Secondary market outpaces new builds as Uzbekistan’s property transactions hit record highs

According to the Central Bank, total housing-related transactions for the full year reached 319.5 thousand, an increase of 15.8% compared with 2024.

Regional breakdown

The strongest growth rates came from Bukhara (25.6%), Syrdarya (23.1%), Samarkand (19.2%), Jizzakh (17%), and Khorezm (16.4%) regions. In Tashkent city, Tashkent region, and Fergana region, where transaction volumes are highest, average growth was 15.5%.

The Central Bank said this trend points to a growing housing market outside Tashkent, driven by improved infrastructure and rising household incomes.

Mortgage lending and income

Market activity was supported by stronger mortgage lending, rising household incomes, and increased housing construction. Mortgage lending grew by 29% in 2025, reaching UZS 21.2 trillion. The share of transactions involving mortgages rose to 22%, up from 21.3% in 2024. Furthermore, real household incomes increased by 9.2% year-on-year in Q4.

Housing construction

The total floor area of housing completed in 2025 rose by 7.2% year-on-year to 15.9 million square meters. By region, the strongest growth in new housing supply was seen in Khorezm (36%), Surkhandarya (6.7%), and Fergana (6.5%).

Prices

In Q4, price trends continued previous patterns. In the primary market, apartment prices increased by 5.7% in dollar terms, while in the secondary market, prices rose by 7.9%. In UZS terms, prices changed by –1.3% in the primary market and +0.7% in the secondary market. The regulator said the difference between dollar and UZS indices reflects exchange rate dynamics during the quarter.

Rental market

Rental prices increased by 8.3% in dollar terms over the year. In Tashkent, rental prices have shown growth since Q3. In UZS terms, rental prices remained broadly stable year-on-year, indicating a balance between supply and demand.

Land market

In the land segment, the average price of 100 square meters in Tashkent stood at UZS 319 million in late December, down 9.4% year-on-year. The decline was driven by changes in the structure of supply, including a 22% increase in land plots in suburban areas and a 13% decrease in central districts.