TASHKENT: Following a brief downturn earlier this year, Uzbekistan’s real estate market has experienced a resurgence in activity, particularly in the housing sector, according to recent reports.
In February, rental prices in Uzbekistan’s capital city of Tashkent showed signs of stabilization, with rates in certain districts experiencing modest increases. The Bektemir and Shaykhontohur districts saw rental rates rise by 3.5 percent, while declines in the Yashnobod and Chilonzor districts tapered to nearly 6 percent.
The Center for Economic Research and Reforms attributes this resurgence in market activity to the expansion of economic operations within the country. Over the month, a total of 22,200 real estate sale and purchase contracts were signed, representing a two percent increase from the previous month. Regional markets also demonstrated growth, with activity rising by 14 percent in Tashkent, 16 percent in Andijan, and 13 percent in Fergana.
In Tashkent’s rental market, the pace of price decline slowed, with rates decreasing by 1.1 percent in February to $8.9 per square meter. Notable variations were observed across different districts, with the Yashnobod and Chilonzor districts experiencing significant declines, while the Bektemir and Shaykhontohur districts recorded increases.
Meanwhile, secondary housing prices saw a modest increase of 0.8 percent during the month and a notable annual rise of 14.1 percent. Tashkent, Bukhara, and Andijan regions reported significant price increases for secondary housing, with Tashkent leading at 26 percent. Average prices for secondary housing in Tashkent rose to $1,140, with specific districts witnessing varying price fluctuations.
Despite the overall positive trend, there was a slight slowdown in the growth rate of the secondary housing market in Tashkent compared to the previous year.
