During June in Uzbekistan, the real estate market traditionally experiences a decrease in sales transactions despite a continuous rise in the cost of housing, according to media reports.
The first half of 2023 saw annual growth of 3.9% in real estate transactions, totaling almost 131,000. Sales in the second quarter increased by 5%, exceeding 69,000 transactions. However, the real estate market experienced a decline in activity in June, with sales falling by 7.7% compared to May.
The number of transactions for the purchase and sale of residential real estate was 23,600, a decrease from May's 25,000 transactions.
Tashkent, Syrdarya, and Navoi regions recorded the largest declines by 17%, 10%, and 9%, respectively.
Despite a decrease in June, home sales increased by 3.5% compared to the same period in 2022.
Secondary real estate market
The growth rate of housing prices in the secondary real estate market slowed down in June, with only a 0.8% increase in cost compared to May's 2.5% increase per square meter. Looking at the same period last year, there has been a 22% increase in average secondary property prices.
The Namangan region has seen a significant rise of 34.9%, while Tashkent's prices rose by 29.4% and 30.4%. The "second wave" price increase in the capital was 0.7% in June, down from 1.7% in the previous month. The areas of Mirabad and Mirzo-Ulugbek saw relatively high rates of price growth, at 2.4% and 2.6%, respectively.
Changes in rental prices in Tashkent
The average rent for apartments in the capital city has decreased by 14.3% since the beginning of the year. March recorded the largest decline of 7%. However, compared to June last year, Tashkent's rent has increased by 5.4%.
Three metropolitan areas have seen over a 20% decrease in rent since the beginning of the year. Almazar decreased by 26%, Shaykhanthahur by 24%, and Bektemir by 22%.
Although there was a recovery in May, the rental market fell by 2.4% in June, with an average price of $8.8 per sq.m. High rental prices remain in Shayhantahur, Yakkasarai, and Mirabad at $10.8, $10.9, and $11.7 per sq.m., respectively.
On the other hand, Uchtepinsky, Sergelysky, and Bektemir districts have the most accessible apartment rental prices, with $7.3, $6.3, and $5.5 per sq.m., respectively.
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