Tashkent, Uzbekistan (UzDaily.com) -- Center for Economic Research and Reforms conducted an analysis of trends in the real estate market in Uzbekistan. It showed that total sales in this sector remained almost at the same level, although there was a slight decrease compared to February. At the same time, despite the increase in prices, the market remains quite active.

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

In March 2022, the number of registered real estate purchase and sale transactions in Uzbekistan amounted to 20.3 thousand, which is 7.6% less than in February of this year (22 thousand). Growth compared to the same period in 2021 amounted to 0.3% (20.2 thousand).

In the context of regions, growth rates in March were recorded in Navoi region (25%). The largest decrease in the number of transactions in the real estate market was observed in Khorezm (-24%), Syrdarya (-20%) and Namangan (-19%) regions.

The analysis also showed a slight decrease in activity in the real estate market in Tashkent region and the city of Tashkent by 1% and 5.8%, respectively.

According to the CERR, in March, the average housing prices in the secondary market decreased by 1.9% compared to the previous month (growth in February was 1.7%).

In terms of regions, the highest rates of growth in prices for residential real estate were observed in Surkhandarya region (6%) and Tashkent city (2.4%), and in Syrdarya (-11.6%), Andijan (-7.6%) and Namangan (-5.4%) regions recorded a decrease in prices.

Average housing prices in the secondary market in the capital in March rose by 2.4% compared to the previous month. The highest growth was noted in Chilanzar (3.7%), Mirzo-Ulugbek (3.7%) and Sergeli (3.2%) regions.

Experts note that the growth of supply in the residential real estate market, as well as the purchasing power of citizens, will continue to support state housing programs.

In addition, mortgage interest rates will remain unchanged until the end of 2022. This was provided for by the Decree of the President of Uzbekistan dated April 8 this year. This is how the rates on resource funds allocated by the Ministry of Finance to banks remain until the end of 2022 and on a mortgage loan (13%).

After the March increase in the main rate of the Central Bank to 17%, interest rates on new loans should have increased. However, the head of state instructed to keep the same rates until the end of the year.