The real estate market in Uzbekistan demonstrated stable growth in the first half of 2026. According to data from the Center for Economic Research and Reforms (CERR), over 171,000 real estate purchase and sale transactions were completed during the six-month period, which is 25.3% higher than the same period last year.
Market activity noticeably recovered in June after a correction observed in April and May. The number of transactions exceeded the 25,000 mark, increasing by 23% compared to May. Furthermore, June deals were 20.4% higher compared to June 2025 and 24.9% higher compared to June 2024.
Growth in market activity was recorded in all regions of the country. Compared to the previous month, the highest growth rates in the number of deals were noted in Bukhara region (growth of 50.1%), Navoi region (growth of 41.5%), and Samarkand region (growth of 31.8%). More moderate growth was shown by Andijan region (17.9%), Tashkent region (12.2%), and Khorezm region (0.9%).
Year-on-year, the strongest growth was recorded in the city of Tashkent, where deals increased by 35.7%. This was followed by Syrdarya region (26.9%), Navoi region (26.3%), and Karakalpakstan Republic (23.3%). The smallest annual growth was observed in Jizzakh region (5.7%), Fergana region (3.6%), and Tashkent region (3.3%).
Approximately one-third of all deals made in June were registered in the capital. 7,800 transactions were finalized in Tashkent, accounting for 30.8% of the total market volume.
Positive dynamics were noted in all regions of the country during the period from January to June. The fastest growth in the number of transactions was demonstrated by Syrdarya region (36.4%), followed by the city of Tashkent (34.9%) and Navoi region (30%). More modest growth was seen in Khorezm region (16.7%), Bukhara region (15.4%), and Fergana region (12.1%).
According to the Center for Economic Research and Reforms (CERC), vehicle sales in Uzbekistan exceeded 80,200 units in June. This figure demonstrates an 18% growth compared to May, with the increase recorded across all major segments of the automotive market.
According to the center's data, sales growth was observed in almost all regions of the country. The Jizzakh region was an exception, where the indicator decreased by 2.2%. The highest growth rates were noted in the Surkhandarya region (33.7%), Khorezm region (32.6%), Syrdarya region (29%), Samarkand region (28.3%), Kashkadarya region (26.2%), and Andijan region (26%). In Tashkent, sales volume increased by 9%, reaching 17,900 vehicles.
Sales of passenger cars for the reporting month amounted to 61,400 units, which is 14% more than in the previous month. 24,000 new cars were sold in the primary market, an 11% increase from May. Domestic manufacturers contributed the most, with their sales growing by 12% to 18,800 units. Sales of new imported cars increased by almost 7%, totaling 5,100 units.
For the first half of the year, new passenger car sales reached 157,000 units, which is 3.5% more than in the same period last year.
In the secondary market, over 37,000 used passenger cars were sold in June, a 16% increase from the previous month. This segment accounted for about 61% of the total passenger car sales. For the period from January to June, the volume of sales in the secondary market reached nearly 240,000 cars, which is 18% less than the previous year.
The electric vehicle market showed the most noticeable momentum. In June, 8,400 electric vehicles were sold in both the primary and secondary markets, a 63.5% increase over May. For the first half of the year, electric vehicle sales exceeded 40,000 units, which is 40% more compared to the same period last year.
Growth in electric vehicle sales was recorded in almost all regions of the country. The Syrdarya region was an exception, where the indicator decreased by 2.9%. The largest increase was registered in the Jizzakh region (101%), Bukhara region (64.6%), and Fergana region (58.5%). Tashkent maintained its leading position in the electric vehicle market: in June, the capital accounted for about 63% of all sales, while the volume in Tashkent increased by 78% compared to May, reaching 5,300 units.
Uzbekistan has secured the first place in the global ranking for venture investment growth rates. Over the past year, the volume of funds attracted by startups increased by an impressive 539.7%, which is the highest figure among all countries.
This data is presented in the Venture Capital Report for Q2/H1 2026, prepared by the international analytical platform Dealroom.co. According to this study, Uzbekistan surpassed countries such as Kenya (growth rate of 325.7%), Austria (307.7%), Ghana (278.3%), Pakistan (264.2%), as well as China, Argentina, Ukraine, Croatia, and the USA, which entered the top ten.
The report's authors indicate that this significant growth is largely linked to a low base level in the previous year and several major deals, including the participation of companies Uzum and TBC Uzbekistan. As of the first half of 2026, the total volume of venture investments in Uzbekistan exceeded $123 million, and the total value of the national startup ecosystem reached $3.3 billion.
Researchers emphasize that Uzbekistan's leadership pertains exclusively to growth rates, not to the total volume of attracted venture capital. When considering absolute figures, the USA and China remain the largest markets; for example, approximately 75% of all global venture funding went to the US market in the first half of the current year.
