In August 2024, the real estate market in Uzbekistan slightly declined, indicating a trend of fluctuation. The Center for Economic Research and Reforms reported this.
According to the Center's analysis, 22,200 real estate transactions were registered in August, which is 3.5 percent less compared to July, where the number of transactions was 23,000.
A noticeable annual decline in activity is being observed: housing sales decreased by 20.8 percent, indicating a decrease in interest in buying houses.
In August 2024, the largest decline in real estate transactions by region was recorded in Syrdarya (22.6 percent) and Khorezm regions (13.2 percent), as well as in the city of Tashkent (9.7 percent).
Additionally, an annual decline in activity is being observed. In Navoi, Namangan, and Tashkent regions, the decline in real estate sales exceeded 30 percent in each region.
In August 2024, the situation in the rental housing market in the city of Tashkent stabilized, where the average rental price was 8.3 dollars per sq.m., which corresponds to the previous month's indicator. Compared to previous months, a decrease in prices is observed: in July – by 0.6 percent, in June – by 1.2 percent. Thus, in August, the market showed stability after two months of decline.
This could be related to various factors, including seasonal fluctuations in the activity of renters. Specifically, the demand for rented housing may increase at the beginning of the academic year.
The differences in rental housing prices depending on the district of Tashkent remain stable. In Mirabad, Shaykhontohur, and Yakkasaray districts, the high rental prices are maintained, where the average rental price per square meter is approximately 10 dollars.
On the other hand, areas such as Bektemir and Sergeli remain more attractive for budget renters, including students, where the average rental price per square meter is 6 dollars.
If in August of the previous year, the average price per square meter of rental housing in the city of Tashkent was 9 dollars, a decrease of 7.3 percent was noted during the year, indicating an overall downward trend in this market segment.
At the same time, a significant annual decrease in rental prices was observed in Yakkasaroy district – 14.8 percent, Yashnobod district – 13.3 percent, Shaykhontohur district – 11.5 percent, and Yunusabad district – 10 percent.
Secondary real estate market analysis
In August of the current year, the secondary housing price in the republic increased by 0.7 percent, while since August of the previous year, the average price per square meter has increased by 9.7 percent.
At the same time, a significant increase in the price of secondary housing was recorded in Khorezm – 21.4 percent, Surkhandarya – 14.6 percent, Bukhara – 13.4 percent, and Kashkadarya – 13.3 percent regions.
After a slight decrease in prices in the secondary housing market of Tashkent city, stability was observed in August: prices increased by only 0.2 percent and amounted to 1,128 dollars per square meter.
In most districts of the capital, the prices of secondary housing remained unchanged, only in Mirabad and Olmazor districts housing prices respectively increased by 1.7 percent and 1.3 percent.
Prices fell in three other districts of Tashkent. Specifically, in Shaykhontohur – by 1.1 percent, Sergeli – by 0.9 percent, and Chilonzor districts – by 0.6 percent.
Throughout the year, the average price of secondary housing in Tashkent increased by 4.2 percent.
