According to the National Statistical Committee, residential real estate prices in Uzbekistan increased by 1.3% in the second quarter of 2026 compared to the previous quarter and by 4.0% relative to the second quarter of 2025.
The cost of apartments grew by 1.2% over the quarter and by 5.5% year-on-year. As for individual houses, their prices increased by 1.4% compared to the first quarter of 2026 and by 2.0% compared to the same period last year.
The most significant year-on-year growth was recorded in the primary apartment market, where an increase of 7.1% was observed, with a quarterly increase of 0.7%. In the secondary market, apartment prices rose by 1.6% over the quarter and by 4.2% during the year.
In Tashkent, apartment prices rose by 1.3% compared to the first quarter of 2026 and by 3.9% year-on-year. In the capital's primary market, growth amounted to 1.0% over the quarter and 5.0% annually, while in the secondary market, increases of 1.5% and 3.2% were noted, respectively. In other regions of the country, apartment prices increased by 1.1% over the quarter and by 7.0% year-on-year, with annual growth in the primary market reaching 8.7%.
For individual houses on the secondary market across the country, prices rose by 2.0% over the year. In Tashkent, house prices decreased by 0.7% over the quarter, while in other regions they increased by 2.8%. Year-on-year growth in the capital was 1.2%, and in the rest of Uzbekistan, it was 2.7%.
The composite housing price index in the second quarter of 2026 reached 106.8% relative to the base year 2024. The index for apartments was 107.1%, and for houses—106.1%. Starting from the second quarter of 2026, the National Statistical Committee uses an updated methodology for calculating housing price indices based on hedonic regression.
This method allows modeling the dependence of an object's value on its characteristics, such as area, location, floor, and other parameters, which enables measuring price dynamics without accounting for structural changes in the market. Now the indices cover both apartments and individual houses, and data dating back to 2024 has been recalculated retroactively to ensure comparability.
Calculations are based on property sale listings from the OLX.uz platform, supplemented by data from Telegram channels belonging to real estate agencies and brokers in regions with insufficient coverage. All used data reflects the requested prices. Weights are determined based on the number of transactions provided by the Ministry of Justice and average housing prices, and the weight structure will be updated annually.
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.
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.
