Wages in Uzbekistan Rise Faster Than Housing Prices

According to the Central Bank of Uzbekistan, for the first time since 2021, wage growth has outpaced the rise in housing prices. This was highlighted in the financial stability report by the Central Bank for the January-June period.

As of early July 2023, the average nominal wages in the country increased by 17%. Simultaneously, the "housing price to wage" index fell by 0.3%.

Despite this, the demand for housing in the republic remains high. At the beginning of July, 177,500 purchase and sale agreements were signed in Uzbekistan, an 11% increase compared to the same period last year.

Additionally, the average mortgage loan interest rate decreased by 0.4% over the year, reaching 19.2%. The loan term increased by six months, reaching 17.2 years.

According to the Central Bank, 136,500 apartments were sold between January and September this year. The number of purchase and sale transactions increased by 10.6% annually.

The most significant growth was observed in the Jizzakh region, where the number of transactions increased by 30% in half a year. Navoi region and Surkhandarya region followed next.

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