Why is this important
The sharp increase in activity in the housing market reflects changes in buyer behavior and the impact of new payment rules. This directly affects prices, housing affordability, and the investment attractiveness of real estate. Regional dynamics help identify where demand is growing the fastest. For businesses and developers, this is a signal to adjust sales and construction strategies.
What happened
- The Center for Economic Research and Reforms presented an overview of Uzbekistan’s real estate market based on the results of March 2026.
- The market demonstrated a sharp increase in activity and an acceleration in the number of transactions.
- A significant portion of demand may have been linked to the transition to escrow-based payments, which came into effect in April, potentially shifting some transactions to an earlier period.
Numbers and facts
- In March, the volume of housing transactions amounted to 43.6 thousand deals, which is 47% higher compared to the previous month.
- On a yearly basis, the number of transactions increased by more than two times.
- Growth in activity was recorded in all regions of the country, with the highest rates observed in the Syrdarya region — 64.6%, Jizzakh — 73.2%, and Namangan — 63%.
- In Andijan, Bukhara, Samarkand, Surkhandarya regions, Karakalpakstan, Tashkent region, and Tashkent city, growth amounted to about 40–50%.
- Tashkent accounted for about 34% of all transactions, with the volume of sales in the capital increasing by 44% over the month to approximately 12.8 thousand deals.
- In the secondary housing market, prices increased by 0.4% over the month and by 10% year-on-year.
- The highest growth was recorded in the Syrdarya region — 22%, Samarkand — 18.7%, and Andijan — 17.6%.
- In Tashkent, prices for secondary housing increased by 5% year-on-year, with the most notable growth observed in Mirabad district — 7.3%, Mirzo-Ulugbek — 7.2%, and Chilanzar — 6.9%.
- In the primary housing segment, growth amounted to 8.8% year-on-year, with the highest rates recorded in Mirzo-Ulugbek district — 15.5%, Mirabad — 14.9%, and Yunusabad — 14.6%.
- The average rental price in Tashkent reached about $8.9 per square meter, increasing by 2.7% over the month and by 10.8% year-on-year.
- In central districts — Mirabad, Shaykhantakhur, Yakkasaray, and Mirzo-Ulugbek — rental rates are about $11 per square meter.
- The highest rental growth rates were recorded in Yashnabad district — 18.9%, Mirzo-Ulugbek — 14.3%, and Yakkasaray — 12.5%.
Context
- For buyers, this indicates an accelerating market and potential price increases amid rising demand.
- Developers and sellers receive a signal of high activity and the opportunity to increase sales volumes.
- Investors may view the market as more dynamic, especially in regions with high growth.
- The introduction of escrow accounts is beginning to influence the structure of transactions and the behavior of market participants.
