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Tashkent, Uzbekistan (UzDaily.com) -- According to the CERR analysis, the average rental price in the capital in October increased by 17% and amounted to US$10.5 per 1 sq.m.
What changes took place in the real estate market in October – CERR review
The Center for Economic Research and Reforms (CERR) regularly analyzes changes in demand in the real estate market in Uzbekistan.
Analysis of the real estate market since the beginning of the year showed a 9.2% increase in sales. At the same time, average housing prices in Tashkent increased by almost 20%. Experts believe that an increase in demand for rental housing could contribute to a slight decline in sales in October.
In October, the high activity of sales in the real estate market, which began in the summer, was replaced by a slight decrease. However, the number of real estate purchase and sale transactions increased by 4.3% compared to October last year.
The highest sales growth rates since the beginning of the year were recorded in Jizzakh – 42%, Syrdarya regions – 29% and in Tashkent – 15%.
Since the beginning of autumn, there has been a sharp increase in demand for rental housing, which could contribute to a decline in sales in October.
According to the data, there was a slight decrease in the purchase and sale of housing in Tashkent (-72 units). At the same time, the average rental price in the capital in October increased by 17% and amounted to US$10.5 per 1 sq.m, and since the beginning of the year this figure has increased by more than 43%.
The highest growth rates of rental prices were recorded in Almazar – 49%, Yashnabad – 44%, Sergeli – 34% and Shaikhantokhur – 33% districts.
The highest prices for rental housing are recorded in Shaikhantakhur, Mirabad and Yakkasaray districts. Relatively low prices were noted in Uchtepa, Sergeli and Bektemir districts.
In general, since the beginning of the year, the growth in home sales amounted to 9.2% compared to the same period last year.
According to calculations, in October the growth of the average cost of housing in the secondary market in the republic amounted to 2.3% (in September -1.1%).
Since the beginning of the year, the average cost of housing for 1 sq. m in the secondary market has increased by 11.4%.
A significant increase in prices in October was noted in Syrdarya – 6.5%, Kashkadarya – 6.5% regions and Tashkent – 4.6%.
The increase in housing prices on the secondary market in Tashkent amounted to 4.6% (in September, 1.7%). At the same time, since the beginning of the year, average prices in the capital have increased by 19.8%, which indicates a significantly increased demand, including as a result of the influx of foreign citizens.
The highest rates of price growth were noted in the Yashnabad, Yunusabad and Shaikhantakhur districts of the capital.