the same time, the most noticeable price declines were recorded in Mirzo-Ulugbek and Chilanzar districts, at around 5%.
Meanwhile, the primary housing market in the capital showed more pronounced price growth during the year. The average price of new housing increased by more than 9%.
The highest price growth was observed in Mirabad (18%), Yashnabad (14%), and Mirzo-Ulugbek (13.5%) districts.
Moderate increase in rental rates in Tashkent
By the end of 2025, the average rental price in the capital amounted to about $8.8 per square meter, which is 7% higher than the previous year.
The highest rental rates remained in the central districts of the capital, including Shaykhantakhur, Mirabad, and Yakkasaray, where rents were around $11 per square meter.
At the same time, the fastest growth in rental rates was observed in Almazar, Yashnabad, and Shaykhantakhur districts, where average rents increased by around 11% over the year.
Jaloliddin Usmonov, CERR
CERR Public Relations Sector
Tel.: (78) 150 02 02 (417)
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