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The real estate market in Uzbekistan continues to show a downward trend. Over the past year, the number of property transactions has decreased by 20.8%. This decline is particularly noticeable against the backdrop of rising property prices, creating a contradictory picture in the market.
According to data from the Center for Economic Research and Reforms, in August 2024, 22.2 thousand real estate transactions were registered, which is 3.5% less than in July, when 23 thousand transactions were recorded. However, a more significant drop in activity is observed year-over-year: the number of transactions on the market has decreased by 20.8%, which may indicate a decline in interest in purchasing property.
The largest drop in real estate transactions in August 2024 was recorded in Syrdarya (22.6%) and Khorezm (13.2%) regions, as well as in the city of Tashkent (9.7%). In annual terms, the market decline is even more pronounced in Navoi, Namangan, and Tashkent regions, where property sales fell by more than 30%.
Secondary Housing Market Prices Continue to Rise
Despite the drop in sales, prices for secondary housing continue to rise. In August 2024, the cost per square meter in the secondary market across the country increased by 0.7%, and compared to August last year, by 9.7%. The largest price increase for secondary housing was recorded in Khorezm region (21.4%), Surkhandarya region (14.6%), Bukhara region (13.4%), and Kashkadarya region (13.3%).
Price Stabilization in Tashkent
After a recent decline in prices for secondary housing in Tashkent, the market stabilized in August: prices grew by 0.2%, bringing the average price to $1,128 per square meter. In most districts of the capital, secondary housing prices remained unchanged; however, in Mirabad and Almazar districts, there was an increase of 1.7% and 1.3%, respectively. At the same time, slight price declines were recorded in Shaykhontokhur (-1.1%), Sergeli (-0.9%), and Chilanzar districts (-0.6%).
Over the past year, the average price of secondary housing in Tashkent has increased by 4.2%.
Rental Market: Stability and Decline
In August 2024, the rental housing market remained stable: the average rental price was $8.3 per square meter, which corresponds to the previous month’s figure. However, in annual terms, rental rates decreased by 7.3%, indicating a downward trend in this market segment. The largest decline in rental prices was observed in Yakkasaray (-14.8%), Yashnabad (-13.3%), Shaykhontokhur (-11.5%), and Yunusabad districts (-10%).
Variations in Rental Prices by District
Rental prices continue to vary depending on the district. The highest rental rates remain in Mirabad, Shaykhontokhur, and Yakkasaray districts, where the average rent is about $10 per square meter. At the same time, more affordable rental options can be found in Bektemir and Sergeli, where the average rate is $6 per square meter, making these areas attractive for students and budget-conscious renters.
The text has been translated by AI. For more accurate information, please refer to the Russian version of the article
