Housing prices cool in Uzbekistan and Kazakhstan but soar in Kyrgyzstan

Housing is one of people’s most essential needs, and information about its price is always of public interest. Owning property can significantly reduce household expenses, especially amid rising rental costs, and improve living conditions. Kun.uz examined current apartment prices in Central Asia’s largest cities and assessed the affordability of purchasing a home compared to average earnings.

Uzbekistan: Tashkent and Samarkand

By 2025, housing prices in Tashkent have started to stabilize. In the first half of the year, the average price per square meter in the primary market reached UZS 14.54 million (about $1,200). In Samarkand, this figure stood at UZS 11.17 million. Buying a 60-square-meter apartment from the primary market in Tashkent equals roughly 7 years and 2 months of average salary, while in Samarkand it would take around 12 years and 7 months.

Overall, Tashkent’s housing prices have nearly “frozen,” significantly reducing the investment appeal of real estate. The earlier “buy → resell quickly → earn big” model no longer works. Now it has shifted toward a “buy → wait long → possibly profit” model.

Kazakhstan: Astana and Almaty

Kazakhstan’s housing market continues to see price increases. According to the National Statistics Bureau, the average price per square meter of new housing in Astana reached 618,000 tenge ($1,128), while in the secondary market it stood at 664,000 tenge ($1,212). In Almaty, the figures were 648,000 tenge ($1,182) and 692,000 tenge ($1,263), respectively. As of July 1, the average monthly salary amounted to 598,000 tenge ($1,091) in Astana and 563,000 tenge ($1,027) in Almaty.

This means that purchasing a 60-square-meter apartment in the primary market would cost about 5 years and 2 months’ worth of average income in Astana, and 5 years and 9 months’ worth in Almaty.

Kyrgyzstan: Bishkek and Osh

In Kyrgyzstan’s capital, housing prices are rising much faster than inflation and last year’s figures. As of September, the average price per square meter in Bishkek’s primary market reached $1,404. The surge has been driven by a shortage of land for multi-story buildings, growing demand amid improving living standards, and rising construction material costs. In Osh, the average price per square meter stands at around $780.

Based on these figures, buying a 60-square-meter apartment in Bishkek would require approximately 11 years and 10 months of average salary, while in Osh it would take about 10 years and 2 months.

Tajikistan: Dushanbe

In Dushanbe, housing prices vary significantly depending on location. According to the real estate platform Etazhi, at the beginning of the year, the average price per square meter in Tajikistan’s capital was 11,085 somoni, or about $1,190. Purchasing a 60-square-meter apartment in the primary market would cost the equivalent of 15 years and 7 months of average salary.

Turkmenistan: Ashgabat

There is almost no publicly available data on Ashgabat’s real estate market. Due to political restrictions, independent market monitoring is not conducted. However, some sources estimate the average price per square meter at around $2,900–3,100. The extremely high prices are attributed to exchange rate instability, strict bureaucratic procedures, and heavy regulatory barriers for new construction projects.

Summary

By 2025, housing prices in Uzbekistan and Kazakhstan have largely stabilized, while Kyrgyzstan continues to experience rapid growth. In Tajikistan, housing prices are closely tied to the volume of remittances sent by migrant workers. Meanwhile, limited supply has made Ashgabat the most expensive real estate market in the region.