Housing prices drop by 7 percent in Tashkent
Uzbekistan, Tashkent, Feb. 26 / Trend , T.Zhukov/
In January, an average price for a house made up $671 per a square meter in Tashkent compared to $725 in December, Avesta Research Analytic Centre reported.
Total price drop for houses in Uzbekistan was 7 percent in January.
Moreover, prices for houses in suburbs fell by 9 percent. An average price per square meter makes up less than $517 in suburbs.
"In 2008, the Tashkent real estate market experienced downfall," Avesta Research centre reported.
An average growth rate on the secondary market was 58 percent in 2007. This figure amounted to 6 percent in 2008. The biggest drop was observed after August in 2008. Drop rate made up 11 percent in late 2008 compared to the August figure.
"We regard a sharp fall of the liquid housing fund of Tashkent as the most important factor in the current situation," SKS Consulting company Director Murad Abdukhakimov said. "Cut of people's outflow from Tashkent and their permanent outflow from regions causes decreasing the fund. At present the primary housing market in Tashkent has been exhausted, because housing construction rate was too low within last 5 years."
Housing proposals on the Tashkent market does not hit $200 million at the moment, Abdukhakimov said.
"In this case, outflow of huge foreign capital may lead to next price swing," he said.
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