Uzbekistan’s real estate market slows in September, sales and rental activity declines

BUSINESS 10:10 / 15.10.2024 508

Regional Trends

The most significant drops in real estate activity were observed in the Jizzakh (20%), Samarkand (14%), and Tashkent (13%) regions. Over the third quarter, activity decreased most notably in Tashkent (25.7%), Bukhara (24.3%), and Namangan (18.7%).

In terms of property prices, the most affordable housing in Uzbekistan was found in Karakalpakstan, where the average cost per square meter was $327. In contrast, Tashkent City recorded the highest average price at $1,117 per square meter.

Secondary Market Prices

In the secondary housing market, prices remained relatively stable in September, with a slight increase of 0.1%. Over the past year, the average price per square meter increased by 6.7%. Significant price hikes were seen in Khorezm (19.5%), Bukhara (12.5%), and Samarkand (10%) regions. Meanwhile, Tashkent’s secondary market saw a modest annual increase of 1.8%.

Rental Market Trends

In Tashkent, rental prices remained unchanged in September compared to August, averaging $8.3 per square meter. However, rental prices declined in three central districts of the capital—Olmazor (down 14.6%), Uchtepa (down 7.4%), and Bektemir (down 3.8%).

Despite these reductions, some districts, such as Shaykhontohur and Yakkasaray, experienced price increases, with rents rising by an average of 7%. The highest rental rates were observed in Mirobod, Shaykhontohur, and Yakkasaray, where average prices hovered around $10 per square meter. Meanwhile, more affordable rents were recorded in Bektemir and Sergeli districts, averaging $6 per square meter.

Compared to September last year, rental prices in Tashkent increased by 8.4%. However, significant declines in rental rates were noted in Yashnobod (16.2%), Olmazor (12.2%), and Yakkasaray (11%) districts over the year, reflecting the ongoing overall slowdown in the market.

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