Uzbekistan’s Housing Market Maintains High Activity Levels in Q3 2025

Tashkent, Uzbekistan (UzDaily.com) — In the third quarter of 2025, Uzbekistan’s real estate market continued to demonstrate stable activity amid rising transaction volumes, mortgage lending, household incomes, and construction output, according to a review by the country’s Central Bank.

Data from the regulator indicate that from January to September, the number of property sale and purchase agreements increased by 12.8% compared to the same period in 2024, reaching 229.8 thousand transactions. The growth exceeded the national average, except in the Ferghana Valley (7–8% growth) and Tashkent Region (1.7%).

The volume of issued mortgage loans in the third quarter rose by 14.9% year-on-year, totaling 5.6 trillion soums. Since the beginning of the year, the outstanding mortgage portfolio has maintained growth of approximately 17%.

Real household incomes increased by 8.4% over the first nine months of 2025. The construction sector showed high activity, with construction work volumes growing by 14.2%. A total of 11.1 million square meters of housing were commissioned, 2.4% higher than last year. Most of this consisted of individual housing construction, while the commissioning of multi-apartment buildings lagged behind last year due to ongoing residential complex projects and postponed completion dates.

Household investment in housing construction also continued to rise: by the end of Q3, their share accounted for 6% of total investment, and 7.2% since the start of the year.

According to a consumer sentiment survey, about 6% of respondents reported purchasing housing, while the share planning to buy property declined to 8.6% from 9.8% a year earlier. Supply in the market remains high, with an average of 41.6 thousand housing listings posted per month (compared to 42.7 thousand in 2024).

Apartment prices remained at levels similar to previous quarters. In September 2025, prices for new multi-apartment housing rose by 2.4% in soums and 5.5% in dollars, while the secondary market saw increases of 1.8% and 5%, respectively. Rental market activity strengthened in August–September, with annual rental price growth in Tashkent at 5.4% in dollars and 8.4% nationwide.

The Central Bank notes that increased supply alongside relatively balanced demand contributed to moderate price formation in the real estate market, while the acceleration of rental rate growth helped narrow the gap between rental dynamics and secondary housing prices.