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In recent weeks, there has been talk in Tashkent about a possible sharp rise in real estate prices. The reason cited for this is a potential new wave of mobilization in Russia, which, according to some realtors, may lead to an influx of Russians into Uzbekistan and, as a result, increased demand for housing. Currently, Tashkent realtors are actively discussing the upcoming price hikes for apartments. Many claim that since September, property prices have started rising, and the growth could accelerate significantly in the coming months.
A Tashkent resident, who plans to buy an apartment, shared her conversation with a realtor: “We want to buy an apartment in C-1 for rental purposes and as an investment. But the realtors say that apartment prices have already started to rise, and another price surge is expected due to the possible new mobilization in Russia this fall. Currently, the price per square meter in C-1 ranges from 2,000 to 3,000 dollars. Many listings on OLX turned out to be fake – you call, and the apartment is already sold or withdrawn from sale, but they promise to find another one,” she noted on the “Potrebitel.uz” platform.
However, not everyone confirms the rumors about the upcoming price increase. Sellers and landlords of apartments in central areas report that the situation remains stable. The price depends heavily on the condition of the apartment, its floor, and its amenities.
Many users on forums and social networks are skeptical about the forecasts of rising real estate prices. Some are convinced that there will be no mobilization in Russia, and that real estate prices in Tashkent will actually start to fall.
“There will be no second mobilization in Russia. They are hiring mercenaries for money. Real estate prices are falling, and even the September rental demand couldn’t stop it. Only those apartments are being sold whose owners urgently need money,” one user noted.
The overall situation in Uzbekistan’s real estate market confirms a significant downturn. In August 2024, 22,200 property transactions were registered, which is 3.5% less than in July. On an annual basis, the number of transactions decreased by 20.8%. However, despite the decline in sales volumes, prices for secondary housing continue to rise. In August 2024, the cost per square meter increased by 0.7% compared to the previous month and by 9.7% compared to August 2023.
The average price for secondary housing in Tashkent in August was $1,128 per square meter. In some areas, such as Mirabad and Almazar, price growth was observed, while in Shaykhantakhur, Sergeli, and Chilanzar districts, a slight decline in prices was recorded.
Thus, the real estate market in Tashkent remains in a state of uncertainty. Time will tell whether the realtors’ predictions come true and whether the new wave of mobilization in Russia will really affect the cost of housing in Uzbekistan.
The text has been translated by AI. For more accurate information, please refer to the Russian version of the article
