Uzbekistan Sees Rise In Housing Sales

(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 17. Activity in Uzbekistan's Real estate market rebounded in February following a slight decline earlier in the year, Trend reports.

Rental price decreases in Tashkent eased, with rates in the Bektemir and Shaykhontohur districts rising by 3.5 percent, while decreasing by nearly 6 percent in Yashnobod and Chilonzor districts.

The Center for Economic Research and Reforms attributes this uptick in market activity to expanding economic operations.

During this period, 22,200 real estate sale and purchase contracts were signed, marking a two percent increase from the previous month. Regional markets also saw growth, with activity up by 14 percent in Tashkent, 16 percent in Andijan, and 13 percent in Fergana.

In Tashkent's rental market, the pace of price decline slowed, with rates decreasing by 1.1 percent in February to $8.9 per square meter. The largest decreases in rental value were noted in the Yashnobod district by 6.3 percent and in the Chilonzor district by 5.7 percent. Conversely, rent increased in the Bektemir and Shaykhontohur districts by 3.5 percent and 2.5 percent respectively.

Secondary housing prices increased by 0.8 percent during the month and by 14.1 percent annually. Notable price increases for secondary housing were recorded in Tashkent (26 percent), Bukhara (24.1 percent), and Andijan (24.0 percent) regions. In Tashkent, average prices for secondary housing rose by 1.6 percent over the month, reaching $1,140. Notable price increases of 2-6 percent were observed in Mirabad, Yashnobod, and Yakkasaray districts. Conversely, secondary housing prices in Bektemir and Uchtepa districts decreased by 1.1 percent and 0.4 percent, respectively.

Over the year, the secondary housing market in Tashkent rose by 17.3 percent, while the growth rate slowed down by 2.7 percent compared to the previous year.

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