Uzbekistan Real Estate Transactions Surge 48% in First Quarter

Tashkent, Uzbekistan (UzDaily.uz) — The Central Bank of Uzbekistan has published its analytical review of the real estate market for the first quarter of 2026. The number of purchase and sale transactions during this period reached 110,100, exceeding the figure for the same period last year by 48.4%.

The highest growth in transactions was recorded in the Syrdarya region at 67%, followed by Tashkent at 64%, the Andijan region at 56%, and the Navoi region at 52%. According to the regulator, this dynamic reflects strengthening economic activity and accelerating urbanization in the regions.

Expanded mortgage lending and rising real household incomes served as key drivers of this growth. The volume of allocated mortgage loans in the first quarter totaled 5.7 trillion soums, representing a 29% increase compared to the same period in 2025. Real household incomes grew by 7.8% during this timeframe. Demand received an additional boost from the introduction of an escrow system starting 1 April 2026, which caused a sharp spike in transactions in March as participants rushed to finalize contracts before the new rules took effect.

Housing prices accelerated their growth. As of March 2026, apartments on the primary market grew 8.1% year-on-year in US dollar terms, while prices on the secondary market rose 9.4%. When calculated in soums, the growth stood at 1.8% and 3.0%, respectively.

Activity in the construction sector also remained high. The total area of housing put into operation in the first quarter reached 3.3 million square metres, an increase of 6.6% compared to the corresponding period last year. Individual housing construction continues to maintain a high share. The Central Bank noted that the construction of multi-apartment buildings is expanding beyond Tashkent, indicating faster urbanization in other regions of the country.

The rental market maintained moderate growth. Across the republic, rental rates rose over the year by 3.1% in soum terms and by 9.5% in US dollar terms. In Tashkent, the growth rate of rental prices was lower than the national average.

In the Tashkent land market, prices continued to decline, with the cost of one sotka of land decreasing by 6.4% over the year. The regulator attributed this drop to an increased supply of land plots in the peripheral areas of the city.