The Center for Economic Research and Reforms (CERR) presented its regular report analyzing recent developments in Uzbekistan’s real estate market over the past month.
Activity in the real estate market continued to decline for the second month in a row. In March, the number of transactions fell by 8.8%, totaling 20.4 thousand operations.
Nevertheless, on a year-on-year basis, the market demonstrated stable growth — the number of transactions in March increased by 15% compared to the same period in 2024. By the end of the Q1 of 2025, the total volume of transactions reached 68.4 thousand, reflecting a 10.8% year-on-year increase.
The most significant growth in activity was observed in Jizzakh Region (+34%) and Navoi Region (+29%). Moreover, for the first time since the beginning of systematic observations in 2021, no region reported a decline in sales volumes over the Q1.
The average price of housing in the secondary market nationwide remained at the February level. However, on a year-on-year basis, the average price per square meter increased by 0.9% across the country, with the most notable price growth recorded in Jizzakh Region (+12.3%), Surkhandarya Region (+10.7%), and Kashkadarya Region (+8.5%).
In March, the average price of secondary housing in Tashkent decreased by 0.6%. At the same time, prices in the primary market declined by 0.4%.
Compared to March last year, the average price for secondary housing decreased by 5.7%, while the primary market experienced a price reduction of 3.7%.
By district, the largest annual decreases in secondary housing prices were recorded in Mirabad District (-8%), Chilanzar District (-8.7%), and Yashnabad District (-7.5%).
The new housing segment also showed a downward trend. Over the year, the average price per square meter declined significantly in Shaykhantahur District (-14.7%), Uchtepa District (-11%), and Yunusabad District (-6.7%).
In March, rental market activity in Tashkent remained unchanged. On average, renting a home in the capital cost about $8 per square meter.
Relatively higher rental prices were maintained in the central districts, averaging $10 per square meter in Mirabad, Shaykhantahur, and Yakkasaray districts.
On a year-on-year basis, rental prices in Tashkent fell by 7.4%. The largest declines in rental costs were observed in Mirzo-Ulugbek, Yashnabad, and Chilanzar districts, averaging a 10% year-on-year decrease.
Jaloliddin Usmonov, CERR
CERR Public Relations Sector
Tel: (78) 150 02 02 (417)
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