The review noted a significant revival in the real estate market against the backdrop of strong economic activity and high demand for housing. Market activity was supported by the expansion of mortgage lending, growth in the population's real incomes, and the sustained high level of construction and investment activity. According to the analysis:
High market activity: In Q1 2026, the total number of purchase-and-sale transactions amounted to 110,100, an increase of 48.4 percent compared to the corresponding period of the previous year. A sharp rise in the number of transactions was observed particularly in March.
Growth dynamics by region: High growth in the real estate market was observed in the city of Tashkent (64 percent), and in the Sirdaryo (67 percent), Andijan (56 percent), and Navoi (52 percent) regions. This trend indicates the strengthening of economic activity and urbanization processes in the regions.
Activity against the backdrop of the escrow system: The notable increase in the number of transactions in March took shape against the backdrop of the introduction, from 1 April 2026, of a new escrow system for real estate purchase-and-sale processes. Market participants rushed to formalize contracts before the new procedure came into force.
Growth supported by mortgages and household incomes: In Q1 2026, the volume of mortgage loans allocated amounted to 5.7 trillion soums, an increase of 29 percent compared to the corresponding period of the previous year. The population's real incomes grew by 7.8 percent, supporting demand for housing.
High activity in construction and supply: According to Q1 results, the total area of housing put into use amounted to 3.3 million square meters, an increase of 6.6 percent compared to the corresponding period of the previous year. Growth in housing construction was formed mainly at the expense of the individual dwellings segment. At the same time, the share of investments directed toward construction also increased.
Price dynamics: Against the backdrop of high activity in the real estate market, the pace of price growth accelerated. In March, prices for housing on the primary market rose by 1.8 percent in soums and by 8.1 percent in dollars. On the secondary market, prices rose by 3 percent in soums and by 9.4 percent in dollars.
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