TASHKENT, Uzbekistan, October 14. Volume of sales in Uzbekistan’s secondary housing market increased 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, the growth of the average cost of housing per square meter in the secondary market increased by 2.9 percent over the month, while since September last year the cost has increased by 22.3 percent.
Over the past year, there has been a significant surge in housing prices in the secondary market in various regions of Uzbekistan. Notably, in Navoi, the increase stood at 33.7 percent, while Tashkent region saw a substantial rise of 30.5 percent. Uzbekistan’s capital city of Tashkent also experienced a notable rise of 29.1 percent in secondary housing costs.
Zooming in on a monthly scale, in September alone, the price of secondary housing in Tashkent witnessed a modest increase of 1.3 percent. Among the districts of Tashkent, the highest growth rates were observed in Shaikhantakhur, where prices rose by 1.8 percent, Mirabad, which saw a 2.3 percent increase, and Yakkasarai, where housing prices surged by 3.9 percent.
Comparing these figures to the same month the previous year, the average house prices in the capital have climbed by 29.1 percent. These trends indicate a dynamic real estate market in Uzbekistan, particularly in the capital and surrounding regions.
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 remarkable 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.