Real estate market activity increased significantly in April - CERR

Tashkent, Uzbekistan (UzDaily.com) -- The real estate market of Uzbekistan showed a noticeable increase in activity. At the same time, experts drew attention to the fact that a relatively high share of real estate purchased by legal entities in Jizzakh (4.6%) and Navoi (5.1%) regions indicates the attractiveness of commercial real estate for business in these regions.

The Center for Economic Research and Reforms (CERR) regularly analyzes changes in demand in the real estate market in Uzbekistan.

In April 2022, the number of registered real estate purchase and sale transactions in Uzbekistan amounted to 23.4 thousand, which is 15.1% more than in March of this year. (20.3 thousand). Growth compared to the same period last year amounted to 12.6% (20.8 thousand).

In terms of regions, the highest annual growth rates in April were observed in Khorezm (39%), Surkhandarya (32%), Namangan (29%), Jizzakh (27%), Samarkand (25%) regions.

Relatively low growth rates in the number of transactions in the real estate market were observed in Syrdarya (2.6%) and Tashkent (2.2%) regions, as well as in the city of Tashkent (3.8%).

The analysis also showed that the relatively high share of real estate purchased by legal entities in Jizzakh (4.6%) and Navoi (5.1%) regions indicates the importance of real estate for business in these regions.

In the context of regions, the largest number of contracts for the sale of real estate by individuals observed in Tashkent (6.9 thousand), Tashkent (2.5 thousand) and Ferghana (2.1 thousand) regions.

At the same time, legal entities most of all purchased real estate in Tashkent (79), Navoi (60) and Jizzakh (27) regions. 

According to the CERR study, the average price of housing in the secondary market in April increased by 2.1% compared to March (the decrease in March was 1.9%).

In terms of regions, the highest rates of growth in prices for residential real estate were observed in Jizzakh (6.5%), Andijan (5.3%), Tashkent (5.1%) and Syrdarya (5%) regions, and in Surkhandarya (- 1.7%), Namangan (-1.4%) and Khorezm (-1.2%) regions recorded a decrease in prices.

Average housing prices in the secondary market in the capital in April increased by 1.3% compared to the previous month. The highest growth was noted in Bektemir (3.5%), Mirabad (2.6%) and Yunusabad (2.4%) regions.

It is estimated that the average rent in Tashkent in April was US$8.6 (per sq. m), up 0.4% from the previous month (9.1% up in March). In terms of districts, the highest rent was recorded in Shaykhantakhur (US$11.7), Mirabad (US$10.8) and Yakkasaray (US$10.6), while the lowest rent was observed in Sergeli (US$5.6) and Bektemir (US$6.2) and Uchtepa (US$6.7) districts.