Tashkent, Uzbekistan (UzDaily.com) — The Center for Economic Research and Reforms (CERR) has released its latest report on changes in Uzbekistan’s real estate market. According to the report, the market continued to strengthen in January 2024, showing a significant increase in activity compared to the previous year.

In the first month of 2024, the number of real estate purchase and sale transactions rose by 17.4% year-on-year, reaching 25,500 deals. This indicates a renewed interest from buyers and overall market stabilization.

The most notable growth in sales was recorded in Jizzakh region (+44%) and Navoi region (+36%). In Tashkent, which accounts for 28% of the country’s total real estate transactions, activity increased by 18%, underscoring the strong demand for housing in the capital.

Price Trends

The price of secondary housing in January 2024 increased by 0.3% compared to December 2023, with an annual growth rate of 4.6%. The highest price increases were observed in Surkhandarya (+11.4%), Jizzakh (+10.4%), and Fergana (+8.4%) regions.

In Tashkent, the average price of secondary housing remained stable. However, certain districts saw a decline: prices fell by 1.8% in Sergeli, 1.7% in Yunusabad, and 1.5% in Mirzo-Ulugbek. Compared to January 2023, the average price per square meter in the capital decreased by 2.3%.

Rental Market

Tashkent’s rental market experienced a slight decline in activity in January 2024. The average rental price per square meter stood at $8.1. The highest rental rates remained in central districts such as Mirabad, Shaykhantakhur, and Yakkasaray, where prices averaged $10 per square meter.

Year-on-year, the average rental cost in Tashkent dropped by 10.7%. The most significant declines were recorded in Chilanzar (-17.4%), Almazar (-16.7%), and Yashnabad (-14.3%) districts.

Market Outlook

Uzbekistan’s real estate market is showing positive momentum at the start of 2024, indicating a recovery in demand and price stabilization. Regional markets, particularly in Jizzakh and Navoi, are experiencing rapid growth, while Tashkent remains the key driver of market activity.

CERR continues to monitor real estate trends, providing up-to-date data for analysis and forecasting the sector’s future development.