In January-March 2022, 75.7 thousand real estate transactions were concluded. This is 2.4% more than in the same period last year. This is stated in the review of the real estate market for the first quarter of 2022, published by the Central Bank.

The increase in prices in the first three months of this year was mainly due to the following factors:

•  Increased demand for real estate as a safe asset;
•  Increase in household income in 2021;
•  An increase in devaluation expectations by the end of March.

Secondary market

In the secondary real estate market, prices continued to rise and by the end of March, the growth rate had reached 10%.

The increase in prices in January-February was due to the increase in revenues from additional payments and remittances, and in March – due to changes in the national currency.

The highest quarterly growth in housing prices in the secondary market was recorded in Syrdarya (18%), Khorezm (14.4%) and Surkhandarya (13.1%) regions and Tashkent (15.1%) city.

Changes in the price index in the secondary market

Primary market

In March, real estate prices in the primary market rose by 4.6% compared to February. This is mainly explained by the increase in the price of building materials and the temporary cessation of refinancing of soft mortgage loans for the purchase of secondary housing, as well as the increase in demand for houses in the primary market.

The highest rates of price growth were recorded in Tashkent city (9%) and Fergana (9%) and Samarkand (8%) regions. At the same time, prices fell in Syrdarya (11%), Jizzakh (6%), Namangan (5%) and Andijan (5%) regions.

According to the results of the first quarter of 2022, the highest cost of housing in the regions is in Tashkent city (8 million 963 thousand soums per 1 square meter), Samarkand (8 million 258 thousand soums) and Tashkent (5 million 618 thousand soums) regions. The lowest prices were recorded in Syrdarya (2 million 872 thousand soums), Khorezm (3 million 327 thousand soums) regions and the Republic of Karakalpakstan (3 million 268 thousand soums).

According to the Central Bank, in March, 100 square meters of land in the country rose in price by 4% compared to February. In terms of regions, this figure was 5% in Tashkent city, 6.5% in Tashkent region and 1.2% in Samarkand region.