According to data from the Central Bank of Uzbekistan, the real estate market in Uzbekistan continued to show growth in the second quarter of 2026, noting an increase in both housing demand and supply.
The regulator attributes the activation of purchasing activity to rising household incomes, high economic activity, and the expansion of mortgage lending. The growth in supply, in turn, is driven by increased investment in construction and housing projects themselves.
A total of 74,400 real estate sales transactions were registered during the period from April to June, representing an increase of 0.1% compared to the same period last year. The dynamics in the quarter were uneven: about 110,000 transactions were registered in the first quarter.
The Central Bank explained the unusually high figure for the first quarter by the transition to the escrow system, which resulted in some transactions being postponed to March pending changes in the settlement procedure. After the launch of the new mechanism, activity temporarily decreased in April and May but began to recover in June.
This decrease in individual months, according to the regulator, reflects the gradual adaptation of market participants to new conditions, as well as the temporary redistribution of transactions between different periods.
The largest annual increase in transactions in the second quarter was recorded in the Khorezm region, where it amounted to 17.8%. In Navoi and Syrdarya regions, growth reached approximately 7.5%, and in Karakalpakstan—6.1%. In Tashkent, the number of transactions increased by 2%.
In the Fergana, Bukhara, Jizzakh, Samarkand, and Tashkent regions, there was a slight decline compared to the second quarter of 2025. The regulator noted that individual regional indicators are also subject to the influence of transaction redistribution between months and quarters. Nevertheless, the number of transactions increased in all regions of Uzbekistan during the first half of the year.
Mortgage lending provided significant support to the market. From April to June, banks issued 7.4 trillion soums in mortgage loans, which is 48% more than the previous year. For the entire period from January to June, the volume of mortgage lending reached 13.1 trillion soums compared to 9.5 trillion soums the previous year, corresponding to an increase of 38%.
The Central Bank emphasized that mortgages particularly contributed to the demand for newly built housing. This credit growth occurred against a backdrop of accelerating economic activity: real economic growth rose from 7.2% to 8.5%, and the pace of construction activity accelerated from 10.7% to 13.8%. The share of construction and housing construction in total investments also increased from 16% to 17.7%.
At the same time, a slight slowdown in the growth of real population income was noted: in January-June 2025, it was 9.5%, and in the same period of 2026, it was 9.2%. However, per capita income increased by 7.3%.
Higher construction activity was accompanied by an increase in the number of residential areas put into operation. In the first half of the year, 7.7 million square meters of residential space were handed over in Uzbekistan, which is 7.2% more than the previous year. In the second quarter, this indicator grew by 7.7% compared to last year.
The number of residential buildings put into operation changed slightly, reaching 30,900 compared to 30,800 the previous year, which is an increase of only 0.3%. However, the area of new housing grew significantly faster than the number of buildings. The Central Bank linked this to a possible increase in the average size of finished housing and the retention of a significant share of large private houses in the supply structure.
The area of new apartment buildings, conversely, decreased from 24,000 square meters in January-June 2025 to 16,600 square meters in the same period of 2026, representing a drop of 30.8%. The amount of housing delivered per capita increased from 190.5 to 200.7 square meters, or by 5.4%.
The largest increase in delivered housing was recorded in the Khorezm region (22.9%) and Tashkent (21.5%). In the Fergana region, the growth was 11.3%, in Jizzakh—10.7%, and in the Andijan region—8.2%.
In the first half of the year, 27.3 trillion soums were invested in housing construction, accounting for 8.1% of all capital investments. The total volume of investment in construction and housing construction reached 59.8 trillion soums, or 17.7% of total investments. The Central Bank believes that large investments in the construction sector create the basis for further expansion of housing supply, which should contribute to more balanced supply-demand relations and curb faster price growth.
Changes were also recorded in real estate sale and rental listings. In the second quarter, the number of offers on the primary housing market increased by 5.5% compared to the first quarter, and the number of rental listings grew by 4.9%. In the secondary market, however, the number of offers decreased by 4.8%, and the supply of land plots decreased by 3%.
Apartment prices continued to rise. In June, prices for apartments in multi-apartment buildings on the primary market were 6.2% higher than a year earlier, in soums. In dollar terms, the growth was 12%. The annual increase in the secondary market was similar: 6.3% in soums and 12.2% in US dollars. Central Bank data shows that after particularly rapid price growth in 2023–2024, the market shifted to slower growth in 2025, and by mid-2026, the pace began to accelerate again.
The regulator noted that almost identical changes in prices in the primary and secondary markets indicate stable housing demand. Prices rose faster in regions outside Tashkent, which the Central Bank explains by lower initial prices, population income growth, and the expansion of construction and investment activities. When calculating housing price indices, the regulator considers only apartments in multi-apartment buildings in the primary and secondary markets, excluding private houses.