Uzbekistan’s Real Estate Market Thrives Despite Tashkent’s March Slowdown
Uzbekistan Real Estate Market Sees Mixed Trends in March 2025
In March 2025, the real estate market in Uzbekistan experienced an 8.8% decline in purchase and sale transactions, totaling 20,400 deals, as reported by the Center for Economic Research and Reforms (CERR). Despite this monthly downturn, the market shows resilience, with transaction numbers for March reflecting a 15% increase compared to the same period in 2024. By the end of the first quarter of 2025, the cumulative transaction volume reached 68,400, marking a 10.8% rise year-on-year.
The Jizzakh and Navoi regions reported the most significant growth in market activity, with increases of 34% and 29%, respectively. Notably, this quarter was unique as no region across the country recorded a decline in transaction volume, a first since systematic monitoring commenced in 2021.
Throughout March, the average price of housing in the secondary market remained stable, unchanged from February levels. Year-on-year, however, there was a slight increase of 0.9% in the average price per square meter. The most pronounced price hikes were observed in the Jizzakh region (12.3%), Surkhandarya (10.7%), and Kashkadarya (8.5%).
In contrast, Tashkent, the capital, saw a slight dip in average secondary housing prices, which fell by 0.6% in March. The primary housing market also recorded a decrease, with prices declining by 0.4%. When compared to March of the previous year, secondary housing prices in Tashkent dropped by 5.7%, and new housing prices decreased by 3.7%. The districts of Mirabad, Chilanzar, and Yashnabad reported the highest annual declines in secondary housing prices, with drops of 8%, 8.7%, and 7.5%, respectively.
The new development sector also faced price reductions. The most considerable decreases in average price per square meter for newly constructed homes were noted in Shaykhantakhur (14.7%), Uchtepa (11%), and Yunusabad (6.7%).
Overall, while the monthly transactions show a decrease, the annual growth indicates that the Uzbek real estate market is continuing to adapt and evolve, suggesting potential for recovery and growth in the coming months.
