The Center for Economic Research and Reforms reports to "Daryo" that they analyzed changes in demand in the real estate market of Uzbekistan. They found that in March, there was a slight decrease in activity in the market, with a 7.3% decrease in sales transactions compared to the corresponding period in 2022.
However, overall sales increased by 2.7% in 1Q 2023, with over 61,000 contracts, whereas in 2021 the growth was 5%.
Regarding the secondary market (old houses), the growth rate of housing prices in Uzbekistan has slowed down. While the secondary market experienced growth of 25.4% since March 2022, there was a slowdown in the rate of price growth in Tashkent during March 2023. The average increase in housing prices per square meter was 0.9% in January, 4.5% in February, and 0.2% in March.
Although, some regions experienced significant price increases, such as Tashkent with a growth rate of 31.7%, Andijan with 32.2%, and Fergana with 37.7%. The highest rates of price growth were observed in Bektemir at 6.9%, Yakkasaroy at 3.8%, and Uchtepa at 3.6%. It was previously reported that the rental price of houses in Tashkent continues to decrease.
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