Why is this important
The steady growth of transactions and housing prices indicates high demand and development of regions outside the capital. At the same time, in Tashkent, prices in the secondary market are decreasing, which may indicate an oversaturation or outflow of buyers to new buildings and regions.
What happened
- In September, 24.2 thousand transactions were concluded — an increase of 13.7% compared to September 2024;
- For the third quarter of 2025, 75.5 thousand transactions were executed (+13.6% year-on-year, +11% year-on-year);
- The largest increase in transactions was observed in Syrdarya region (+35.6%), Bukhara (+20.2%) and Tashkent (+31.2%);
- Average prices in the secondary market increased by 4.6% over the year;
- In Tashkent, second-rate prices decreased by 1.7% year-on-year but increased by 0.6% in a month.
Price dynamics
Secondary market:
- The strongest growth was observed in Surkhandarya (+19%), Syrdarya (+15.8%) and Jizzakh (+14.5%) regions;
- In Tashkent, the decline in Yashnabad, Mirzo-Ulugbek, and Chilanzar districts is 4.3% on average.
Primary market:
- Mirobod, Bektemir, and Yakkasaray districts (+5.8%) are leading in price increases of 3%.
Rental:
- The average rate in Tashkent is $8.5 per square meter, in the central regions — $10.6.
Context
The growth of activity in the real estate market is linked to the expansion of mortgage programs, the development of infrastructure in the regions, and the increase in household incomes. The decrease in prices for secondary housing in the capital can be explained by the active introduction of new buildings and the outflow of demand to the primary market, where purchase conditions are more attractive.
Regions are demonstrating progressive dynamics: the population invests in real estate amid improved transport accessibility and social infrastructure. This redistributes demand and stimulates the development of local markets.
