Tashkent, Uzbekistan (UzDaily.com) -- The Center for Economic Research and Reforms (CERR) regularly analyzes changes in demand in the real estate market in Uzbekistan.

In October 2021, 21.6 thousand contracts for the purchase and sale of real estate were concluded in Uzbekistan, which is 11.7% more than in September (19.3 thousand). At the same time, the growth compared to the corresponding period of 2020 amounted to 9.5% (19.7 thousand).

The maximum activity in real estate in the current year fell on the month of August.

As for the regions, compared with September of this year, all regions showed an increase.

In particular, the highest growth rates of purchase and sale of real estate were observed in Andijan (30.5%), Khorezm (25.4%), Navoi (22.2%) regions, and the lowest - in Surkhandarya (5.7%). Tashkent (8.4%) regions and Tashkent city (7.5%).

It should be noted that the real estate market in the country is successfully going through a recovery phase, and activity on the market has not only recovered to pre-quarantine levels, but also increased significantly. So, compared to October 2019, the growth amounted to 36.7% in the republic.

The main reasons for the increase in the number of transactions in the real estate market are the recovering purchasing power of the population in the republic, which has been hit by the brunt of the pandemic crisis, which in turn is associated with the end of the harvest season and the receipt of income by agricultural producers.

Uzbekistan is recovering from the crisis, the level of income of the population is stabilizing and continues to grow. Further formation of market relations in the real estate market and the involvement of the Uzbek economy in global processes lead to greater market openness. 

Despite the peculiarities of the domestic real estate market, its development is largely influenced by such global trends as a pandemic, rising prices for energy resources, exchange rates of world currencies, etc.