Housing prices in Tashkent city fall 14 percent in H1 2025

These figures were published in the financial report of the Mortgage Refinancing Company for the second quarter of 2025.

In the primary housing market, prices rose in some regions while dropping notably in others. In Tashkent city (–8.2 percent) and Tashkent region (–5.7 percent), the downward trend continued. In the capital, prices had already declined by 6.5 percent in the first quarter.

The highest price increases during the reporting period were recorded in Jizzakh (+8.6 percent), Khorezm (+5 percent), and Surkhandarya (+3.2 percent).

The decline in Tashkent city and region was explained as a natural correction following rapid growth between 2020 and 2023. At the same time, prices continued to rise in regions where housing remains relatively cheaper compared to major centers – notably Karakalpakstan, Jizzakh, Syrdarya, Surkhandarya, and Khorezm.

“In Uzbekistan’s housing market, listings are usually published in US dollars. By the end of the second quarter of this year, the national currency had strengthened by 1.7 percent against the US dollar compared to the first quarter. This process, in turn, had some effect on lowering housing prices in UZS terms,” the report stated.

Across Tashkent districts, prices have declined in all areas since the beginning of the year. The sharpest fall was in Sergeli district (–10.5 percent in the first quarter, –4.5 percent in the second), while prices in Shaykhantakhur district remained relatively stable.

By average price per square meter, Bektemir remains the cheapest district (UZS 10.72 million/m²), while Mirobod (UZS 17.16 million/m²), Yakkasaray (UZS 15.68 million/m²), and Shaykhantakhur (UZS 16.24 million/m²) are the most expensive.

Secondary housing market

In the secondary housing market, price movements were also mixed – rising in some regions and falling in others. The largest increases were registered in Karakalpakstan (+9.6 percent), Khorezm (+4.2 percent), Syrdarya (+3.7 percent), and Surkhandarya (+2.9 percent), while the sharpest declines were again observed in Tashkent city and region.

In Tashkent districts, the pace of price decreases accelerated in the second quarter compared to the first.