Housing prices rise by 5.1% in secondary market 

In 2021, 14.5% more purchase and sale agreements were concluded than in 2020. Significant growth in housing contracts was observed in Namangan (more than 42%), Bukhara (+38%), Andijan (+34%) and Samarkand regions (more than 31%). At the same time, the share of transactions for the purchase and sale of housing in the capital decreased from 33% in 2020 to 29% in 2021, and in Tashkent region – from 14% to 12%.

Also, in several regions, housing price growth was above 10%. In particular, in Bukhara region – 14.5%, in Andijan and Syrdarya regions – 12.1%, and in Samarkand region – 10.7%. Despite the high growth rates of prices, Syrdarya remains the region where the cheapest housing can be purchased in the country.

Average prices in the secondary housing market for the II-IV quarters of 2021 (thousand soums; % change from quarter to quarter)

According to the Central Bank, changes in housing prices are associated with inflation, growth in remittances and exchange rate stability.

“Starting from August 2021, another factor has emerged in Uzbekistan, especially in Tashkent, which has an excessive impact on housing prices. This is the market price of the land. Land prices have risen sharply in recent months since the legal market price and turnover of land were legalized. This is currently being observed in Tashkent and adjacent areas. But in the coming months, it will be possible to feel it in the remaining centers. In our opinion, in 2022, land will be the most expensive asset in Uzbekistan,” an economist Otabek Bakirov said.