According to the National Statistical Committee, housing prices in Uzbekistan showed a 4% increase compared to the same period last year. Additionally, in the fourth quarter of 2026, prices increased by 1.3% relative to the previous quarter.
Over the past twelve months, the cost of apartments has grown by 5.5%. The most significant increase was recorded in the primary market, where prices rose by 7.1%, while the secondary market saw growth at a rate of 4.2%.
As for individual residential houses, their prices increased by 2% year-on-year. In the capital, Tashkent, apartment prices rose by 3.9% over the last year, whereas the average growth across the rest of the country reached 7%.
The National Statistical Committee also reported that starting from the second quarter of 2026, housing price indices are calculated using an updated methodology. This methodology is based on hedonic regression and allows for a more accurate assessment of market trends by taking into account property characteristics such as area, location, number of floors, and other housing parameters.
The National Statistical Committee has begun calculating housing prices using a new methodology. According to data from this committee, in the second quarter of 2026, real estate prices in Uzbekistan increased by 1.3% compared to the previous quarter and by 4% compared to the same period in 2025.
Apartment prices increased by 5.5% over the year. Among these, it is separately noted that the cost of individual houses grew by 2% relative to the second quarter of 2025. In the city of Tashkent, the increase in apartment prices was 3.9% over the year, while in other regions of the republic, this indicator reached 7%.
Starting from the second quarter of 2026, housing price indices are calculated using an updated methodology—the hedonic regression method. This approach allows for a more accurate assessment of market price dynamics by taking into account characteristics of the housing, such as its area, location, floor, and other features.
Information obtained primarily from the OLX.uz platform, as well as data from realtors and real estate channels in various regions, is used for calculations. In the first half of 2026, nearly 150 thousand price data points were registered across the entire republic in each quarter.
According to the financial stability review published by the Central Bank, market housing prices in Uzbekistan decreased by 4.8% year-on-year by the end of 2025. These prices returned to the limits of the standard deviation of the calculated fundamental value.
However, when considering prices in US dollars, they showed an increase of 1.5% due to the strengthening of the sum against the US dollar. The Central Bank uses four models, including the Bayesian spatial state model and quantile regression, to estimate the fundamental value of housing.
The regulator links the return of market prices to the specified range with an increase in supply, including new construction, as well as with price correction against the backdrop of household income growth and easing mortgage conditions.
A shift in consumer behavior is observed: market participants are moving away from bets on asset appreciation and transitioning to more cautious investments focused on generating stable rental income. Over the year, rental rates increased by approximately 3%, while the ratio of housing price growth to rent growth fell below one.
The debt burden for borrowers has significantly decreased. The average debt service-to-income ratio for mortgage recipients, accounting for all their obligations, was 49%, representing a reduction of 22 percentage points over the year. Similarly, for auto loans, the average debt service-to-income ratio decreased from 60% to 37%.
The share of loans issued to borrowers with a debt service-to-income ratio of no more than 40% increased from 58% to 74% of the total payments. The regulator attributes this to the tightening of macroprudential requirements. Direct loan-to-value limits have been in effect since July 24, 2025, setting a maximum limit of 85% for mortgages. The introduction of these restrictions has improved the collateralization of mortgages and auto loans.
Overall, the average debt service-to-income ratio for all individual banking borrowers, including non-banking sector obligations, decreased from 38% to 37%. The Central Bank concluded that, against this background, the risk of bank losses on the retail portfolio has decreased.
