Tashkent, Uzbekistan (UzDaily.com) -- The residential real estate market of Uzbekistan is showing positive dynamics for the second month in a row. According to the data, sales rose 11% in April and 9% in May.

Despite a slight slowdown, the continuation of the positive trend indicates a steady revival of consumer activity in this segment.

In parallel with this, the rental housing market has stabilized. Prices on the secondary residential real estate market increased moderately, showing annual growth of more than 10%, which is close to the level of general inflation in the economy.

The Center for Economic Research and Reforms, in its regular review, analyzed the changes that occurred in the real estate market of Uzbekistan during the month.

In general, the analysis of the real estate market at the end of the month demonstrates positive dynamics in the short term. In May, 21.6 thousand housing units were sold, which is more than 9% higher than last month.

Compared to May last year, activity in the housing market decreased by 15.2%. Despite two months of growth, current activity levels still remain below levels a year ago, indicating continued pressures on demand.

The situation on the regional housing market

The regional profile shows that the greatest increase in housing sales was noted in the Samarkand region - by almost 21%, in the Andijan and Namangan regions by 19.3% and 15%, respectively.

The situation on the rental housing market in Tashkent

The April decline in the rental housing market gave way to a moderate recovery in May. Compared to April, in most districts of the capital no significant price changes were recorded; the increase was only 1.2%. The average rental price per square meter of housing in Tashkent reached US$8.4.

Rents are still high in Mirabad, Shaykhantakhur and Yakkasaray districts, where on average rent will cost US$10.5 per square meter.

Relatively affordable rental housing remains in the Uchtepa, Sergeli and Bektemir districts; the average rental price in these areas fluctuates at US$6.4 per square meter.

At the same time, compared to May last year, the capital’s rental market decreased by 6.7%.

Secondary housing market

In May, prices for secondary housing in the republic increased slightly by 1.3%, while in annual terms prices for secondary housing increased by 10.3%, which is closer to inflation rates.

The dynamics of prices for secondary housing in the country over the past month is characterized by moderate growth. In May, average prices on the secondary market increased by 1.3% compared to the previous month. In annual terms, there is a more noticeable increase in prices - by 10.3%, which is approaching the level of general inflation in the economy.

Thus, despite some smoothing of the monthly dynamics, the long-term upward trend in prices for secondary housing continues.

The regions that recorded the largest increase in prices for secondary housing were Bukhara, Kashkadarya, Tashkent, Khorezm regions, where prices increased by an average of 18.7%.

In contrast to the situation in the regions, where a more significant increase in prices was noted, in the secondary housing market in the capital in May of this year. the price situation remained without significant changes.

Price growth in the capital in May amounted to 1.1%, which corresponds to the previous month. In annual terms, compared to May 2023, the increase in prices on the secondary housing market in the capital amounted to 11.1%.

An analysis of price dynamics on the secondary housing market in the context of administrative districts of the capital shows the heterogeneity of the situation. The highest rates of price growth in May were recorded in the Mirzo-Ulugbek, Chilanzar, and Uchtepa regions. On average, for these three areas that showed the greatest increase in prices, the increase in the cost of secondary housing was 1.5%.