Home rental market supply in Uzbekistan surges 40% amid departure of Russians

By bne IntelIiNews May 17, 2023

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.

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