The Central Bank has published its “Real Estate Market Analysis” for the fourth quarter of 2025. According to the findings:
High market activity: By the end of 2025, the total number of transactions reached 319.5 thousand, representing an annual growth of 15.8%.
Regional growth dynamics: A significant increase in the number of contracts was observed in several regions of the country. In particular, the number of transactions increased by 25.6% in Bukhara region, 23.1% in Syrdarya region, and 19.2% in Samarkand region. Meanwhile, growth in Tashkent city, Tashkent region, and Fergana region was relatively moderate. This trend indicates that the housing market is developing in regions outside Tashkent, driven by improvements in infrastructure and rising household incomes.
Growth supported by mortgages and household incomes:
In 2025, the total volume of mortgage loans amounted to 21.2 trillion soums, marking a 29% increase compared to the previous year. By the end of 2025, real household incomes grew by 9.2%, supporting demand for housing.
High activity in construction and supply:
By the end of 2025, the total area of commissioned housing reached 15.9 million square meters, an increase of 7.2% compared to the previous year. The expansion in construction volumes indicates a growing housing supply.
Price dynamics:
Housing prices in the national currency showed moderate trends, while growth in US dollar terms was relatively higher. By the end of 2025, prices in the primary market for multi-storey housing decreased by 1.3% in soums but increased by 5.7% in US dollars; in the secondary market, prices rose by 0.7% in soums and by 7.9% in US dollars.
Rental market:
By the end of the fourth quarter, moderate growth trends persisted in the rental market. Across the country, rental prices remained unchanged in soums by year-end, while increasing by 8.3% in US dollars. In Tashkent city, rental prices have maintained a positive trend since the third quarter.
