After explosive activity, sales in the real estate market in September gave way to some decline.
Analysts cited an increase in demand for renting a house as the main reason for the decline in sales due to the start of the school year and a significant influx of foreign citizens. At the same time, a moderate increase in prices for secondary housing was noted.
The Center for Economic Research and Reforms (CERR) regularly analyzes changes in demand in the real estate market in Uzbekistan. In September 2022, the number of registered real estate purchase and sale transactions in Uzbekistan increased by 19% (+3.7 thousand) compared to the same period last year. In general, since the beginning of the year, the growth in housing sales amounted to 9.7% (195.7 thousand).
The highest growth rates were noted in Karakalpakstan (50%), Syrdarya (42%), Jizzakh (39%) and Namangan (50%) regions.
At the same time, compared to August, there was a slight decline in real estate sales, which is mainly due to an increase in demand for rental housing in connection with the start of the school year and a significant increase in the number of foreign citizens.
Thus, in Tashkent, the average cost of rent per 1 square meter has increased by 22.4% since the beginning of the year. The highest rates of growth in prices for renting a house were noted in Almazar (49%), Yashnabad (44%), Sergeli (34%) and Shaykhantohur (33%) districts.
The high cost of rent for 1 square meter was recorded in Shaykhantakhur ($12.5), Mirabad ($10.8) and Yakkasaray ($10.8) districts. Relatively low rental prices were noted in Sergeli ($6.7) and Bektemir ($4.6) districts.
Price changes in the secondary market
Calculations show that the growth rate of the average cost of housing in the secondary market in September amounted to 1.1% per month (in August – 0.5%, in July – 2.5%).
A significant increase in the cost of housing is observed in Namangan (5.9%), Jizzakh (4.5%) and Fergana (4.4%) regions. A decrease in housing prices was recorded in Karakalpakstan (4.3%), Khorezm (1.7%) and Kashkadarya (0.4%) regions.
Since the beginning of the year, the average cost of housing per 1 square meter in the secondary market has increased by 8.9%. In the secondary real estate market in Tashkent, prices increased by 1.7% (in August – 1.4%, in July – 2.4%).
The largest increase in housing prices was noted in Yunusabad, Yakkasarasay and Mirzo-Ulugbek districts.
Housing sales in Tashkent for 9 months increased by 6% compared to the same period last year. In the Tashkent region, the number of registered transactions amounted to 2.4 thousand.
