Unexpected situation in the real estate market: Housing prices have decreased in soums

A unique and interesting trend is being observed in Uzbekistan's real estate market: although the growth of housing prices has slowed down significantly, overall market activity has not declined. In its "Financial Stability Review" for 2025, the Central Bank reported fundamental changes in the real estate market. Zamin.uz has compiled the most important figures for those looking to buy a home and those tracking market trends.

Prices fell in soums, but remained stable in dollars

According to Central Bank analyses, price formation in the real estate market is increasingly relying on real fundamental factors. As a result, the rapid price surges seen in previous years are no longer occurring:

• Market price in soums: Decreased by 4.8 percent year-on-year.

• Price in US dollars: Increased by only 1.5 percent in equivalent terms.

This situation indicates that speculative bubbles in the market have stopped and prices are, in a sense, returning to their real level.

Housing sales increased by 15 percent: What is the secret?

Interestingly, the slowdown in price growth has not scared off buyers; on the contrary, it has made them more active. Throughout the year, the number of notarized housing purchase and sale agreements increased by 15 percent, reaching 295.4 thousand.

The regulator explains this phenomenon through the expansion of the population's financial capabilities and favorable conditions in the mortgage market:

• Income growth: In 2025, nominal wages in the country increased by 19 percent.

• Mortgage terms: Improvements in mortgage loan conditions have made purchasing a home much more accessible.

• Purchasing power: The population's housing affordability index rose from 115 percent to 126 percent over the year.

Positive result: Due to improved purchasing power, the number of households (families) without their own housing in 2025 decreased by 34.7 thousand compared to 2024.

The biggest force sustaining the market — Demographics

Central Bank experts emphasize that demand for housing cannot be assessed solely by money in pockets or mortgage interest rates. The biggest factor driving the market's constant movement is demographic growth and the formation of new families.

Due to the high natural demand for housing, a sharp decline in demand in the real estate market is not expected in the near future, despite the stabilization of prices.