Tashkent, Uzbekistan (UzDaily.com) -- The Center for Economic Research and Reforms (CERR) in its regular overview analyzes the changes that have occurred in the real estate market.

In March, the real estate market was characterized by a decrease in activity.

During the period under review, 17.8 thousand real estate purchase and sale transactions were concluded, which is 20% less than in February.

According to the results of the first quarter of this year, the real estate market grew slightly by 0.3% compared to last year. A more noticeable increase was recorded in relation to the first quarter of 2022 by 3%.

Regionally, the largest decline in real estate market activity was noted in Namangan and Ferghana regions by 27 and 28%, as well as in the Republic of Karakalpakstan by 26%.

Tashkent city accounted for more than 28% of the real estate market, the number of concluded contracts for the purchase and sale of real estate in the capital in March amounted to 5.34 thousand, which is 20.7% less than a month earlier.

In March, the activity of buyers in the capital’s rental market decreased even more – by 2.2% and amounted to US$8.6 per 1 sq. m.

The rental price is still high in Shaikhantakhur, Yakkasaray and Mirabad districts, where the average rental of housing will cost US$10.6 per sq.m.

Relatively affordable rental housing continues to remain in the Uchtepa, Sergeli and Bektemir districts, the average rental price in these areas fluctuates at US$6.7 per square meter.

At the same time, compared to March last year, the rental market in Tashkent shrank by 5.2%. The areas where the most rapid price decline was noted were Yashnabad by 10.3%, Mirabad by 10.9% and Yakkasaray by 13.3%.

In March, the secondary housing market grew by 0.5%, compared to 0.8% in February. In annual terms, secondary prices increased by 14.1%.

A noticeable increase was noted in Tashkent – 24.8%, Bukhara – 25.1% and Khorezm – 20.1% regions.

The growth of prices for secondary housing in the capital has also slowed down. If in March the average prices for secondary housing in Tashkent increased by 0.2%, then in February the growth was 1.6%, respectively.

The highest rates of price growth were noted in Bektemir – 3.3%, Almazar – 1.8% and Sergeli – 1.8% districts.

In general, the secondary housing market in the capital grew by 14.3% over the year.