The Center for Economic Research and Reforms has published another analysis of the real estate market in Uzbekistan. According to the data, while prices in the secondary housing market in Tashkent increased by 0.6% in September, there was a 1.7% decrease compared to the same period last year.
According to the analysis, prices in the capital's secondary market have decreased significantly, especially in the Yashnabad, Mirzo-Ulugbek, and Chilanzar districts. The average price drop in these districts was 4.3%. Experts explain this situation by the decrease in demand in some regions and the adaptation of sellers to the market.
At the same time, the primary housing market, on the contrary, saw growth. During September, the cost of newly built apartments increased by an average of 3%. The largest growth was recorded in Mirobod, Bektemir, and Yakkasaray districts, where the growth reached 5.8%.
Experts note that the increase in the number of new construction projects, the rise in the cost of building materials, and the shortage of land in the center of the capital influenced the price increase in the primary market.
A similar trend was observed at the republican level. Average prices in the secondary housing market increased by 0.6% in September. In annual terms, the price per square meter increased by 4.6% compared to September of last year.
By region, the largest growth was observed in Surkhandarya (+19%), Syrdarya (+15.8%) and Jizzakh (+14.5%) regions. It was noted that construction activity in these regions has increased in recent months, and domestic demand is high.
Thus, the overall picture of the real estate market manifests itself in two directions: as new houses become more expensive, prices in some regions of the secondary market continue to decrease. According to experts, by the end of the year, the main trends in the market will be determined by the activity of the construction market and mortgage policy.
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