In pursuit of growth: how the real estate market is changing — in the CERR overview

In pursuit of growth: how the real estate market is changing — in the CERR overview

The Center for Economic Research and Reforms (CERR) in its regular overview analyzes the changes that have occurred in the real estate market.

In November, real estate sales increased by 4%, which is 800 more housing units than a month earlier.

During the month, the largest increase in activity was noted in Khorezm (+23%), Namangan (+16%) and Jizzakh (+12%) regions.

Over the year, home sales decreased by 10%. The regions that showed the greatest decrease in activity were Navoi and Jizzakh regions, with a drop of 23% and 18%, respectively. In Tashkent, sales decreased by 24% compared to last year.

Fig.1. Changes in the number of executed contracts for the purchase and sale of real estate

The situation on the housing rental market in Tashkent

In November, the average rental price in Tashkent decreased slightly by 2.1% and amounted to $9.3 per sq. m., compared to $9.5 in October. A decrease in the cost of rent was noted in 10 of the 11 districts of Tashkent.

The most expensive areas for rent were Shaikhantakhur ($11.6 per square meter), Yakkasaray ($10.9) and Mirabad ($11.5) districts.

Apartment rentals in the capital remain the most affordable in Uchtepa ($8.1), Sergeli ($7.1) and Bektemir ($6.2) districts.

At the same time, compared to last year, the average rental price in the capital decreased by 6.1%. Since the beginning of the year, rent has become 9.2% cheaper.

The cost of renting in the capital increased by 3.7% only in the Bektemir district in a month.

The secondary real estate market

In November, the increase in the average cost of housing per square meter in the secondary market amounted to 0.7%, while since November last year, the secondary has risen in price by almost 18.2%.

Over the year, a significant increase in the cost of housing in the secondary market was noted in Khorezm (+32.9%), Tashkent (+31.0%) and Bukhara (+26.9%) regions.

In November, prices for secondary market in Tashkent increased by 0.4%, against 1.6% a month earlier. The highest rates of price growth in the capital were noted in Shaikhantakhur (+1.7%), Yunusabad (+1.6%) and Sergeli (+1.5%) districts.

Over the year, average prices for secondary housing in the capital increased by 22.8%.

Fig.2. Changes in prices for secondary housing in Tashkent and the administrative centers of the regions (in USD per 1 square meter)

For reference: The review of the real estate market of 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.

Darya Miroshnikova, CERR
Jaloliddin Usmonov, CERR

CERR Public Relations Service
Tel: (78) 150 02 02 (417

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