Uzbekistan's property market heats up as March transactions soar 47%

The spike in activity, seen across all regions, is largely attributed to the upcoming transition to escrow-based settlements in April, which prompted buyers to close deals under the existing rules.

Transaction volumes increased nationwide, with the strongest month-on-month growth recorded in Jizzakh region (up 73.2%), Syrdarya (64.6%), and Namangan (63%). Most other regions, including Andijan, Bukhara, Samarkand, Surkhandarya, Karakalpakstan, Tashkent region, and the capital, Tashkent, posted gains of 40–50%, according to the Center for Economic Research and Reforms (CERR).

Tashkent accounted for around 34% of all transactions. The number of deals in the capital rose by 44% month-on-month to roughly 12,800.

On the pricing side, the secondary housing market recorded modest growth of 0.4% month-on-month and 10% year-on-year. The strongest annual increases were seen in the Syrdarya region (22%), Samarkand (18.7%), and Andijan (17.6%).

In Tashkent, secondary housing prices rose 5% year-on-year. The largest increases were observed in Mirabad district (7.3%), Mirzo-Ulugbek (7.2%), and Chilanzar (6.9%). Primary housing prices grew faster, up 8.8% year-on-year, led by Mirzo-Ulugbek district (15.5%), Mirabad (14.9%), and Yunusabad (14.6%).

Average rental prices in Tashkent stood at about $8.9 per square meter in March, up 2.7% from February and 10.8% higher than a year earlier. The highest rents remained in central districts — Mirabad, Shaykhantakhur, Yakkasaray, and Mirzo-Ulugbek — at around $11 per square meter. The fastest annual rental growth was recorded in Yashnabad (18.9%), Mirzo-Ulugbek (14.3%), and Yakkasaray (12.5%).