Economic Research Center reports rental price decline in Tashkent

In March, the average cost of housing on the secondary market grew by 0.5%, the Center for Economic Research and Reforms reported following a study.

Year-on-year price increase amounted to 14.1%. Housing prices rose the most in the Bukhara, Tashkent, and Khorezm regions, where prices increased by an average of one quarter over the year.

Average secondary market prices in Tashkent rose by 0.2% over the month to $1142 per square meter. The largest increases were recorded in the Bektemir, Almazar, and Sergeli districts. Compared to March of last year, secondary housing in the capital has risen by 14%.

Market activity in Uzbekistan's real estate significantly declined last month. About 17.8 thousand housing sale contracts were concluded, which is 20% less than in February.

Demand decreased the most in the Fergana (28%) and Namangan regions (51%), as well as in Karakalpakstan (26%) and Tashkent (20.7%). By the end of the first quarter, the real estate market grew by only 0.3%, and compared to the same period in 2023, by 3%.

The average rental cost in March decreased by 2.2% to $8.6 per sq. m. A decline in cost was noted in all districts of the capital, and in the Yashnabad, Mirabad, and Yakkasaray districts, by more than 10%.

In terms of rental costliness, the leaders among the capital's districts remain the Shaykhantahur, Yakkasaray, and Mirabad districts — less than $11 per square meter. The most affordable apartments are located in the Bektemir, Sergeli, and Uchtepa districts, where the average rent will be about $6.7 per sq. m.