Tashkent, Uzbekistan (UzDaily.com) -- The Center for Economic Research and Reforms (CERR) in its regular overview analyzes the changes that have occurred in the real estate market.

In September, real estate sales went down by 17%, the number of purchase and sale transactions amounted to 23 thousand, against 28 thousand a month earlier.

The largest decline was recorded in Navoi region by 32%, Karakalpakstan – 24% and the city of Tashkent – 24%. The regions that retained moderate activity in the real estate market were the Samarkand region, where sales for the month increased by 7.4%.

The decline in sales in the real estate market is seasonal and not indicative.

The volume of real estate sales in the republic in the period from January to September increased by 1.4% compared to last year, which is only 324 transactions more. By region, sales increased by 52% in the Samarkand region, Kashkadarya and Bukhara regions by 30 and 29% respectively over the year.

According to the results of the Q3 of 2023, housing sales increased by 9% and exceeded 76 thousand.

Interestingly, about 50% of real estate transactions in Uzbekistan account for the city of Tashkent, Tashkent and Ferghana regions.

The situation on the housing rental market in Tashkent

In September, the average rental price in Tashkent increased by 2.2% and amounted to $9.1 per 1 sq. m., against $8.9. in August.

In three districts of the capital, the highest rental rates – more than $11 per square meter – are Shaikhantakhur, Yakkasarai and Mirabad districts.

The lowest rates in Uchtepa, Sergeli and Bektemir districts range from $7.4 to $5.8 per square meter.

At the same time, the highest rental growth rates were again noted in the Sergeli and Almazar districts of the capital by 6.5% and 6.4%, respectively, followed by the Bektimir district, where prices increased by 5%.

During the month, the rental price became cheaper in Mirabad, Yunusabad and Mirzo-Ulugbek districts from 1.6% to 3.5%.

The rental rate remained unchanged in Shaikhantakhur district.

Compared to last year, the average rental price in Tashkent increased by 1.1%. Since the beginning of the year, the average rental price has decreased by almost 11.2%.

Secondary real estate market

In September, the growth of the average cost of housing per sq.m in the secondary market increased by 2.9% per month, while since September last year the cost has increased by 22.3%.

Since September last year, a significant increase in the cost of housing in the secondary market was noted in Navoi – 33.7%, Tashkent – 30.5% regions and the city of Tashkent – 29.1%.

During the month, the price of secondary in Tashkent in September increased by 1.3%.

The highest growth was recorded in Shaikhantakhur – 1.8%, Mirabad – 2.3% and Yakkasaray – 3.9% districts.

In comparison with September last year, average house prices in the capital increased by 29.1%.

The review of the real estate market of Uzbekistan is one of the research areas of the CERR, which presents the dynamics of activity in both the primary and secondary real estate markets. The data is presented both for the reporting month and for the period from the beginning of the year to the reporting month. In addition, data for the same period last year are provided to track market dynamics.