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The buying and selling of housing in Uzbekistan are in a suspended state. According to the analysis by the Center for Economic Research and Reforms, the number of real estate transactions increased by 13.6% in July, with a total of 23 thousand transactions registered (compared to 20.2 thousand in June). However, this does not provide grounds to say that the market is on the rise again, as there has been a significant downturn over the year. Compared to July 2023, the total number of transactions decreased by 7.4%.
Analysis of the Secondary Real Estate Market
Prices for secondary housing in the republic increased by 0.4% compared to June. On an annual basis, prices for secondary housing across the republic grew by an average of 8.2%.
Significant increases in housing costs in this segment were noted in Khorezm – 22.1%, Bukhara – 17.7%, Kashkadarya – 13%, and Tashkent regions – 12.2%.
Interestingly, there was a relatively moderate decline in prices for secondary housing in Tashkent over the month, amounting to 1.4%, whereas a year-on-year comparison shows a price increase of almost 6%.
Comparatively greater price declines were observed in the Uchtepa – 3.6%, Mirabad – 2.6%, Yashnabad – 2%, and Almazar – 2% districts of the capital.
Analysis of the Rental Housing Market
In July, the rate of decline in rental prices in Tashkent slowed, with a drop of 0.6%, compared to a 1.2% decrease the previous month.
The average rental cost in the capital was $8.2 per square meter. Compared to July of last year, rent prices decreased by 5.4%.
The most significant decreases in rental prices compared to July of last year were noted in the Yashnabad – nearly 13%, Yunusabad – 11%, and Mirzo-Ulugbek districts – 9.1%.
Regional Dynamics
In a regional breakdown, the highest growth in real estate transactions over the month was observed in Syrdarya, Jizzakh, and Andijan regions, with increases of 53%, 31.5%, and 27%, respectively.
Despite the overall increase in sales in some regions of the republic, there has been a decline in activity on an annual basis. The most notable declines were observed in Bukhara – 27.4%, Tashkent – 21%, and Navoi regions – more than 18%.
The text has been translated by AI. For more accurate information, please refer to the Russian version of the article.
