Real estate market of Uzbekistan shows explosive growth - CERR

Tashkent, Uzbekistan (UzDaily.com) -- An analysis of the real estate market showed that housing sales in Uzbekistan increased by 30% over the month. CERR experts explain this by a sharp increase in mortgage lending in August this year, which in turn influenced the positive dynamics of sales in all regions.

The Center for Economic Research and Reforms (CERR) regularly analyzes changes in demand in the real estate market in Uzbekistan.

In August 2022, the number of registered real estate purchase and sale transactions in Uzbekistan amounted to 26.5 thousand, which is 30% more (+6.2 thousand) than in July (20.3 thousand). Since the beginning of the year, the growth in housing sales amounted to 8.5% (172.7 thousand).

A sharp increase in mortgage lending in August by 37% compared to July (from 1.1 trillion soums to 1.5 trillion soums) influenced the positive dynamics of purchases and sales in all regions.

High growth rates were noted in Karakalpakstan by 2.3 times, Samarkand - 75% and Jizzakh regions - 41%.

Compared to August 2021, the number of real estate purchase and sale transactions increased by 22% (+4.7 thousand).

According to calculations, the increase in the average cost of housing in the secondary market in August this year. amounted to 0.5% per month (in June - 2.7%, in July - 2.5%).

A significant increase in the cost of housing is observed in Khorezm - 6.1%, Kashkadarya - 1.9% and Ferghana regions - 1.8%.

A decrease in housing prices was recorded in Surkhandarya - 5.3%, Andijan - 2.1%, Syrdarya - 1.2% and in Navoi regions - 1.1%.

In the secondary real estate market in Tashkent, the price growth slowed down a bit and amounted to 1.4% (2.4% in June, 2.9% in July). The largest increase in housing prices was noted in the Chilanzar, Almazar and Shaykhontokhur regions. In Sergeli district, a decrease in prices was recorded.

At the same time, since the beginning of the year, average prices in the capital have increased by 13% (7% in the republic), which indicates an increase in demand for housing, including as a result of an influx of foreign citizens.