According to Dealroom.co analysts, the observed dynamic indicates the continuous development of Uzbekistan's startup ecosystem, the expansion of opportunities for tech entrepreneurs, and the growing interest of international investors in the local market.
The President of Uzbekistan, Shavkat Mirziyoyev, chaired a video conference dedicated to the results of the country's socio-economic development in the first half of the year and the determination of priority tasks for the remainder of the year.
Mirziyoyev instructed officials participating in the meeting not to limit themselves merely to reports on completed work. He emphasized the need for a clear explanation of what new internal reserves have been discovered, what mechanisms have been created for their effective use, and what specific results are planned to be achieved by the end of the year.
Furthermore, the president stressed that in the context of a changing global environment, every employee must work with additional development scenarios and be prepared for various possible outcomes.
Since the beginning of the year, Uzbekistan's economy has shown growth at the level of 8.5%. Industrial production increased by 8%, the service sector by 16.9%, construction by 13.8%, and agriculture by 4.7%. The volume of investments reached 28 billion US dollars, and exports amounted to 14.4 billion US dollars. International rating agencies Fitch and Moody's raised Uzbekistan's sovereign credit rating by one step.
Nevertheless, the president noted that for the further improvement of the population's living standards, which numbers 40 million people, the country requires sustainable economic growth of 9–10%.
A critical analysis of the fulfillment of six-month plans was conducted at the meeting by heads of regional and industry structures. It was observed that in some regions, the existing potential was not fully utilized to increase the gross regional product, develop the construction industry, and attract investment.
Due to the ongoing instability of the world economy, additional financial funds are being allocated to regions, districts, and cities to implement projects in entrepreneurship and social infrastructure development. The President strongly stated that if the activities of any minister or hokim do not lead to a tangible improvement in people's quality of life and do not facilitate business conditions, the achieved figures remain only 'paper statistics.'
He also firmly stated that under current circumstances, no minister, hokim, or sector head has the right to operate without consequences if they fail to meet monthly, quarterly, or annual plans.
Special attention was paid to the implementation of a new model for organizing the work of the 'mahalla seven' system. It was noted that all main approaches were explained in detail last week, and specific tasks were assigned to responsible persons. As part of this work, the 'Active 40 Days' program was announced, which launches a fundamentally new system of labor organization in two thousand of the most problematic mahallas.
In these mahallas, tripartite agreements between hokims, mahalla chairmen, and territorial employment service units were revised. Hokims were delegated personal responsibility for the timely resolution of issues related to electricity, gas, and water supply, as well as road infrastructure in two thousand of the most problematic mahallas. Employment service leaders will work directly in the field, providing targeted assistance to residents, organizing professional training, and helping with employment and income increase.
Leaders of the mahalla system were also tasked with improving all 8992 mahallas in the country, including landscaping streets and residential areas, planting trees and seedlings, and maintaining irrigation canals in proper condition.
The President expressed extreme dissatisfaction with the work of banks at the mahalla level, sharply criticizing the heads of territorial departments of the Central Bank and directors of state banking branches. It was noted that the current year will be a testing period and a year of practical evaluation for heads of regional and district banks, as well as organizations of the mahalla system. Only those leaders who demonstrate real results will remain in their posts during the next three months; those who cannot ensure positive changes will be dismissed.
The Prosecutor's Office and the Accounts Chamber were instructed to monitor the organization of work in each mahalla and the real changes occurring on the ground. The meeting also included an assessment of work on improving mahallas, sanitary order, living culture, and cooperation with private households, while emphasizing the importance of expanding the activities of management companies in individual housing construction.
The President stated that the country is creating all necessary conditions for citizens wishing to start their own businesses and enter foreign markets. Currently, 51 ministries and departments are authorized to impose financial fines in 322 districts. In the period from 2024 to 2026, the total amount of imposed fines reached almost 3 trillion sums.
The President demanded that heads of departments with sanctioning powers change their attitude towards entrepreneurs and their approach to work. He emphasized that before punishing businesses, state bodies must learn to provide entrepreneurs with the opportunity to correct violations and help them find the right solutions.
Amid increasing competition in global markets, the issue of reducing payments and commissions charged to producers and exporters was also raised at the meeting. As an example, it was noted that the export of one truckload of cherries incurs additional costs—customs duties, fumigation, certification, and customs broker services—reaching 5 million sums.
Following the discussion, all ministers and sector heads were instructed to submit proposals to the Presidential Administration within a week for the radical reduction of bureaucratic procedures, fines, payments, and commissions in relevant sectors, as well as for improving the business climate.
