In April, Uzbekistan registered 23,300 home purchase and sale transactions, a 1.9-fold decrease from March's 43,600 transactions. According to the Center for Economic Research and Reforms (CERR), this figure is also 4.7% lower compared to April last year.
The CERR review notes that after a sharp surge in activity in March, the market has moved to a more balanced dynamic. The March increase was largely attributed to the transition to a settlement system using escrow accounts.
In January-April, home sales volume increased by 34.8% year-on-year, exceeding 125,000 transactions. Growth was recorded in all regions, with the highest rates in Syrdarya (50%), Andijan (42%), and Tashkent city (46%).
The decline in activity in April reflects market normalization after the anomalously high March figure. In most regions, total sales for the first four months of the year remain above last year's level.
CERR did not separately highlight transactions formalized through escrow accounts. According to the Central Bank, 13,600 home purchase and sale transactions were concluded or were in the process of being formalized in April. The discrepancy between CERR and Central Bank data may be due to the escrow mechanism and gratuitous transactions such as gifts and inheritance.
Secondary market home prices rose by an average of 8.5% in dollar terms compared to April last year. Annual growth rates slowed from March's 10%. The highest growth was in Syrdarya (20%), Surkhandarya (16.5%), and Bukhara (16.3%) regions. Since the beginning of the year, secondary housing has appreciated by 2.9% nationwide.
Tashkent remains the most expensive market. In April, the average price per square meter of secondary housing reached $1,150 (up 2.3% month-on-month). Samarkand region followed with about $900 per sqm, and Tashkent region with $690. In the capital, the annual increase was 6.1%, with the largest rises in Mirzo Ulugbek (9.2%), Mirobod (9%), and Chilanzar (8.3%) districts.
In the primary housing segment, Tashkent saw higher price growth: the average price per square meter in new buildings rose by 8.8% year-on-year. The highest increases were in Yunusabad (17.3%), Mirzo Ulugbek (16.8%), and Bektemir (11.3%) districts.
Rental housing in Tashkent also continued to rise. In April, the average rental rate reached about $9.2 per square meter, up 3.4% from March and 9.1% year-on-year. The highest rental rates persist in Mirobod, Shaykhantakhur, and Yakkasaray districts (around $11 per sqm). The highest annual growth was in Yashnabad (18.2%), Bektemir (16.7%), and Yunusabad (14.3%) districts.
CERR notes that over the year, average rental rates increased by 9.1%, while the overall housing price index rose by 7.6%. The Central Bank stated in its review that in 2025, housing price growth slowed amid expanding supply, but demographics, rising incomes, and accumulated deficit will support high demand in the coming years.
The ratio of suitable housing units to the number of families stood at 0.73 in 2025 (down from 0.79 in 2024), indicating population growth outpacing construction. Household purchasing power improved: average wages rose 19% and per capita income 16.6%, outpacing housing price growth. Consequently, the housing price-to-income ratio declined. In Tashkent, this ratio fell from 1.77 to 1.38.
Source: www.gazeta.uz