Tashkent, Uzbekistan (UzDaily.com) -- The Center for Economic Research and Reforms (CERR) analysis showed an increase in activity in the residential real estate market of Uzbekistan after a slight decline in January. Sales in the real estate market grew by 8.7%.

The CERR regularly analyzes changes in demand in the real estate market in Uzbekistan.

In February 2022, the number of registered housing purchase and sale transactions in Uzbekistan amounted to 22 thousand, which is 24.1% more than in January of this year. (17.7 thousand). The growth compared to the same period in 2021 was 8.7% (20.2 thousand) and 30% compared to February 2020 (16.9 thousand).

In terms of regions, the highest growth rates in February were recorded in Bukhara (50.8%), Namangan (37%), Fergana (30.9%) and Khorezm (29.6%) regions.

A decrease in the number of transactions in the real estate market was observed in Tashkent (-13.4%), Navoi (-6.4%) and Andijan (-1.9%) regions.

Experts believe that after the coronavirus crisis in 2020, the residential real estate market of Uzbekistan fully recovered in 2021.

Mortgage reforms undertaken by the government, the liberalization of mortgage loans in 2021, and recovering income growth have influenced the further development of the residential real estate market in Uzbekistan.

In general, against the backdrop of global risks in Uzbekistan, purchasing power in the sector will continue to be supported by state housing programs for housing affordability, soft loans and subsidies.

According to the CERR, in February, average housing prices in the secondary market rose by 1.7% compared to the previous month (growth in January - 1.4%).

In terms of regions, the highest rates of growth in housing prices were observed in Syrdarya (10.1%) and Surkhandarya (6.4%) regions, as well as in the Republic of Karakalpakstan (4.5%), and in Samarkand (-2.3 %) and Andijan (-2.1%) and Namangan (-1.3%) regions recorded a decrease in housing prices.

Experts note that average housing prices in the secondary market in Tashkent increased by 1.6% compared to the previous month. The highest growth was noted in Uchtepa (4.2%), Yakkasaray (3.4%) and Yashnabad (2.9%) districts.

A decrease in average prices in the secondary housing market was recorded in Shaykhantakhur (-2.1 percent) and Bektemir (-1.9 percent) districts of the capital.