Uzbekistan’s housing market grows 13% despite August slowdown

According to an analysis by the Center for Economic Research and Reforms (CERR), market activity slowed in August but continues to show annual growth.

Last month, around 25,000 housing sales contracts were registered across the country – a 4.6% decrease from July but a 12.9% increase compared with August 2024.

The strongest year-on-year growth in the number of transactions was recorded in the Syrdarya (+34%), Khorezm (+29%), and Surkhandarya (+27%) regions.

Secondary market

On the secondary market, moderate price growth persisted nationwide. In August, the average price per square meter rose by 1% following a 1.7% increase in July. Over the year, prices increased by 4%.

The largest annual price gains were observed in Jizzakh (+14%), Surkhandarya (+17%), and Syrdarya (+10.3%) regions.

Housing in Tashkent

In the capital, secondary housing prices increased by an average of 0.2% in August, reaching $1,090 per square meter, but declined by 2.3% over the year. The most significant drops were recorded in Mirzo-Ulugbek (-6.3%), Yashnabad (-4.4%), and Chilanzar (-4.6%) districts.

Primary housing in Tashkent rose 0.7% year-on-year. The largest increases were in Mirabad (+6.6%), Yakkasaray (+3.6%), and Almazar (+2.6%) districts.

Rental market

The rental market remained stable in August, with the citywide average rate at $8 per square meter. In central districts such as Mirabad, Shaykhantahur, and Yakkasaray, the average rent is $10.3 per square meter.

Year-on-year, rental prices declined by 1.8%, with the largest decreases in Uchtepa, Chilanzar, and Bektemir districts.

For reference, in the first half of 2025, the Central Bank reported continued declines in secondary housing prices, rents, and land plots in Tashkent. The average secondary market price fell from 15.4 million UZS to 14.9 million UZS per square meter. At the same time, the number of housing sales transactions and mortgage issuances in Uzbekistan continues to grow.