Uzbekistan's housing market revives in April, secondary housing prices rise

The Center for Economic Research and Reforms conducted an analysis in its regular review of changes in the country’s real estate market in April of this year.

Activity in Uzbekistan's housing market picked up in April, with the number of transactions increasing by 11.2%, totaling 20,000 deals.

However, April's results were below the levels of the previous year: the volume of sales decreased by 2%.

Regional Housing Market Situation

The most significant growth in real estate market activity was recorded in the Navoi and Syrdarya regions at 24% and 22.3%, respectively, and in the Republic of Karakalpakstan - 23.5%.

In the capital's housing market, the number of transactions for the month rose by 6.5%.

Tashkent Rental Market Situation

In April, the capital's rental market again showed a downward trend. Buyer activity fell by 4.3%, with the cost per square meter of housing averaging at $8.3.

The expensive rental market persists in Mirabad, Shaykhantahur, and Yakkasaray districts, where on average 1 sq. meter costs $10.4.

Relatively affordable housing rentals remain in Almazar, Sergeli, and Bektemir districts. The average rental cost in these districts is around $6.3 dollars per square meter.

Compared to April of last year, the rental market in Tashkent has contracted by 6.9%. The districts experiencing the most significant price decrease were Yashnabad at 11.6%, Yakkasaray at 11.1%, and Shaykhantahur at 10.5%.

Secondary Housing Market

In April, prices for secondary housing slightly decreased by 0.7%, while year-on-year, prices for secondary housing rose by 11.6%.

Regions with the most significant price increases in secondary housing were the Tashkent region at 23.6%, the Bukhara region at 21.3%, and the Khorezm region at 20.5%.

Meanwhile, the price increase in secondary housing in the capital accelerated. While average prices in Tashkent only rose by 0.2% in March, they went up by 1.1% in April.

The highest rates of price growth were noted in the Bektemir district (3.8%), Yakkasaray district (3.6%), and Chilanzar district (3.1%).

Secondary Market Price Parameters

Overall, average prices for secondary housing in Tashkent have risen by almost 13% over the year.