The number of residential units sold in Uzbekistan’s real estate market reached 272,400 in 2023, marking a 5.7% increase from the previous year, according to the Centre for Economic Research and Reforms (CERR), Review.uz reported.
Regional growth
The highest growth of transactions was recorded in the Kashkadarya region and Karakalpakstan, with increases of 17.1% and 16.8% respectively. However, in the capital, property sales saw a slight decrease of 2.7%.
Mortgage market development
The CERR study attributes the growth in property sales to the development of Uzbekistan’s mortgage market, which expanded by almost 17% over the year. Banks issued loans to the population amounting to UZS 16.9 trillion ($1.4bn).
Secondary real estate market
The secondary real estate market in the republic grew by 17.5% over the year. At the same time, mortgages for “secondary” property almost doubled to UZS 7.1 trillion ($570.7mn).
Future outlook
The value of the real estate market in Uzbekistan is projected to reach $813bn in 2023, with residential real estate dominating the market with a projected volume of $720.9bn, Statista reported. This growth trend is expected to continue, with an annual growth rate (CAGR 2023-2028) of 11.78%.
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