Uzbekistan’s Housing Market Shows Record Transaction Growth in October

Tashkent, Uzbekistan (UzDaily.com) — The Center for Economic Research and Reforms released an updated analysis of Uzbekistan’s real estate market dynamics for October 2025.

According to the data, the housing market accelerated: the total number of property sale transactions increased by 12% compared to the previous month, reaching 27,100 deals—the highest level since August 2023.

Regional Dynamics

Activity growth was observed across all regions. The most significant increases were recorded in Khorezm, Bukhara, and Tashkent regions, averaging a 26% rise month-on-month. More moderate growth occurred in Surkhandarya and Syrdarya regions, with increases of approximately 2% and 4%, respectively.

Tashkent remains the market leader, accounting for about 30% of all housing transactions. In October, sales in the capital rose by 5.3% compared to September and 32% year-on-year.

Secondary Housing Market

In the secondary housing market, price growth accelerated: the average cost per square meter increased by 2.4% month-on-month, compared with just 0.6% in September. Year-on-year, prices rose by 7.4% per square meter.

The fastest growth was observed in Surkhandarya and Namangan regions, where prices per square meter increased by roughly 20%. In Tashkent, secondary housing prices saw moderate growth of 0.7% month-on-month, while the year-on-year average price declined by 1%, with the largest drops in Mirzo-Ulugbek and Yashnabad districts—about 5%.

Primary Housing Market in the Capital

On Tashkent’s primary housing market, prices rose in October. The average cost per square meter increased by 2.1% year-on-year. The highest growth was recorded in Bektemir, Yashnabad, Mirabad, and Yakkasaray districts—approximately 5.5%.

Rental Market

Average rental rates in Tashkent in October remained at $8.5 per square meter. The highest rates persist in central districts such as Mirabad, Yakkasaray, and Mirzo-Ulugbek, averaging around $10.2 per square meter.

Year-on-year, rental rates increased by 1.6%, with the largest growth in Bektemir, Yashnabad, and Sergeli districts—averaging 9%.

Conclusion

The data indicate a revival of Uzbekistan’s real estate market, particularly in the secondary housing segment in the regions and the primary housing market in the capital. Rising transaction volumes and moderate price increases point to recovering demand and market stabilization, while the rental segment remains steady with gradual rate growth in certain districts.