Real Estate Sales in Uzbekistan Up 10.6% in H1 2025
The real estate market in Uzbekistan continues to show resilience amid rising transaction volumes and property prices across the regions. Demand for secondary housing remains relatively strong on a year-on-year basis in most parts of the country. CERR has published an analysis of changes in Uzbekistan’s real estate market.
In the first half of 2025, the number of housing sales increased by 10.6% compared to the same period last year, reaching 136,500 transactions.
In June alone, 21,000 property purchase and sale deals were registered, 3.7% more than in the same month of the previous year.
Regional overview
The regional breakdown of the real estate market in the first half of the year demonstrates stability. The most significant growth in activity was recorded in Jizzakh (up 29.9%), Navoi (18.3%) and Surkhandarya (17.7%) regions. Meanwhile, a slight decline in the number of transactions was noted in Tashkent region, down by 2.6%.
Secondary housing market
In June, the average market price of secondary housing in Uzbekistan rose by 0.3% compared to the previous month.
The table above demonstrates price dynamycs for June 2025.
Year-on-year, prices grew by 1.8%, reflecting the sector’s ongoing stability despite slowing short-term dynamics.
At the regional level, Jizzakh continues to lead in annual price growth, with an increase of 11.7%, despite a 1.3% monthly decline. Surkhandarya (10.9%), Khorezm (7.3%), Namangan (7.1%) and the Republic of Karakalpakstan (9.3%) also recorded notable year-on-year growth, indicating sustained demand for secondary housing in these areas.
Tashkent market trends
In contrast, in Tashkent, the country’s most active market, the average price of secondary housing fell by 4.8% year-on-year. In the new-build segment, prices dropped by 1.6%.
Since last June, the steepest declines in secondary housing prices in the capital were observed in the Mirzo-Ulugbek (-7.6%), Yashnabad (-7.3%) and Chilanzar (-6.9%) districts.
Among new developments, the sharpest annual price decreases occurred in Uchtepa (-9.7%), Yunusabad (-8.8%) and Shaykhantakhur (-7.7%) districts.
Rental market in the capital
In June, the rental housing market in Tashkent remained stable, with the average rental rate holding steady at $8.1 per square metre.
Rental prices continue to be highest in the central districts — Mirabad, Shaykhantakhur and Yakkasaray — where rates average around $10.3 per square metre.
Year-on-year, average rental prices in Tashkent decreased by 2.6%, with the most significant declines recorded in Uchtepa, Yashnabad and Chilanzar districts.
Kursiv also reports that in the first half of 2025, residents of Uzbekistan received mortgage loans totalling 9.4 trln UZS.
