Demand for real estate in Uzbekistan declines after surge in May

By Muzaffar Ismailov in Tashkent July 13, 2023

Activity on Uzbekistan’s real estate market has fallen into a decline following rapid growth, according to a report by the Center for Economic Research and Reforms (CERR).

Some 23,600 housing transactions were registered in June, down 7.7% m/m, though up 3.5% y/y.

Real estate sales in the capital city Tashkent decreased by 17% in the month, showing the strongest decline in the country. The Syrdarya (-10%) and Navoi regions (-9%) also experienced weak demand.

In total, in 1H23, citizens concluded almost 131,000 contracts for the purchase and sale of housing (up 3.9% y/y).

The cost of housing in the secondary market slowed once again — by 0.8% against the May decline of 2.5%. In Tashkent, the pace decreased from 1.7% to 0.7%.

Over the year, the average price per square metre of secondary housing has risen by 22%.

Meanwhile, rental housing continued to become cheaper. In June, the rental price in Tashkent fell by 2.4% to $8.8 per square metre. On the other hand, it was 5% higher than a year earlier.

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