In the first month of summer, activity in the real estate market slowed down again, the Center for Economic Research and Reform reported.

During the month, 23.6 thousand housing transactions were registered. This is 7.7% less than May, when demand for it reached its maximum since last August.

The increase compared to last June was modest - only 3.5%. At the same time, in the previous two years, home sales in early summer grew after the May declines, and in 2020 they reached the monthly maximum that still remains (due to pent-up demand during quarantine).

Real estate sales in Tashkent fell by 17% at once, showing the strongest decline in the country. Also, Syrdarya (-10%) and Navoi regions (-9%) faced a significant decrease in demand.

In total, in the first half of the year, Uzbeks concluded almost 131,000 contracts for the sale of housing (+3.9% compared to the same period in 2022). During the second quarter, activity rose by 5% to 69,000 transactions.

The cost of housing in the secondary market again slowed down growth - 0.8% against 2.5% in May. In Tashkent, rates declined from 1.7% to 0.7%, with Mirzo-Ulugbek (2.6%) and Mirabad districts (2.4%) being the most notable exceptions.

During the year, the average price per square meter of secondary housing rose by 22%. Among the regions, Namangan region became the leader in terms of growth with 34.9%, followed by the capital (30.4%) and Tashkent region (29.4%).

Meanwhile, rental housing continues to fall in price. In June, the rental price in Tashkent fell by 2.4% to $8.8 per square meter. On the other hand, it is still 5% higher than a year earlier.

The highest prices for renting apartments remain in the Mirabad district, where for 1 sq. m. on average ask $11.7. The second place was occupied by the Yakkasaray region ($10.9), Shaykhantakhur region ($10.8) closed the top three.

The most affordable housing for tenants is in Bektemir ($5.5), Sergeli ($6.3) and Uchtepa districts ($7.3). In general, since the beginning of the year, rent has become cheaper by 14.3%, and in three districts - by more than 20%.