In October, real estate prices saw a slight increase against the backdrop of a relative rise in demand, as reported by the Center for Economic Research and Reforms (a copy is available with the Spot editorial team).
The average cost per square meter in the secondary market was approximately $541. Over the month, it increased by 0.1% with an annual growth of 6.5%.
The most significant price growth on a monthly basis was observed in the Andijan region, where prices rose by 5.1% to reach $563. Following this were the Syrdarya region with an increase to $418 (+3.3%) and Tashkent, which reached $650 (+1.6%).
Meanwhile, in seven regions, ready-made housing became cheaper. The largest decline was noted in the Namangan region, dropping to $476 (-3.4%), and in Khorezm, down to $422 (-3.2%).
The annual price growth was highest in Surkhandarya, where housing became more expensive by 12.2%, reaching $432. Other leading regions included Syrdarya (+12.1%) and Jizzakh (+11.7%).
Tashkent maintains the top position for the absolute cost per square meter at $1100. However, over the year, housing in the capital has decreased by 1.3%, indicating a market correction.
In October, the price decline amounted to 1.5%. Among the districts of the capital, prices noticeably decreased in Bektemir (-3.9%) and Yashnabad (-3.1%).
Activity in the real estate market began to recover after a downturn, with notaries registering 21,400 purchase agreements over the month. Compared to September, this number rose by 0.6%, and compared to October 2023, it increased by 2%.
Sales of housing significantly increased in Tashkent region (+10%), Karakalpakstan (+8.1%), and Jizzakh (+7.5%). Conversely, six regions experienced a decrease in activity.
Previously, Spot reported that, according to the Central Bank, in the first half of the year, housing prices were 28% higher than the fundamental value.