Uzbekistan housing market sees mild correction in April

Tashkent, Uzbekistan (UzDaily.com) — In April 2026, Uzbekistan’s housing market moved into a moderate correction phase following a period of heightened activity in March, according to a review by the Center for Economic Research and Reforms.

Analysts reported that 23,300 housing transactions were registered during the month, down 4.7% compared with April of the previous year. The decline was attributed to market normalization after a sharp surge in activity in March, linked to the transition to escrow-based settlement systems.

Despite the short-term slowdown, the broader annual trend remains positive. In January–April 2026, the total number of housing transactions exceeded 125,000, increasing by 34.8% compared with the same period last year.

Regional dynamics show growth in sales across all regions of the country. The strongest increases were recorded in Syrdarya Region, where transactions rose by 50%, and Andijan Region, up 42%. In the capital Tashkent, sales have increased by 46% since the start of the year.

Alongside rising transaction volumes, price growth has also remained positive. Between January and April, secondary housing prices across the country increased by an average of 2.9%, while the annual increase reached 8.5%. The most significant price growth was observed in Syrdarya, Surkhandarya, and Bukhara regions.

Price differences between regions remain substantial. Tashkent remains the most expensive market, with average secondary housing prices in April at around 1,150 US dollars per square meter. It is followed by Samarkand Region at about 900 dollars and Tashkent Region at around 690 dollars.

In the capital, primary housing prices showed stronger growth, increasing by 8.8% year-on-year, while secondary market prices rose by 6.1%. The rental market also demonstrated stronger dynamics, with average rental rates in Tashkent reaching about 9.2 US dollars per square meter, up 9.1% over the year.

The most expensive central districts of the capital, including Mirabad, Shaykhantakhur, and Yakkasaray, maintained rental levels of around 11 US dollars per square meter. The fastest rental growth was recorded in Yashnabad, Bektemir, and Yunusabad districts.

Overall, Uzbekistan’s real estate market continues to show a combination of short-term fluctuations and stable long-term growth, supported by rising transaction volumes and ongoing construction activity.