The results of work in industry and exports for the first half of the year were analyzed. It was noted that after the first quarter, the hokims of 13 districts that failed to meet industrial production targets, as well as the hokims of 15 districts that recorded a decrease in export volumes, were subjected to disciplinary measures. According to the president, most officials drew appropriate conclusions and ensured the fulfillment of semi-annual forecast indicators.
However, it was noted that in many districts and cities, the pace of industrial growth remains unsatisfactory. For example, in Yangiabad district, the projected industrial growth of 5.7% actually amounted to only 1.8%. A slowdown in growth was also observed in the city of Gazgan, as well as in the districts of Muzrabad, Kiziriq, and Oltiarik.
The export situation also drew criticism. It was noted that a number of districts and cities failed to achieve positive changes, raising concerns about the district heads of Kasbi, Denov, Tashkent, Pakhtaabad, Jomboy, Tailak, Bandikhon, Mirzachul, and Yaziavan, as well as the cities of Jizzakh, Navoi, and Bektemirsky district in Tashkent.
After the discussion, the Prime Minister was instructed to conduct an assessment of the suitability of 17 hokims for their positions on the same day. The President also warned that if the situation does not change by the end of the ninth month, strict measures will be taken against deputy regional hokims.
The expenses of strategically important enterprises were examined separately. It was noted that industry departments had previously reported a percentage decrease in total costs, presenting this as a reduction in product cost. However, the analysis of the unit production cost provided a more objective picture. At the Navoiy Mining and Metallurgical Combine, the cost of producing one ounce of gold increased by 8.2%, and the company's total expenses increased by 6.2 trillion sums, or 22% compared to the previous year. At the Uzbek Metallurgical Combine, the cost of producing steel balls increased by 5.4%. At Uzkimosanoat, the cost of producing urea increased by 11.1%, and nitric acid by 8.3%.
It was also noted that Franklin Templeton analyzed 13 large enterprises considered for Initial Public Offerings (IPOs). The operations of Uzbekistan Airways were cited as an example. It was found that due to a suboptimal route network, large intervals between flights, numerous delays, and lack of competition in catering and technical maintenance, the company loses about 120 million US dollars in revenue annually.
The meeting noted that Uzbekistan will require 8 billion US dollars over the next ten years to develop its energy infrastructure. At the same time, it was noted that efforts to increase revenue by reducing losses in the power grid remain insufficient. In the first half of the year, electricity losses amounted to 17.2%, or 4.8 billion kilowatt-hours. Losses in gas distribution networks reached 7.6%, equivalent to 797 million cubic meters of gas. It was also noted that labor productivity at enterprises of territorial gas distribution networks is 1.5–2 times lower than in neighboring countries.
According to Franklin Templeton's analysis, the market value of Hududiy Elektr Tarmoqlari could double. The company also assessed the potential to increase the market value of Uzbekistan Airways by 40% and Uztelecom by 50%.
It was noted at the meeting that existing opportunities to increase tax revenues are not being fully utilized. Tax revenues increased by 27% since the beginning of the year, exceeding 130 trillion sums. However, the annual plan for additional tax revenues was met by only 40%, amounting to 12 trillion sums. Criticism was directed at the first deputies of regional hokims, who were alleged to have insufficiently interacted with enterprises regarding tax revenues. The Bukhara region was given as an example, where 162 enterprises with an annual turnover exceeding 100 million sums operated at a loss for three consecutive years and consequently paid no profit tax.
It was also noted that 1500 enterprises not paying VAT relied on the VAT deduction mechanism. As a result, the first deputy hokim of the Bukhara region was removed from office. As of July 1, the authority for tax administration for 498 large taxpayers was transferred to the regional level. The President emphasized that there are now no excuses for failing to meet the set tasks. The first deputies of regional hokims and heads of territorial tax authorities were instructed to work closely with these enterprises and ensure timely and full payment of taxes to the budget.
At the meeting, it was noted that 16 textile enterprises are currently non-operational due to protracted legal disputes related to loan repayment, despite most of them possessing modern production capacities. As a result, the economy loses about 5 trillion sums in production volume annually, and unrealized exports reach 400 million US dollars. It was noted that some banks already have successful experience in reviving such enterprises. The Tashkent Cotton enterprise was cited as an example, where an external management team was introduced. Thanks to the measures taken, the enterprise's activity was restored, and this year it has already exported products worth 10 million US dollars. Following the discussion, officials were instructed to appoint curators for the remaining enterprises and ensure the complete restoration of their production activities.
It was noted at the meeting that since the beginning of the year, 57 industry and 76 territorial enterprises have reduced their production volumes by a total of 11 trillion sums. The Deputy Prime Minister was instructed, together with regional hokims and sector heads, to conduct a detailed analysis of the activity of each enterprise within ten days. It was emphasized that all identified problems must be resolved at the local level. The Industry Council was tasked with preparing proposals for compensation...
3
