23rd Uzbekistan International Exhibition for Construction Industry - UzBuild 2022
01 - 04 March 2022 Tashkent, Uzbekistan
The Center for Economic Research and Reforms (CERR) analyzed changes in the real estate market in Uzbekistan in June 2021.
The Center for Economic Research and Reforms regularly analyzes changes in demand in the real estate and automobile markets. Changes in demand in these markets indicate a recovery in economic activity in Uzbekistan.
In June 2021, the number of real estate contracts concluded in the country amounted to 21.5 thousand, which is 16.8% more than in May, when a slight decline was recorded compared to April. Compared to June 2019 (14.3 thousand), the number of concluded contracts for real estate increased by 50.6%. However, compared to June 2020, a decline of 36% (33.6 thousand) was recorded, this is due to the fact that last year the real estate market recorded a breakthrough due to the gradual easing of strict quarantine measures after the imposed lockdown, on the one hand, and simplification of the procedure for permanent registration, on the other. At the same time, in June 2020, the number of real estate contracts in the country increased by 135.2% compared to June 2019 (14.3 thousand), while in Tashkent this figure (4.5 thousand in June 2019) increased by 148.7%.
In the context of regions, growth in comparison with May was observed in all regions of the republic. The highest growth rates were observed in Samarkand (31.7%), Ferghana (27.1%), Namangan (26.2%), Jizzakh (25.7%) and Navoi (22.6%) regions.
The analysis shows that there is a significant correlation between mortgage lending and real estate sales. An increase in the number of mortgage loans by 10% leads to an increase in real estate sales by an average of 6.7%.
The volume of mortgage loans provided to the population in January-May 2021 amounted to 2.77 trillion soums, while the number of these loans reached 21.1 thousand.
In the context of regions, the largest number of mortgage loans fell on the city of Tashkent (4012, and the volume - 809.4 billion soums), Ferghana (2122, and the volume - 248.1 billion soums), Surkhandarya (1782, and the volume - 185, 1 billion soums), Tashkent (1524, and the volume - 185.1 billion soums) and Andijan (1508, and the volume - 226.7 billion soums) regions.
Khalilullokh Khamidov, Chief Researcher, CERR