Tashkent, Uzbekistan (UzDaily.com) — The Central Bank of Uzbekistan, in its mortgage lending review for the first half of 2024, presented data on the ratio of housing prices to the purchasing power of the population.

The most expensive housing in relation to the average wage is in the Samarkand region. To purchase one square meter of housing in this region, it requires an amount equal to 2.67 times the average monthly wage, which in the first six months of the year was 3.83 million soums, or 1.14 times the per capita income in the region (8.98 million soums). Thus, one square meter of housing is valued at 10.2 million soums.

In other words, buying a 50-square-meter apartment for a resident of Samarkand would cost an amount equivalent to the average salary for 11 years and 1.5 months or the average per capita income in the region for 4 years and 9 months.

The nominal accrued wage is calculated based on data from legal entities (excluding agricultural enterprises and small businesses). When calculating the average wage, the incomes of workers with employment records, as well as various allowances, bonuses, incentive, and compensation payments with withheld personal income tax and deductions to the union fund, are taken into account.

Total income is one of the main indicators of the population’s standard of living. It includes not only income from employment and self-employment but also income from property (interest, dividends, royalties, etc.), as well as income from transfers (pensions, benefits, scholarships, money transfers). Per capita income is calculated by dividing the annual volume of monetary income by 12 and by the average annual population size.

In Tashkent, the cost of one square meter of housing is 1.84 times the average wage in the city and 0.81 times the per capita income, or 15.5 million soums (average wage — 8.45 million soums, average per capita income — 28.7 million soums).

To buy a 50-square-meter apartment, a resident of the capital would need to pay an amount equivalent to the average salary for 7 years and 6 months or the average income for 3 years and 4.5 months.

The most affordable apartments in relation to average wages and incomes are in the Navoi region. In this region, the cost of one square meter of housing is 1.15 times the average wage and 0.46 times the per capita income, or 7.6 million soums.

To purchase housing with an area of 50 square meters, a resident of the Navoi region would need an amount equivalent to the average wage for 4 years and 9.5 months or the average income in less than 2 years.

It should be noted that this takes into account the total amount of wages and incomes without deducting expenses for food, accommodation, healthcare, education, and other needs, so the actual payment period will be longer.

Purchasing power, in terms of the ratio of housing costs to the average wage, has deteriorated in all regions except Karakalpakstan: in Tashkent, the price of one square meter of housing increased from 1.53 times to 1.84 times the average wage, in Bukhara region — from 1.38 to 1.64, in Tashkent region — from 1.62 to 1.79, in Samarkand region — from 2.65 to 2.67, in Fergana region — from 1.38 to 1.51, and in other regions.

A similar situation is observed when comparing housing costs to per capita income — purchasing power has deteriorated in all regions except Karakalpakstan.