Tashkent, Uzbekistan (UzDaily.com) — In 2024, Uzbekistan’s real estate market experienced a slight decline in the number of transactions.

According to a report by the Central Bank’s DCP Department, market activity—including both sales and rentals—underwent a correction following years of rapid growth.

In most regions, market activity either declined or remained at previous levels, leading to stabilized demand for real estate and a more moderate increase in housing prices.

However, from October to December, there was a slight uptick in activity, continuing the trend observed in the third quarter.

By the end of the fourth quarter, 81,800 real estate transactions had been completed, marking a 5.6% increase compared to the previous quarter. Nevertheless, total transactions for 2024 declined by 2.2% year-on-year, amounting to 329,000 deals.

Regions such as Navoi, Tashkent, Bukhara, Namangan, and Tashkent city saw a decline in transaction volume, while Syrdarya, Fergana, and Kashkadarya maintained activity at 2023 levels. Moderate growth was recorded in other regions.

The Central Bank noted a shift toward positive monthly growth rates in transaction volumes during the fourth quarter. However, despite socio-demographic and economic factors supporting real estate demand, slower mortgage lending growth, increased housing construction, and market saturation contributed to price dynamics. As a result, the rise in housing prices has slowed, a trend also highlighted by Central Bank analysts.