Since the beginning of the year, activity in the real estate market of Uzbekistan has grown by 2.7%. The average cost of rent in Tashkent decreased by 7% and amounted to $9.2 per sq. m.
Specialists of the Center for Economic Research and Reforms (CERR) in their regular report analyze the changes that have occurred in the real estate market.
According to them, in March, the real estate market marked a downward activity. If in the first spring month the number of purchase and sale transactions decreased by 7.3% and amounted to almost 21 thousand, then for the same period in 2022 there was an increase in sales by 2.9%. In general, according to the results of the 1st quarter of 2023, sales increased by 2.7%, the number of transactions exceeded 61 thousand. At the same time, the growth by the 1st quarter of 2021 was 5%.
Changes in rental prices in Tashkent
In March, in most districts of the capital there was a decrease in prices for rental housing. Thus, the average cost of rent in Tashkent decreased by 7% and amounted to $9.2 per 1 sq. m.
In the context of districts, the highest rent per 1 sq. m. was noted in Shaykhantakhur ($11.9), Yakkasaray ($11.8) and Mirabad ($12) districts.
Relatively low rental prices were recorded in Uchtepa ($7.3), Sergeli ($6.4) and Bektemir ($5.8) districts.
At the same time, by the same period in 2022, the average cost of rent in Tashkent increased by 17.0%.
In annual dynamics, most of all, rent became more expensive in Shaykhantakhur (23.8%), Uchtepa (21.2%) and Sergeli (20.9%) districts.
Secondary real estate market
The growth rate in the cost of housing in the secondary market in Uzbekistan has slowed down. If in January the growth of the average cost of housing per 1 sq. m. amounted to - 0.9%, in February - 4.5%, then in March - 0.2%. While since March 2022, the secondary market has grown by 25.4%.
In relation to March 2022, a significant increase in the cost of housing in the secondary market was observed in Tashkent - 31.7%, Andijan - 32.2% and Fergana - 37.7% regions.
In the secondary market of Tashkent, the growth rates of prices slowed down slightly over the month and amounted to 2.8% in March, while in January - 1.9%, and in February - 3.8%.
The highest rates of price growth were noted in Bektemir - 6.9%, Yakkasaray - 3.8% and Uchtepa districts - 3.6%.
