Uzbekistan’s real estate market slows in September, sales and rental activity declines
The real estate market in Uzbekistan continued to slow in September 2024, with notable declines in both property sales and rental activity. According to the Center for Economic Research and Reforms, the number of property transactions recorded in September was 21,200—down by 4.2% compared to August. This represents a significant annual drop of 9% compared to the same period last year.

Photo: Kun.uz
Regional Trends
The most significant drops in real estate activity were observed in the Jizzakh (20%), Samarkand (14%), and Tashkent (13%) regions. Over the third quarter, activity decreased most notably in Tashkent (25.7%), Bukhara (24.3%), and Namangan (18.7%).
In terms of property prices, the most affordable housing in Uzbekistan was found in Karakalpakstan, where the average cost per square meter was $327. In contrast, Tashkent City recorded the highest average price at $1,117 per square meter.
Secondary Market Prices
In the secondary housing market, prices remained relatively stable in September, with a slight increase of 0.1%. Over the past year, the average price per square meter increased by 6.7%. Significant price hikes were seen in Khorezm (19.5%), Bukhara (12.5%), and Samarkand (10%) regions. Meanwhile, Tashkent’s secondary market saw a modest annual increase of 1.8%.
Rental Market Trends
In Tashkent, rental prices remained unchanged in September compared to August, averaging $8.3 per square meter. However, rental prices declined in three central districts of the capital—Olmazor (down 14.6%), Uchtepa (down 7.4%), and Bektemir (down 3.8%).
Despite these reductions, some districts, such as Shaykhontohur and Yakkasaray, experienced price increases, with rents rising by an average of 7%. The highest rental rates were observed in Mirobod, Shaykhontohur, and Yakkasaray, where average prices hovered around $10 per square meter. Meanwhile, more affordable rents were recorded in Bektemir and Sergeli districts, averaging $6 per square meter.
Compared to September last year, rental prices in Tashkent increased by 8.4%. However, significant declines in rental rates were noted in Yashnobod (16.2%), Olmazor (12.2%), and Yakkasaray (11%) districts over the year, reflecting the ongoing overall slowdown in the market.
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