19:08 / 14.08.2023

CERR: Demand for real estate in July showed a slight upward trend  

Home purchase prices accelerated growth, while the cost of rent is stabilizing.

Photo: Kun.uz

The real estate market reactivated in July, the Center for Economic Research and Reform (CERR) stated in its recent report.

Residents in Uzbekistan have drawn up a little less than 25,000 contracts for the sale of housing. Compared to the same month a year ago, demand increased by 22.7%, and compared to July 2021, by almost 38%.

There is also an increase in sales compared to June by approximately 5.5%. The current year continues to break past trends – in the last two years, July was marked by a decline in demand for real estate after a slight increase in early summer.

In Karakalpakstan, real estate sales almost doubled compared to last year's level, followed by Bukhara (48%) and Syrdarya regions (35%). Tashkent showed a more modest increase – about 7%.

Against this background, the rise in prices for secondary housing also accelerated. A square meter in July rose by 1.8% against 0.8% a month earlier. Ready-made real estate prices rose the most in Jizzakh (6.9%), Navoi (4.2%) and Samarkand (3.6%).

The capital’s apartments increased in price by 1.8%. The leaders in monthly price growth were Shaykhantakhur (3.3%) and Yakkasaray districts (2.9%).

In general, since the beginning of the year, prices for secondary real estate have increased by 13%, and since last July – by 23%. Tashkent took only the third place in terms of growth rates with 30.9% – after Tashkent (32.3%) and Namangan regions (35.3%).

Stabilization is observed in the rental housing market in the capital. Prices for the last month have decreased only by 0.7%, to $8.7 per square meter. Since the beginning of the year, rates have fallen by 15%, but remain slightly above the level of last summer.

The most expensive for renting an apartment is Mirabad district with $11.7 per 1 sq. m., followed by Yakkasaray ($10.7) and Shaykhantakhur ($10.5). Bektemir ($5.6), Sergeli ($6.4) and Uchtepa ($7.1) districts again became the most affordable.

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