Tashkent, Uzbekistan (UzDaily.com) — The real estate market in Uzbekistan continues to show declining activity.

According to the Center for Economic Research and Reforms, 21,200 real estate transactions were registered in September, a decrease of 4.2% compared to August, which saw a 3.5% decline.

In annual terms, the drop is even more pronounced. Compared to September of last year, the volume of housing sales has decreased by 9%.

In the third quarter of 2024, housing sales fell by 13% year-on-year, totaling 66,500 transactions.

Regionally, the most significant reductions in real estate transactions in September were recorded in the Jizzakh, Tashkent, and Samarkand regions, where declines of 20%, 14%, and 13% were noted, respectively.

The results for the third quarter indicate that the largest drop in market activity occurred in the Tashkent region at 25.7%, followed by Bukhara at 24.3% and Namangan at 18.7%.

In September of this year, prices for secondary housing across the republic remained virtually unchanged, with a slight increase of 0.1%.

Over the year, the average cost per square meter of housing in the secondary market rose by 6.7%.

The most significant price increases were observed in the Khorezm region at 19.5%, Bukhara at 12.5%, and Samarkand at 10%.

In Tashkent, however, there was a decrease in secondary housing prices of 1% in September. The most significant declines were recorded in the Mirzo-Ulugbek district at 2.5% and the Yunusabad district at 2.4%. Meanwhile, price increases were only noted in the Yakkasaray district at 1.1% and in Shaykhantahur at 0.3%.

Over the year, the average price of secondary housing in the capital increased by 1.8%.

In September, the housing rental market in Tashkent continued to stabilize. The average rental price increased by 1%, reaching US$8.3 per square meter, consistent with the levels seen in August and July.

Thus, a moderate growth was observed in August and September, indicating stabilization in the rental market.

Among the 14 districts of the capital, rental prices decreased in three: in the Almazar district by 14.6%, in Uchtepa by 7.4%, and in Bektemir by 3.8%. Conversely, the highest increases were noted in the Shaykhantahur and Yakkasaray districts, both rising by 7%.

Price variations in rental housing by district in Tashkent persist. High rental prices are still observed in the Mirabad, Shaykhantahur, and Yakkasaray districts, where rents average around US$10 per square meter.

More affordable rents are found in Bektemir and Sergeli, where the average price is US$6 per square meter.

Compared to September of last year, rental prices in Tashkent decreased by 8.4%, indicating an overall trend of declining rental costs. The most notable annual declines were recorded in the Yashnabad district at 16.2%, in Almazar at 12.2%, and in Yakkasaray at 11%.