Tashkent, Uzbekistan (UzDaily.com) — The real estate market in Uzbekistan has seen a decrease in activity for the second consecutive month, though year-on-year growth remains steady.

According to the first-quarter results of this year, for the first time since the beginning of systematic monitoring in 2021, no region in the republic reported a decline in sales volume. In the capital, the rental housing market remained stable in March, with no price changes observed.

The Center for Economic Research and Reforms (CERR) in its regular report provided an analysis of changes in Uzbekistan's real estate market over the past month.

Activity in the real estate market continued to decline for the second month in a row. In March, the volume of transactions decreased by 8.8%, totaling 20.4 thousand operations.

However, on a year-on-year basis, the market shows steady growth — the number of transactions in March increased by 15% compared to the same period in 2024. The total transaction volume for the first quarter of 2025 reached 68.4 thousand, marking a 10.8% year-on-year growth.

Regional Overview

The most significant growth in activity was observed in the Jizzakh region, which saw a 34% increase, followed by the Navoi region with a 29% rise.

For the first time since the start of systematic monitoring in 2021, no region reported a decrease in sales volume in the first quarter of 2025.

Secondary Real Estate Market

The average price of secondary housing across the country remained unchanged in March compared to February. However, on a year-on-year basis, the cost per square meter increased by 0.9% nationwide, with the most noticeable price hikes in the Jizzakh (12.3%), Surkhandarya (10.7%), and Kashkadarya (8.5%) regions.

Real Estate Market in Tashkent

In March, the average price of secondary housing in Tashkent decreased by 0.6%, while primary market prices dropped by 0.4%.

Compared to March last year, the average price of secondary housing fell by 5.7%, while primary housing prices decreased by 3.7%.

In terms of Tashkent's districts, the most significant year-on-year price reductions for secondary housing were recorded in the Mirabad (8%), Chilanzar (8.7%), and Yashnabad (7.5%) districts.

In the new buildings segment, price reductions were also noted. Over the year, the average price per square meter significantly decreased in the Shaykhantahur (14.7%), Uchtepa (11%), and Yunusabad (6.7%) districts.

Rental Housing Market Analysis

In March, activity in Tashkent's rental market remained unchanged. On average, rental housing in the capital cost $8 per square meter.

In the central districts of the capital, relatively high rental prices persist, averaging $10 per square meter in the Mirabad, Shaykhantahur, and Yakkasaray districts.

On a year-on-year basis, rental prices in Tashkent decreased by 7.4%. The most significant price reductions were observed in the Mirzo-Ulugbek, Yashnabad, and Chilanzar districts, with an average decline of 10% year-on-year.