Housing Prices Drop in Tashkent While Regional Demand Grows
Uzbekistan
Uzbekistan’s real estate market showed strong activity in the first half of 2025 — 136,500 housing units were sold nationwide, marking a 10.6% increase compared to the same period last year. However, the price trend has split: while prices per square meter declined in Tashkent, they continued to rise in the regions.
According to the Center for Economic Research and Reforms (CERR), 21,000 real estate transactions were registered in June 2025 — 3.7% more than in June 2024. The most active markets were Jizzakh (+29.9%), Navoi (+18.3%), and Surkhandarya (+17.7%) regions. Meanwhile, a 2.6% decline was recorded in the Tashkent region.
Prices in the secondary housing market:
Average prices for secondary housing rose by 1.8% over the year. The highest growth rates were recorded in:
Jizzakh region — +11.7%
Surkhandarya — +10.9%
Karakalpakstan — +9.3%
In contrast, Tashkent experienced a decline: secondary housing prices fell by 4.8%, and newly built apartments by 1.6%. The sharpest declines were seen in the Mirzo-Ulugbek, Yashnabad, and Chilanzar districts.
New housing and rental market:
In the segment of new developments, the biggest annual price drops were recorded in Uchtepa (−9.7%), Yunusabad (−8.8%), and Shaykhantohur (−7.7%).
The rental market in the capital remains stable: the average rate is $8.1 per square meter. In central districts such as Mirabad, Shaykhantohur, and Yakkasaray, prices reach around $10.3. Over the year, rental rates fell by 2.6%, especially in residential neighborhoods.
CERR analysts explain that the price drop in Tashkent is due to market saturation and cautious buyer behavior. In contrast, regional demand remains strong, fueled by the upcoming school year and internal migration to regional centers.
Prices in the secondary housing market:
Average prices for secondary housing rose by 1.8% over the year. The highest growth rates were recorded in:
Jizzakh region — +11.7%
Surkhandarya — +10.9%
Karakalpakstan — +9.3%
In contrast, Tashkent experienced a decline: secondary housing prices fell by 4.8%, and newly built apartments by 1.6%. The sharpest declines were seen in the Mirzo-Ulugbek, Yashnabad, and Chilanzar districts.
New housing and rental market:
In the segment of new developments, the biggest annual price drops were recorded in Uchtepa (−9.7%), Yunusabad (−8.8%), and Shaykhantohur (−7.7%).
The rental market in the capital remains stable: the average rate is $8.1 per square meter. In central districts such as Mirabad, Shaykhantohur, and Yakkasaray, prices reach around $10.3. Over the year, rental rates fell by 2.6%, especially in residential neighborhoods.
CERR analysts explain that the price drop in Tashkent is due to market saturation and cautious buyer behavior. In contrast, regional demand remains strong, fueled by the upcoming school year and internal migration to regional centers.
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