Tashkent Housing Prices Decline Amidst 16% Construction Growth in 2025
National currency strengthening and developer discounts of up to 10% offset currency-driven price increases.
In 2025, the residential real estate market in Tashkent demonstrated record activity, with housing completions increasing by 16% and the number of transactions exceeding 85,000. This was reported by experts from the consulting firm CMWP.
Over twelve months, 2.17 million square meters of housing were commissioned in the capital. This is 288,000 square meters more than in the previous year. The construction boom was primarily driven by economy and comfort-class projects, which accounted for 85% of the total market (1.79 million sq. m). In contrast, the business segment saw a decline, with 327,000 sq. m commissioned compared to 472,000 in 2024.
No projects were completed in the premium segment in 2025; however, six residential complexes are currently under active construction. Developers are showing interest in the city center, where new vacant plots are emerging. