In 2024, the price of land plots and rental payments in Tashkent decreased. This is stated in the real estate market analysis for the fourth quarter of last year, prepared by the Central Bank.
Prices in the primary market increased by 11.4% in local currency and by 6.7% in dollar terms by the end of last year. The cost of secondary residential properties grew at a more moderate pace, with the local currency resale index rising by 6.3% and the dollar index by 1.8%.
The Central Bank believes that the continued higher growth of prices in the primary market compared to the secondary market reflects a greater demand for new housing among the population. For example, in 2024, the share of the primary market in mortgage lending increased from 59% to 66%.
Meanwhile, the growth rates of rental prices in the republic maintained a downward trend throughout 2024. In particular, rental payments continued to decline in Tashkent (-8.2% in national currency).
In other regions, the regulator notes mixed price trends. In the fourth quarter, after a decline in the first half of 2024, price growth was recorded in the Tashkent, Samarkand, and Navoi regions (+3.4% each, with the total index rising by 7%).
Similar trends were observed in the Fergana (-3.5%) and Bukhara (-5.4%) regions, but by the end of the year, prices in both regions were lower than last year's levels. Additionally, rental prices in the Khorezm region notably increased (+21.5%).
“The slowdown in rental price growth also reflects the normalization of demand amid increasing supply. However, in the fourth quarter, the rental supply in the regions decreased due to seasonal factors but remained above last year's levels,” the Central Bank's report states.
In the land plot segment, the price for 1 sotka of land in Tashkent last year was 352 million soms, which is 2.9% lower than the previous year's values. In the first half of 2024, land prices fell, and in the second half—starting from August—they stabilized.
However, in the capital, the price of land plots remains significantly higher than in other regions. For instance, the price of a sotka of land in Tashkent is 3.5 times higher than the cost of a plot in the Tashkent region (100 million soms).
Regional disparities are also reflected in other indicators. For example, the gap in the cost of secondary housing between the capital and the Tashkent and Samarkand regions is 1.8 and 1.5 times, respectively.
Previously, Spot reported that the number of real estate transactions in Uzbekistan decreased in 2024.