Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan’s real estate market continued to expand in the second quarter of 2026, with both demand for housing and supply increasing, according to the Central Bank of Uzbekistan.
The regulator linked stronger buyer activity to rising household incomes, high economic activity and expanding mortgage lending, while the increase in supply was associated with growth in construction and housing investment.
A total of 74,400 real estate purchase and sale transactions were registered in April–June, up 0.1% year-on-year.
Quarterly dynamics were uneven. According to the Central Bank, around 110,000 transactions were registered in the first quarter.
The regulator attributed the unusually high first-quarter figure to the transition to an escrow system, with some transactions brought forward to March ahead of changes to the settlement procedure. Following the launch of the new mechanism, activity temporarily declined in April and May before beginning to recover in June.
The Central Bank said this reflected the gradual adjustment of market participants to the new conditions, while lower transaction numbers in some months were mainly caused by a temporary redistribution of transactions between periods.
Khorezm region recorded the largest year-on-year increase in transactions in the second quarter, at 17.8%. The figure rose by around 7.5% in Navoi and Syrdarya regions and by 6.1% in Karakalpakstan. In Tashkent, the number of transactions increased by 2%.
A slight decline from the second quarter of 2025 was recorded in Ferghana, Bukhara, Jizzakh, Samarkand and Tashkent regions. The regulator said transaction redistribution between months and quarters also affected individual regional figures.
For the first half of the year, however, the number of transactions increased in all regions of Uzbekistan.
Mortgage lending remains a demand driver
Mortgage lending provided substantial support to the market. Banks issued 7.4 trillion soums in mortgage loans in April–June, 48% more than in the same period a year earlier.
In January–June, mortgage lending reached 13.1 trillion soums, compared with 9.5 trillion soums a year earlier, representing a 38% increase.
According to the Central Bank, mortgage lending has been particularly supportive of demand for newly built housing.
The expansion of lending took place amid accelerating economic activity. Real economic growth increased from 7.2% to 8.5%, while growth in construction activity accelerated from 10.7% to 13.8%.
The share of construction and housing construction in total investment also increased from 16% to 17.7%.
At the same time, growth in real household incomes slowed slightly, from 9.5% in January–June 2025 to 9.2% in the same period of 2026. Per capita incomes increased by 7.3%.
Construction expands supply
Higher construction activity has been accompanied by an increase in newly completed housing. During the first half of the year, 7.7 million square metres of residential space were commissioned in Uzbekistan, 7.2% more than a year earlier. In the second quarter, the figure increased by 7.7% year-on-year.
The number of commissioned residential buildings changed little, reaching 30,900 compared with 30,800 a year earlier, an increase of just 0.3%.
The area of newly commissioned housing, however, grew significantly faster than the number of buildings. The Central Bank linked this to a possible increase in the average size of completed properties and the continued significant share of large individual houses in the supply structure.
The area of newly commissioned apartment buildings, by contrast, declined from 24,000 square metres in January–June 2025 to 16,600 square metres in the same period of 2026, a decrease of 30.8%.
Housing commissioned per 1,000 people increased from 190.5 to 200.7 square metres, or 5.4%.
The largest increases in newly commissioned housing were recorded in Khorezm region, at 22.9%, and Tashkent, at 21.5%. The figure rose by 11.3% in Ferghana region, 10.7% in Jizzakh region and 8.2% in Andijan region.
A total of 27.3 trillion soums was invested in housing construction during the first half of the year, equivalent to 8.1% of all fixed-capital investment. Total investment in construction activity and housing construction amounted to 59.8 trillion soums, or 17.7% of total investment.
The Central Bank said substantial investment in the construction sector is creating a basis for further expansion of housing supply. Increased construction, in turn, should contribute to a more balanced relationship between supply and demand and restrain faster price growth.
More offers appear on primary market
Changes were also recorded in property sale and rental listings.
In the second quarter, the number of offers on the primary housing market increased by 5.5% compared with the first quarter. The number of rental listings rose by 4.9%.
On the secondary market, by contrast, the number of listings declined by 4.8%. The supply of land plots also decreased, by 3%.
Apartment prices rise 6% in soums
Apartment prices continued to increase. In June, prices for apartments in multi-unit buildings on the primary market were 6.2% higher than a year earlier in soum terms. In US dollar terms, the increase was 12%.
The annual increase on the secondary market was similar, at 6.3% in soum terms and 12.2% in US dollar terms.
Central Bank data show that after particularly high price growth in 2023–2024, the market shifted to slower growth in 2025. By mid-2026, the pace had begun to accelerate again.
The regulator said the almost identical price changes on the primary and secondary markets indicated that demand for housing remained stable.
Prices grew faster in regions outside Tashkent. The Central Bank attributed this to lower initial price levels, rising household incomes and expanding construction and investment activity.
When calculating housing price indices, the regulator considers only apartments in multi-unit buildings on the primary and secondary markets. Individual residential houses are excluded from these indicators.
