Presenting the key findings from CMWP Uzbekistan analysts following the monitoring and comparison of the housing market for H1 2025 and H1 2024.

 

1. Significant Growth in Volume and Scale of Projects. In H1 2025, 17 projects totaling 932 thousand sq.m were announced, an 8% increase compared to the same period in 2024. This is attributed to the fact that the majority of announcements in 2024 occurred in the second half of that year. The primary growth in volume was observed in the Business segment, whose area share more than doubled.

2. The Market is Entering a Recovery Phase. After a slowdown in 2024 due to demand correction, the market, particularly in the Business and Premium segments, is showing signs of revival and stabilization.

3. Growth in Architectural and Product Diversity. New projects are increasingly focusing on unique architectural solutions, modern formats (e.g., serviced apartments), and integrated commercial infrastructure concepts.

4. Entry of International Developers. Foreign companies such as Agalarov Development and Griffin Partners are actively entering the market, intensifying competition.

5. Renovation as a Market Driver. The launch of a program for renovating dilapidated housing (e.g., the "Sputnik" massif) is leading to a large-scale urban renewal. The potential supply is estimated at around 950 thousand sq.m and over 13 thousand new apartments.

 

To assess the current volume of housing projects announced for launch in H1 2025, a comparison was made with the same period in 2024. CMWP Uzbekistan's comparative analysis included only those projects whose announcements were confirmed by developers through official sources.

Therefore, large-scale residential real estate projects by Xamkar Inshaat and Havvo Group, previously announced with the support of the city administration, were not included due to the absence of developer announcements. If the launch of these new large-scale residential real estate projects is confirmed, they could become key drivers of housing market growth.

 

The full version of the review can be found in the Analytics section – link to the review.

More detailed information on the market for various real estate segments in Uzbekistan can be obtained from Alexey Letunovsky, Head of Project Consulting and Data Management Department.