CERR assesses the activity of demand in the real estate market in Uzbekistan
Tashkent, Uzbekistan (UzDaily.com) -- The pace of real estate sales began to grow moderately, and the main factor that influenced buying activity in August was a gradual improvement in the epidemiological situation and the end of seasonal vacations.
The Center for Economic Research and Reforms (CERR) regularly analyzes changes in demand in the real estate market in Uzbekistan.
In August 2021, 21.8 thousand contracts for the purchase and sale of real estate were concluded in Uzbekistan, which is 20.6% more than in July (18.1 thousand). At the same time, the growth compared to the corresponding period of 2020 amounted to 39.5% (15.6 thousand).
As for the regions, in comparison with July of this year, there was an increase in all regions.
The highest growth rates of purchase and sale of real estate were recorded in Bukhara (37.4%), Kashkadarya (33.1%), Andijan (31.5%) and Surkhandarya (25.9%) regions.
It should be noted that the real estate market in the country is successfully going through a recovery phase, and activity in the market has not only recovered to quarantine levels, but also increased significantly. So, compared to August 2019, the growth amounted to 30.8% in the republic, while the highest demand activity was recorded in Tashkent and exceeded 66%.
The main reasons for the increase in the number of transactions in the real estate market are the improvement of the epidemiological situation and the easing of quarantine restrictions, which put pressure on the economy. It should be noted, however, that mass vaccination will continue to support demand.
Other factors that have triggered the recovery in the real estate market include the end of the seasonal holidays and the start of an active business season.