Real Estate Prices in Uzbekistan Continue Upward Trend

Demand for real estate in Uzbekistan continues to climb, leading to a modest 1.8% year-on-year rise in property prices across most regions, according to a report by the Center for Economic Research and Reforms (CERR).

In June, the average market price of housing in the secondary market increased by 0.3%, The Caspian Post reports, citing Uzbek media.

Syrdarya region saw the sharpest monthly growth - up 3.2% to $400 per square meter. Strong price hikes were also recorded in Bukhara (+2.2% to $560) and Karakalpakstan (+2.1% to $346).

However, prices fell in five regions last month. Apartments in Jizzakh region dropped 1.3% to $447, while Namangan saw a 1.2% decline to $500. In Tashkent, prices slipped by 0.1%.

Year-on-year, housing prices across Uzbekistan increased by an average of 1.8%. CERR analysts noted that despite a slowdown earlier in the year, the secondary housing market has remained relatively stable.

Jizzakh led the country in annual price growth, with housing prices up 11.7% even after the June dip. Prices also rose significantly in Surkhandarya (+10.9% to $456), Karakalpakstan (+9.3%), Khorezm (+7% to $454), and Namangan (+7%).

In contrast, housing prices in Tashkent declined. Secondary market prices fell by 4.8%, while new builds dropped 1.6%. Still, the capital remains the most expensive place to buy property - $1,075 per square meter.

Among city districts, the sharpest declines in the secondary market were recorded in Mirzo-Ulugbek (-7.6%), Yashnabad (-7.3%), and Chilanzar (-6.9%). For new builds, the biggest drops occurred in Uchtepa (-9.7%), Yunusabad (-8.8%), and Shaykhantakhur (-7.7%).

Outside the capital, high property prices persist in Samarkand ($771) and Tashkent region ($652). Year-on-year, Samarkand saw a 2% increase, while prices in Tashkent region dipped slightly by 0.1%.

Home sales in Uzbekistan rose by 10.6% in the first half of the year, totaling 136,500 transactions. In June alone, 21,000 sales were recorded - a 3.7% increase. Demand grew most strongly in Jizzakh (+30%), Navoi (+18.3%), and Surkhandarya (+17.7%).