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An interesting situation has developed in Uzbekistan’s real estate market. Despite a decline in sales volumes, housing prices continue to rise. Over the past year, sales have fallen by 9%, yet the upward trend in housing costs remains unaffected.
Decline in Real Estate Sales
According to the Center for Economic Research and Reforms, 21,200 real estate transactions were registered in September 2024, which is 4.2% less than in August. August also saw a 3.5% decline in transactions.
On a year-over-year basis, the decline is even more pronounced: compared to September 2023, real estate sales in September 2024 decreased by 9%. In the third quarter of 2024, the total number of transactions dropped by 13%, amounting to 66,500 operations.
Regional Dynamics
The real estate market dynamics vary across different regions of Uzbekistan. In September, the most significant decreases in transactions were observed in:
- Jizzakh Region – down by 20%;
- Tashkent Region – down by 14%;
- Samarkand Region – down by 13%.
The third quarter of 2024 saw the sharpest declines in:
- Tashkent Region – by 25.7%;
- Bukhara Region – by 24.3%;
- Namangan Region – by 18.7%.
Prices on the Secondary Market: Rising Amid Falling Sales
In September 2024, prices on the secondary housing market remained almost unchanged, showing a slight increase of 0.1%. However, on an annual basis, the cost per square meter increased by 6.7%.
The most significant price increases in September were recorded in:
- Khorezm Region – by 19.5%;
- Bukhara Region – by 12.5%;
- Samarkand Region – by 10%.
In Tashkent, prices on the secondary market fell by 1% in September. The largest declines were seen in:
- Mirzo-Ulugbek District – down by 2.5%;
- Yunusabad District – down by 2.4%.
However, two districts in Tashkent saw price increases:
- Yakkasaray District – up by 1.1%;
- Shaykhantahur District – up by 0.3%.
Over the past year, the average price of secondary housing in Tashkent increased by 1.8%.
Rental Market in Tashkent: Stabilization and Moderate Growth
The rental housing market in Tashkent is continuing to stabilize. In September, the average rent increased by 1%, reaching $8.3 per square meter. This level is similar to the figures for August and July, indicating moderate growth and market stabilization.
Out of Tashkent’s 14 districts, rent prices decreased in three:
- Almazar District – down by 14.6%;
- Uchtepa District – down by 7.4%;
- Bektemir District – down by 3.8%.
The highest growth in rental prices was observed in:
- Shaykhantahur District – up by 7%;
- Yakkasaray District – up by 7%.
The most expensive rental properties remain in:
- Mirabad District
- Shaykhantahur District
- Yakkasaray District
In these districts, the average rent is around $10 per square meter.
The most affordable rentals can be found in:
- Bektemir District
- Sergeli District
In these areas, the average rent is $6 per square meter.
Compared to September 2023, rental prices in Tashkent have fallen by 8.4%, indicating a general decline in market activity. The most significant annual declines were recorded in:
- Yashnabad District – down by 16.2%;
- Almazar District – down by 12.2%;
- Yakkasaray District – down by 11%.
