Uzbekistan Real Estate Prices See 4% Annual Growth in Q2 2026
Residential property prices across Uzbekistan rose by 4% year-on-year in the second quarter of 2026. The market also saw a 1.3 % increase compared with the previous quarter.
Apartments experienced the most significant price surge over the 12-month period with overall values climbing 5.5%. Within this segment, the primary housing market recorded a 7.1% jump while secondary market flats increased by 4.2%. The cost of private detached houses grew by a more moderate 2%.
Regional markets outpaced the capital in overall price growth. Apartment prices in Tashkent increased by 3.9% annually. In contrast, other regions across the country reported higher growth rates averaging 7%.
To better track these shifts, the National Statistics Committee implemented an updated methodology starting in the second quarter based on a hedonic regression model. The new approach provides a more accurate assessment of price movements by factoring in specific variables such as property size, exact location and floor level.
New escrow rules and mortgage expansion
The steady second-quarter valuations follow a dramatic surge in market activity earlier in the year. Between January and March, buyers rushed to finalise agreements ahead of a mandatory escrow system for real estate transactions that took effect on April 1. This regulatory shift helped drive 110,100 property transactions nationwide during the first quarter, representing a 48.4 per cent increase compared with the same period in 2025.
Syrdarya region led the transaction boom with a 67% increase. Tashkent followed closely with a 64% rise, while Andijan and Navoi regions posted gains of 56% and 52% respectively.
Financial institutions further fuelled housing demand by expanding access to credit. Commercial banks issued 5.7 trln soums in mortgage loans during the first quarter, marking a 29% year-on-year increase. Rising real household incomes, which grew by 7.8% over the same timeframe, also supported the heightened purchasing activity.
Construction boom and capital land values
To meet the escalating demand, developers commissioned 3.3 mln square metres of new housing across the country in the first quarter. This represents a 6.6% increase in construction activity year-on-year, driven heavily by individual home builds and increased sector investment. The Central Bank noted that multi-storey developments are increasingly expanding beyond Tashkent, signalling rapid urbanisation in provincial areas.
While residential flat prices climbed, the cost of land in the capital moved in the opposite direction. The average price of land in Tashkent dropped by 6.4% over the past year due to an increased supply of plots in peripheral suburban districts.
Meanwhile, the capital’s rental market maintained robust gains. Average rents rose to approximately $8.80 per square metre earlier in the year, which is 9% higher than 2025 levels. Central districts such as Mirabad, Shaykhantakhur and Yakkasaray commanded the highest rates at roughly $11 per square metre.
