Housing prices in Tashkent decline by 2.3% year-on-year

In January 2025, the number of real estate transactions in Uzbekistan reached 25,500, marking a 17.4% increase compared to the same period last year. While housing prices in the secondary market rose in Surkhandarya, Jizzakh, and Fergana regions, prices in Tashkent remained largely unchanged. However, on an annual basis, property prices in the capital decreased by 2.3%.

Photo: KUN.UZ

Analysts at the Center for Economic Research and Reforms noted that the real estate market has been strengthening since the beginning of the year.

Real estate market rebounding in January

A recovery in market activity was observed in January, with the number of purchase and sale agreements increasing by 17.4% compared to January 2024.

Regional trends

The beginning of the year saw positive trends in real estate transactions across certain regions. The most notable increase was recorded in Jizzakh, where sales surged by 44%, followed by Navoiy with a 36% rise.

Tashkent accounted for 28% of the total real estate market volume, with the number of transactions growing by 18%.

Housing prices in the secondary market

In January, average housing prices in the secondary market nationwide increased by 0.3%, reflecting a 4.6% rise compared to the previous year.

Regionally, the highest annual price growth was observed in:

Surkhandarya: +11.4%
Jizzakh: +10.4%
Fergana: +8.4%

Meanwhile, average housing prices in Tashkent remained almost unchanged in January. However, district-level data indicated price declines in:

Sergeli: -1.8%
Yunusobod: -1.7%
Mirzo Ulugbek: -1.5%

On an annual basis, property prices in Tashkent fell by 2.3%.

Rental Market Trends

Rental market activity in Tashkent slightly declined in January, with the average rental price reaching $8.1 per square meter.

The highest rental prices were recorded in the Mirobod, Shaykhontokhur, and Yakkasaroy districts, where the average cost per square meter stood at $10.

Compared to last year, rental prices in Tashkent fell by 10.7%, with the largest declines observed in:

Chilonzor: -17.4%
Olmazor: -16.7%
Yashnobod: -14.3%

Declining investment returns on housing

Previously, reports indicated that the profitability of investments in residential real estate in Tashkent has been decreasing. In January 2025, the return on investment (ROI) for multi-apartment housing in the capital dropped from an average of 32.4% in February 2024 to 7.6%.

The decline in prices also impacted rental income, with the most significant reductions recorded in: