Strong growth in housing prices in secondary market observed in three regions

The Center for Economic Research and Reforms published a review of how the real estate market changed in 2023.

It is noted that in 2023, the real estate market showed good results – the volume of transactions increased, the price of housing rent decreased, and the price of secondary housing maintained the upward trend.

Real estate sales in Uzbekistan increased by 5.7% in 2023. During the year, 272,400 housing units were sold, which is higher than last year’s total of 257,000 contracts.

A significant increase in the volume of transactions was recorded in the Republic of Karakalpakstan, which surpassed all regions in terms of growth and was second only to Kashkadarya region, at 16.8% and 17.1%, respectively.

In 2023, the housing rental market of the capital stabilized. In general, the average rental price in the city of Tashkent decreased by 10.2% and amounted to $9.2 per square meter.

The price parameters in the secondary housing market have changed significantly. During the year, the secondary market grew by 17.5%. At the same time, the average monthly growth in the first half of the year was 1.8%, and in the second half, it was 1%.

Compared to last year, the largest increase in housing prices on the secondary market was recorded in Khorezm (30.1%), Tashkent (28.9%) and Bukhara (24.5%) regions.