Tashkent Rental Market on the Rise with Growing Demand
Rental Prices in Tashkent Continue to Rise in September
The Institute for Macroeconomic and Regional Studies (IMRS) has reported another increase in rental prices for apartments in Tashkent, Uzbekistan. According to their latest findings, the average cost for mid-renovated apartments saw a 2.8% rise in September compared to August, while fully renovated apartments experienced a more modest increase of 1.4%.
Experts at IMRS attribute the surge in demand for mid-renovated apartments as the driving force behind the price increase. One-bedroom mid-renovated apartments saw a 2.4% increase, two-bedroom units rose by 3.4%, three-bedroom apartments went up by 3.2%, and four-bedroom units increased by 2.1%.
Among Tashkent’s districts, Sergeli and Olmazor offered the most affordable rental options for mid-renovated apartments. Prices in Sergeli ranged from $291 to $463 for one-bedroom and four-bedroom units respectively, while in Olmazor, one-bedroom units were priced at $306 and four-bedroom apartments at $503.
On the other hand, the more upscale districts of Mirabad and Yakkasaray recorded the highest rental prices for mid-renovated apartments. In Mirabad, a one-bedroom apartment cost $358 per month and a four-bedroom unit reached $721. In Yakkasaray, one-bedroom apartments were priced at $343 and four-bedroom units at $631.
For fully renovated apartments, rents also saw fluctuations in September. While prices for three-bedroom units decreased by 0.9%, one-bedroom apartments rose by 3.1%, two-bedroom units by 1.1%, and four-bedroom units by 2.3%.
Sergeli and Uchtepa districts offered the most affordable options for fully renovated apartments, with prices starting at $331 and $393 for one-bedroom units, and reaching $634 and $717 for four-bedroom units respectively. Conversely, Mirabad and Shaykhontohur districts had the highest rents for fully renovated apartments, with one-bedroom units listed at $474 and $442, and four-bedroom units at $1,278 and $1,272 in each district.
The data used for this analysis was collected from the real estate platform OLX.uz, covering a vast number of listings in both August and September. To ensure accuracy, the top and bottom 5% of listings were excluded from the analysis to provide a more precise representation of market trends.
Overall, the rental market in Tashkent continues to experience growth, with demand driving prices higher for both mid-renovated and fully renovated apartments. It remains to be seen how this trend will evolve in the coming months.
