Uzbekistan is experiencing a surge in the supply of rental housing, Spot.uz has reported.
The number of home rental ads placed on the Olx platform in 1Q23 leapt by 40% y/y. Whereas in 2022, y/y growth was only 14%.
The average monthly rental prices of apartments and houses were $350 and $570, respectively, with the prices advancing by $30 and $20 y/y.
According to analysts, the surge in supply was triggered by a large number of properties being vacated following the departure of Russian migrants who came to Uzbekistan en masse in the spring and autumn of last year in relation to Ukraine war developments, such as the Russian invasion in February and Moscow’s later military mobilisation announcements.
Another reason, they said, was the active development of cities: with the commissioning of new residential complexes, the rental supply on the market is growing.
"Since the beginning of the year, there has been an outflow of migrants, while, along with this, the supply on the market is increasing. But the growth is associated not only with the departure of migrants, but also with the emergence of new proposals for commissioned residential complexes," representatives of Olx told Spot.
The growth of apartment rental prices in Tashkent peaked in October 2022 before slowing, according to an analysis by the Institute for Forecasting and Macroeconomic Research.
Related Articles
Ukrainian forces capture Kenyan in Kharkiv amid Russia’s foreign recruitment drive
Ukrainian troops have captured a Kenyan national fighting for Russia during clashes near the town of Vovchansk in Kharkiv Oblast, the 57th Motorised Infantry Brigade said on Sept. 17, The Kyiv ... more
Caught between growth-driven Putin and cautious CBR, Russian government could raise VAT
Russia’s President Vladimir Putin convened an economic cabinet meeting for the second time in a month amid growing concerns over the country's faltering economic momentum, as reported by RBC ... more
Drones strike Russia’s largest oil port of Primorsk
More than 30 Ukrainian drones targeted Russia’s biggest oil terminal of Primorsk overnight on September 11–12, The Moscow Times reported on September 12. A pumping station caught fire as a ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
24 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
Hungarian economy faces weak growth, slow path to price stability, central bank report shows
2 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago