Real estate market became more active in February – CERR

Demand for real estate increased slightly in February after a decline in January, the Center for Economic Research and Reform reported.

During the month, Uzbeks executed 22.2 thousand contracts for the purchase and sale of residential real estate. Compared to January, their number increased by 2%, while it decreased by 1.4% by February 2023.

The Andijan region showed the highest monthly growth rates – plus 16%. In Tashkent, the number of transactions increased by 14%, in the Fergana region – by 13%.

Prices on the secondary housing market increased by 0.8% over the month, and have increased by about 14% since last February. Apartments have risen in price the most in Tashkent (26%), Bukhara (24.1%) and Andijan regions (24%).

In the capital, the average cost per square meter increased by 1.6% and reached $1,140. Housing in the Mirabad, Yashnabad and Yakkasaray districts became more expensive by 2-6%, while prices in the Bektemir district decreased by 1.1%, and in Uchtepa – by 0.4%.

Over the year, the finished housing market in Tashkent grew by 17.3%. At the same time, CERR notes a slowdown in growth rates by 2.7%.

In the rental housing segment, prices also continue to decline, although less noticeable compared to January. Rental apartments were priced at an average of $8.9 per square meter. m. or 1.1% cheaper.

Prices fell the most in Yashnabad (-6.3%) and Chilanzar districts (-5.7%). At the same time, in the Shaykhantakhur region they increased by 2.5%, and in the Bektemir region – by 3.5%.

Shaykhantakhur, along with Mirabad and Yakkasaray districts, remain the most “expensive” for renters – prices are about $11 per sq. m. The most affordable rental housing is in the Uchtepa, Sergeli and Bektemir districts – for $6-8.