Tashkent Housing Market Enters Recovery Phase: CMWP

From January to June 2025, developers in Tashkent announced 17 new residential projects across comfort, business, and premium segments, totalling 932,000 square meters of floor space, according to the Commonwealth Partnership (CMWP).

This figure represents an 8% increase in total project area compared to the same period last year, although the number of projects remained relatively unchanged.

CMWP analysts note that the capital’s real estate market has entered a recovery phase. This trend is most evident in the significant growth of project volume in the business (+217%) and comfort (+52%) classes. Analysts expect a rebound in demand for higher-end housing to drive more project announcements in the second half of the year.

Tashkent’s housing market is also seeing greater diversity in architectural and product offerings. Notably, the city’s first serviced apartment project was announced this year. Buyers will have the option to place their units under trust management and earn rental income.

Major developers are increasingly opting for unified commercial concepts for ground-floor retail spaces, rather than selling them off to multiple individual owners.

Among the most prominent players in Tashkent remain Golden House, NRG, BI Group, and Murad Buildings. In the economy and comfort segments, Xon Saroy retained its position as the leading developer.

Additionally, four new domestic developers have entered the market. Two major international companies also made their debut in Uzbekistan in the first half of 2025: Azerbaijan’s Agalarov Development and Russia’s Griffin Partners, both announcing their first projects in the country.

Kursiv Uzbekistan also reports that Kashkadarya region is set to implement 50 new projects aimed at localising production, with a total investment of 1.03 trillion soums, according to the Center for Economic Research and Reforms (CERR).