The Central Bank of Uzbekistan has published its analysis of the country's real estate market for the second quarter of 2026. According to the regulator's assessment, demand and supply for housing continued to grow simultaneously: demand was supported by rising household incomes, high economic activity, and mortgage lending, while supply expanded due to increased construction volumes and investments in housing.
In April-June, 74,400 real estate purchase and sale transactions were registered. This is only 0.1% more than in the second quarter of 2025. At the same time, the dynamics were uneven throughout the year. According to the Central Bank's chart, nearly 110,000 transactions were formalized in the first quarter — significantly more than in the second. The regulator attributes this surge to the introduction of the escrow system: before the transition to the new procedure, some transactions were processed early in March. After the new mechanism began operating in April-May, the number of transactions temporarily decreased, but activity recovered in June.
By region, in the second quarter, the number of transactions increased most significantly in Khorezm region — by 17.8%. In Navoi and Syrdarya regions, growth was about 7.5%, and in Karakalpakstan — 6.1%. In Tashkent, the number of transactions increased by 2%. In Fergana, Bukhara, Jizzakh, Samarkand, and Tashkent regions, this indicator slightly decreased compared to the same period last year. The Central Bank attributes the relatively weak dynamics in some regions, in particular, to the one-time redistribution of transactions between months and quarters. Overall, for the first half of the year, according to the Central Bank, the number of transactions increased significantly in all regions of the country.
The Central Bank cites mortgage loans as one of the main factors supporting demand. In the second quarter, banks issued 7.4 trillion soums in mortgage loans — 48% more than in the same period last year. In January-June, the volume of mortgage loans reached 13.1 trillion soums and increased by 38% year-on-year. In the same period last year, this figure was 9.5 trillion soums. The growth of mortgage lending is particularly significantly supporting demand in the primary housing market. At the same time, real economic growth accelerated from 7.2% to 8.5%, and construction work growth accelerated from 10.7% to 13.8%. The share of construction and housing construction in total investment increased from 16% to 17.7%. The growth of real household incomes, on the contrary, slowed slightly — from 9.5% in January-June last year to 9.2% this year. Per capita incomes increased by 7.3%.
Supply in the housing market also continues to expand. The volume of completed construction work in the first half of the year increased by 13.8% compared to January-June last year. 27.3 trillion soums were invested directly in housing construction — this constitutes 8.1% of all investments in fixed capital. Construction activity and investments in housing construction together reached 59.8 trillion soums, or 17.7% of all investments. The Central Bank notes that large volumes of investment create the basis for a gradual increase in supply in the housing market. In January-June, 7.7 million square meters of housing were commissioned in Uzbekistan — 7.2% more than last year. In the second quarter alone, the commissioned housing area increased by 7.7% year-on-year. At the same time, the number of commissioned houses remained almost unchanged — from 30,800 to 30,900, with growth of only 0.3%. Since the total housing area grew much faster, the Central Bank suggests that the average area of commissioned properties may have increased. The share of relatively large individual houses remains high in the supply structure. The area commissioned in multi-storey buildings decreased from 24,000 square meters in the first half of 2025 to 16,600 square meters in January-June 2026 — by 30.8%. At the same time, the commissioned housing area per 1,000 residents increased from 190.5 square meters to 200.7 square meters, or by 5.4%. The highest rates of housing commissioning were observed in Khorezm region — 22.9% and in Tashkent — 21.5%. In Fergana region, growth was 11.3%, in Jizzakh — 10.7%, in Andijan — 8.2%.
The Central Bank believes that stable growth in supply will help balance growing demand and contribute to more moderate price dynamics. High volumes of construction work and investment should ensure new supply enters the market in the future as well. The Central Bank also separately analyzed listings on open internet platforms. In the second quarter, the number of listings in the primary market increased by 5.5% compared to the first quarter. The number of housing offered for rent increased by 4.9%. In the secondary market, the opposite dynamics were observed: the number of listings decreased by 4.8%, and listings for the sale of land plots — by 3%.
In the second quarter, real estate price growth continued, but the Central Bank assessed it as moderate relative to economic growth and household income growth rates. In June, in the primary market, apartments in multi-storey buildings on average became 6.2% more expensive in soums compared to the same month last year. In dollar terms, growth was 12%. In the secondary market, the dynamics were almost the same: prices increased by 6.3% in soums and 12.2% in dollars. Central Bank charts show that price dynamics have changed significantly over the past few years. After very high annual growth rates in 2023-2024, growth slowed considerably in 2025, and by mid-2026 it began to accelerate again. The Central Bank notes that almost identical dynamics in the primary and secondary markets indicate that demand for housing is generally forming steadily. At the same time, prices grew faster outside Tashkent. The regulator attributes this to the relatively low base prices in the regions, rising household incomes, as well as expanding construction and investment activity. The Central Bank's price indices only take into account apartments in multi-storey buildings in the primary and secondary markets. Prices for individual houses are not included in the calculations.
Recall that earlier, Uzbekistan published the results of monitoring prices for apartments, individual houses, and non-residential real estate in 12 large agglomerations as of September 1. In 35 cities and districts of Uzbekistan, the average price per square meter for apartments ranges from 4.5 million soums in Quvasoy to 25.3 million soums in the Shaykhantahur district of Tashkent. Individual houses are most expensive in the Mirzo Ulugbek district of the capital, where one sotka is valued at almost 1.72 billion soums.
Source: www.gazeta.uz