As of January 1, 2025, the average price of a house in Tashkent was equal to 11.2 years of rent. This figure is 3.65 years higher than in 2022, indicating that housing prices are growing faster than rental prices. Thus, currently buying a house in Tashkent is more financially advantageous than renting.
Housing construction and market dynamics in Uzbekistan
Housing construction has increased significantly in recent years. In 2010-2016, the number of houses increased by 400 thousand, while in 2017-2024 this figure reached 1.65 million. In 2024 alone, more than 100 thousand multi-storey buildings with apartments were built, and the total housing stock reached 7.6 million.
At the same time, the number of housing purchase and sale transactions decreased by 5.8% in 2024, to 256.6 thousand transactions. This indicates a slowdown in activity in the real estate market.
Changes in the mortgage market
As part of measures to support the housing market, it is planned to build 120,000 new multi-storey buildings for 2025. For these purposes, it is planned to allocate 15.5 trillion soums from the budget, and 10 trillion soums from banks.
Changes are also being observed in the mortgage loan market. As of January 2025, the average interest rate on commercial mortgage loans is 25.3%. According to the Central Bank, the average interest rate on mortgage loans issued by banks at their own expense in 2024 was 24.8%.
According to the decree "On additional measures for the further development of the housing and mortgage market" adopted by the President, subsidies for mortgage loans will be increased. This is an important step aimed at easing the financial burden on the population in need of housing in the country.
Changes in the rental market
During 2024, rental prices in Tashkent began to decline. While rental prices increased by 1.2% in 2022-2024, by the end of 2024, rental prices will decrease by 11.5% compared to the previous year. This is explained, in particular, by the increase in supply in the market starting in 2023.
In which areas of Tashkent are rental prices more expensive and cheaper?
Cheapest rental prices:
[b]Sergeli: 1-room apartment – $297, 2-room apartment – $355, 3-room apartment – $415, 4-room apartment – $419
Almazor: 1-room apartment – $293, 2-room apartment – $352, 3-room apartment – $419, 4-room apartment – $493
Most expensive rental prices:
Mirabad: 1-room apartment – $344, 2-room apartment – $512, 3-room apartment – $643, 4-room apartment – $705
Yakkasaroy: 1-room apartment – $383, 2-room apartment – $487, 3-room apartment – $677, 4-room apartment – $722
Housing prices and rental market trends in Tashkent The changes are related to the pace of urban development, construction activity, and economic factors. Although buying a home is currently considered more financially beneficial than renting, market changes may shape new dynamics in the coming years. Government support measures are expected to further stimulate the housing market in 2025.
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