Central Bank reports steady growth in Uzbekistan’s real estate market in Q3 2025

Data from the regulator show that in the first nine months of 2025, the number of real estate purchase and sale agreements rose by 12.8 percent to 229,800. In most regions, growth outpaced the national average. In the Fergana Valley, the indicator increased by about 7–8 percent, while the smallest growth was recorded in Tashkent Region at 1.7 percent.

The volume of mortgage loans issued in the third quarter rose by 14.9 percent year-on-year to UZS 5.6 trillion. Since the beginning of the year, the outstanding mortgage portfolio has continued to expand at an annual rate of around 17 percent, the Central Bank said.

Real household incomes increased by 8.4 percent over the nine-month period, while the construction sector posted real growth of 14.2 percent nationwide. A total of 11.1 million square meters of housing was commissioned, up 2.4 percent year-on-year. The main contribution came from individual housing construction, while the commissioning of apartment buildings temporarily declined due to shifts in the completion timelines of residential complexes.

Housing supply remains high across all segments but has edged down slightly. On average, about 41,600 property listings were posted for sale each month, compared with 42,700 in 2024.

The Central Bank noted stable price dynamics, with housing prices broadly holding at the levels of previous quarters. In September, apartment prices on the primary market rose by 2.4 percent in UZS terms and by 5.5 percent in dollar terms, while on the secondary market prices increased by 1.8 percent in UZS and by 5 percent in dollars.

The regulator also emphasized that many sellers continue to set initial prices in foreign currency in an effort to preserve asset values.

The rental market saw a seasonal pickup in August–September. In September, rental prices in the capital rose by 5.4 percent in dollar terms, while across the country they increased by 8.4 percent.

Central Bank experts believe the current indicators reflect resilient demand and the sector’s investment appeal, despite localized slowdowns in certain market segments.