Tashkent, Uzbekistan (UzDaily.com) -- Since the beginning of the year, the average rental price in Tashkent has increased by 34.6%. In the capital, the price growth in the secondary residential real estate market in December 2022 amounted to 1.1%.

Real estate market of Uzbekistan — review of CERR

The Center for Economic Research and Reforms (CERR) in its regular report analyzes the changes that have occurred in the real estate market.

Since the beginning of the year, activity in the real estate market of Uzbekistan has increased by 3.8%. Average prices in the secondary housing market for the year rose by 16.5%, and in the capital — by 24%. At the same time, rental housing in Tashkent has become more expensive by almost 34%.

Last year, a special feature of the real estate market was the fluctuation of short cycles of rising and falling sales. After a sharp surge in August, activity decreased slightly by September-October, but already in November there was a surge associated with the adoption of an expanded program for the use of mortgage loans, but the last month of the year was marked by a significant drop in sales.

So, in December, 15 thousand real estate purchase and sale transactions were registered, which is 37% less than a month earlier.

In general, last year the total number of home purchase and sale transactions exceeded 257 thousand, which is 3.8% more than in 2021.

Experts draw attention to the fact that the activity in the real estate market continues to stimulate the state programs of affordable mortgages. Thus, as of January 1, 2023, the balance on mortgage loans amounted to 46.4 trillion soums, an increase of 1.3 times compared to 2021, and in the period 2017-2022 increased by 6 times.

Changes in prices for rental housing in Tashkent

In December, the average rental price in the capital remained virtually unchanged and amounted to $9.9 per 1 sq. m.

The highest rental cost was noted in Shaikhantakhur ($13.3 per 1 sq.m.), Yakkasaray ($12.2) and Yashnabad ($10) districts.

Relatively low prices for rental housing were recorded in Uchtepa ($8), Sergeli ($7) and Bektemir ($7) districts.

Since the beginning of the year, the average rental price in Tashkent has increased by 34.6%. The highest growth since the beginning of the year for rental housing was recorded in Almazar (57.6%), Bektemir (50%) and Yashnabad (50%) districts.

Secondary real estate market

According to calculations, the increase in the average cost of housing for 1 sq. m. m in the secondary market in December amounted to 0.6% for the month, and since the beginning of the year it has grown by 16.5%.

In general, last year, the largest increase in the cost of housing was recorded in Navoi – 27.7%, Tashkent – 25.1% and Ferghana regions – 24%.

In the capital, the price growth in the secondary residential real estate market in December amounted to 1.1%. The highest growth rates were recorded in Shaikhantukhur – 4.1%, Chilanzar – 3.9% and Uchtepa – 2.7% districts.

Since the beginning of the year, average housing prices in Tashkent have increased by 24%.