TASHKENT, Uzbekistan, October 13. Volume of sales in Uzbekistan’s primary housing market decreased in September 2023 in contrast to the same period of 2022, Trend reports.
The analysis of the Center for Economic Research and Reforms (CERR) has shown that in September of 2023, real estate sales in Uzbek cities decreased by 17 percent, the number of registered purchase and sale transactions amounted to 23,000, compared to 28,000 in 2022.
The most significant decrease in real estate sales was observed in the Navoi region, where transactions declined by 32 percent. Karakalpakstan and the city of Tashkent both experienced a 24 percent drop in real estate activity.
In contrast, the Samarkand region maintained a relatively moderate level of activity, with a notable 7.4 percent increase in sales over the month.
CERR stressed that the decline in sales in the real estate market is not indicative and has a seasonal character.
Meanwhile, the volume of real estate sales in Uzbekistan from January through September increased by 1.4 percent (324 transactions) compared to last year’s calculations.
In terms of regional sales, there was a notable surge in the Samarkand region, with a 52-percent increase. Additionally, the Kashkadarya and Bukhara regions also witnessed substantial growth, with sales rising by 30 and 29 percent respectively, over the course of the year.
Moving on to the statistics for the third quarter of 2023, home sales continued to rise, recording a 9 percent increase, which pushed the total number of homes sold past the 76,000 mark.
Furthermore, approximately 50 percent of all real estate transactions within Uzbekistan are concentrated in the city of Tashkent, as well as the Tashkent and Ferghana regions. This highlights the significant real estate activity and market dynamics in these areas.