The Central Bank of Uzbekistan has analyzed key changes in the real estate market. According to the Financial Stability Review for 2025, the growth in housing prices in Uzbekistan has significantly slowed.

The review notes that by the end of 2025, the market price of housing in Uzbek soums decreased by 4.8% year-on-year, while in dollar terms it rose by 1.5%. The Central Bank attributes this to prices increasingly being formed based on fundamental factors.

The price decline did not reduce market interest. On the contrary, the number of notarized housing purchase and sale contracts increased by 15%, reaching 295,400. This indicates sustained high demand for housing.

The regulator notes that this was facilitated by the expansion of the population's financial capabilities. In particular, nominal wages grew by 19% in 2025, and improved mortgage lending conditions made housing purchases even more affordable.

As a result, the population's purchasing power index rose from 115% to 126% over the year. The Central Bank believes that the improvement in housing affordability is also reflected in a reduction of 34,700 households without their own housing compared to 2024.

At the same time, the regulator emphasizes that demand in the housing market cannot be explained solely by income and mortgage opportunities. Demographic growth, an increase in the number of new families, and high demand for housing remain the main factors supporting the real estate market. Therefore, despite the slowdown in price growth, market demand remains at a high level.

Source: kun.uz