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14 May 2019

The dynamic development of the real estate market in Tashkent

Tashkent – a city with a long history – today is undergoing significant economic changes. The ongoing reforms expand the state’s policy “to the north”, actively renewing economic and political ties with the closest neighbors and the outside world. Opening the borders of the country’s economy, the new president Shavkat Mirziyoyev actively supports investments in Uzbekistan of both local and foreign investors.

The population is more than 2.5 million inhabitants, which exceeds the indicators of many capitals of neighboring countries. The dynamically growing population and the moderate growth of incomes of the population of Tashkent in recent years not only stimulate the economy, increasing the demand for goods and services, but also give impetus to the development of the real estate market in this country.

One of the first sectors of the economy, felt the new reforms, was the residential real estate market. According to the database of Colliers International, over the past three years, sales of apartments in 27 residential complexes have opened in the capital of Uzbekistan. Construction continues on seven of them, most of which are projected to be commissioned during this and early next years.

The average price of housing in the primary real estate market in Tashkent ranges from $ 400 to $ 1,650 per 1 sq. Km. m. The vast majority of owners of new square meters – citizens with high incomes, qualitatively improving their living conditions.

The commercial real estate market is developing in Tashkent no less dynamically. Retailers, residents and guests of the capital are waiting for new facilities, which are scheduled to be commissioned in the coming year.

The segment of office real estate in Tashkent is successfully developing, however, the climax of the demand for premises is projected in the horizon of 5-7 years. The high demand for smaller premises is due to the fact that the work of foreign and local companies in the new market begins with a test mode, when the required number of employees for starting and developing activities is not so great. With the growth of business structures in the country, the need for large premises increases. The winners will remain those developers who are already ready to take risks and prepare for the right moment. According to experts at Colliers International Kazakhstan, the total office real estate fund does not exceed 150 thousand square meters. m, which is 120% satisfies the current demand for working space.

Source: kapital.kz