Housing prices in Tashkent continue to fall despite active market

According to second-quarter data, real estate market activity remained strong. During this period, the number of real estate transactions reached 88,100 – up by 9.9% compared to the same quarter last year.

In the first half of the year, the total number of real estate sale and purchase agreements rose to 148,400, marking a 12.1% increase year-on-year, the Central Bank reported.

The increase in real estate activity is attributed to the growing volume of mortgage lending, rising household incomes, and greater investment in housing construction.

During the first six months, the share of transactions involving mortgage loans rose to 21.3% of all real estate deals, underscoring the growing role of mortgages in home purchases.

Price trends in the second quarter remained stable. Despite strong demand, supply has remained sufficient, limiting the pace of price increases.

In regions with relatively high housing prices – including the city of Tashkent, Tashkent region, Samarkand, and Navoi – price growth either stagnated or slowed down. In other areas, prices continued to rise, driven by previous price declines, improved infrastructure, and growing demand.

For example, in Tashkent’s secondary housing market, prices dropped from UZS 15.28 million to UZS 14.9 million per square meter within a month. In Tashkent region, prices fell from UZS 8.33 million to UZS 8.21 million per square meter.

In the rental market, prices remained stable amid increased supply and seasonally lower demand. Nationwide, rental rates saw little to no growth. In Tashkent, the downward trend continued – with average rents in June declining by 6.1% year-on-year.

In the land plot segment, as of the end of June, the average price for 100 square meters of land in Tashkent stood at UZS 334 million – 2.5% lower than in 2024.

“Overall, the number of transactions and the volume of mortgage lending remained high in the second quarter, supporting strong market activity. Increased supply and expanded purchasing options are contributing to balanced market development and price stability,” the report noted.