The Center for Economic Research and Reforms (CERR) has released its updated review of Uzbekistan’s real estate market for April 2026.
Since the beginning of the year, housing sales have exceeded 125,000 transactions, almost 35% higher than in the same period of last year.
The surge in housing market activity observed in March was largely driven by the transition to escrow account settlements, which came into effect in April. The change in payment procedures for home purchases contributed to additional demand.
The highest growth rates in housing sales were recorded in Syrdarya Region, where the number of transactions increased by 50% in January–April, and in Andijan Region, where sales rose by 42%. In Tashkent, housing sales increased by 46% since the beginning of the year.
The expansion of housing market activity has been accompanied by a rise in residential construction. In 2025, a total of 15.9 million square meters of housing was commissioned, 2.8% more than in the previous year.
At the same time, significant regional differences remain. In 2025, 136,100 square meters of housing were commissioned in Syrdarya Region, compared with 1.33 million square meters in Andijan Region and about 1 million square meters in Tashkent. The largest construction volume was recorded in Tashkent Region, where newly commissioned housing approached 2 million square meters.
The acceleration in housing sales in Syrdarya Region is being supported by expanding construction activity, with 3,500 new apartments expected to be completed in the region by the end of the year. Nationwide, 140,000 new residential units are planned to be commissioned in 2026.
In annual terms, housing market activity in April declined moderately, with the number of transactions decreasing by 4.7% compared with April 2025.
Prices in the secondary housing market increased by an average of 8.5% year-on-year across the country. The strongest growth was recorded in Syrdarya Region (20%), Surkhandarya Region (16.5%), and Bukhara Region (16.3%).
Price growth has also remained positive since the beginning of the year. During January–April, secondary housing prices increased by 2.9% nationwide. The highest growth rates were observed in Surkhandarya Region (7.4%), Samarkand Region (6.3%), and Khorezm Region (6.2%).
The capital’s housing market continues to show moderate price growth in the secondary segment and stronger appreciation in the primary market.
In the secondary market, the average price per square meter rose by 6.1% year-on-year. The most notable increases were recorded in the Mirzo-Ulugbek (9.2%), Mirabad (9.0%), and Chilanzar (8.3%) districts.
In the primary market, price growth outpaced the secondary segment. Compared with April 2025, the average price per square meter increased by 8.8%. The strongest gains were observed in the Yunusabad (17.3%), Mirzo-Ulugbek (16.8%), and Bektemir (11.3%) districts.
In April, the average rental rate in Tashkent stood at about $9.2 per square meter, 9.1% higher than a year earlier.
The highest rental rates remain concentrated in central districts, including Mirabad, Shaykhantakhur, and Yakkasaray, where average rents are around $11 per square meter. At the same time, the fastest annual growth was recorded in Yashnabad (18.2%), Bektemir (16.7%), and Yunusabad (14.3%).
Jaloliddin Usmonov
CERR Public Relations Sector
Tel.: +998 (78) 150-02-02 (ext. 417)
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