Tashkent Housing Prices Dip Despite Increased Sales Activity

Despite a rise in sales activity in Tashkent’s real estate market, housing prices experienced a decline, The Caspian Post reports, citing Uzbek media.

Over the past year, prices in the secondary housing market fell by 3.2%, while the primary market saw a more modest decrease of 0.9%. Meanwhile, rental prices remained steady, averaging $8 per square meter.

In July, the volume of housing sales in Uzbekistan increased by 25 percent compared to June and by 14.2 percent year-on-year, according to the Center for Economic Research and Reforms (CERR).

This was noted as one of the largest monthly increases in recent years. Market activity grew across all regions of the country, with the most significant rises observed in Surkhandarya (41 percent), Syrdarya (35.3 percent), and Kashkadarya (33.7 percent). In Tashkent, housing market activity expanded by 24.6 percent.

In July, the pace of price growth in the secondary housing market accelerated. After a modest 0.3 percent rise in June, prices grew by 1.7 percent in July. Year-on-year, secondary housing prices increased by 3.3 percent.

Since July 2024, the steepest annual price growth was recorded in Jizzakh (15.2 percent), Surkhandarya (14.1 percent), and Khorezm (9.6 percent).

In July, Tashkent’s housing market showed a mixed trend: while prices rose slightly, the overall annual decline persisted.

During the month, average prices in the secondary market increased by 0.8 percent. However, compared to July 2024, secondary housing prices fell by 3.2 percent and primary housing prices by 0.9 percent.

The sharpest declines in secondary housing were observed in Mirzo Ulugbek (8.2 percent), Yashnabad (4.5 percent), and Yunusabad (4.2 percent) districts. In the primary market, the steepest decreases were recorded in Uchtepa (8.8 percent), Yunusabad (6.7 percent), and Shaykhontohur (4.7 percent).

Rental prices in Tashkent remained stable in July, averaging $8 per square meter.

The highest rates were maintained in Mirabad, Shaykhontohur, and Yakkasaray districts, where the average rent stood at $10.3 per square meter.

Year-on-year, the average rent in Tashkent fell by 2.8 percent. The largest declines were seen in Uchtepa, Yashnabad, and Mirzo Ulugbek districts.