Activity in the real estate market of Uzbekistan in 2022 increased by 3.8%

According to Gazeta.uz, activity in the real estate market of Uzbekistan increased by 3.8% in 2022. Average prices in the secondary market for the year rose by 16.5%, and in Tashkent – by 24%. At the same time, rental housing in the capital became more expensive by 34%.

In 2022, activity in the real estate market of Uzbekistan increased by 3.8%, the Center for Economic Research and Reforms (CERR) reports in its review. In particular, the total number of housing purchase and sale transactions exceeded 257,000.

According to the CERR, in 2022, fluctuations in short cycles of rise and fall in sales became a particular feature in the real estate market. After a sharp surge in August, by September-October, activity slightly decreased, but already in November there was a surge associated with the adoption of an expanded program for the use of mortgage loans, however, the last month of the year was marked by a significant drop in sales.

So, in December, 15 thousand transactions were registered, which is 37% less than a month earlier.

Experts note that activity in the real estate market continues to be stimulated by state programs for affordable mortgages. As of January 1, 2023, the balance of mortgage loans amounted to 46.4 trillion soums, an increase of 1.3 times compared to 2021, and in the period of 2017-2022 it increased 6 times.

Secondary real estate market

According to calculations, the increase in the average cost of housing per 1 sq. m in the secondary market in December amounted to 0.6%, and since the beginning of the year – 16.5%.

The largest increase in the cost of housing over the year was noted in Navoi – 27.7%, Tashkent – 25.1% and Ferghana regions – 24%.

In the capital, in the secondary residential real estate market, prices increased by 24% over the year. In December, housing prices rose by 1.1%. The highest growth rates for the month were noted in Shaykhantukhur – 4.1%, Chilanzar – 3.9% and Uchtepa districts – 2.7%.Changes in prices for secondary housing in Tashkent and administrative centers of the regions (in US dollars per 1 sq. m).

Rental housing in Tashkent

Since the beginning of the year, the average cost of rent in the capital has increased by 34.6%. The highest growth since the beginning of the year for housing rent was noted in Almazar (57.6%), Bektemir (50%) and Yashnabad (50%) districts.

At the same time, in December, the average rental price in Tashkent remained virtually unchanged and amounted to $9.9 per 1 sq. m. The highest rental price was noted in Shaykhantuhur ($13.3), Yakkasaray ($12.2) and Yashnabad ($10) districts.

Relatively low prices for rental housing are recorded in Uchtepa ($8), Sergeli ($7) and Bektemir ($7) districts.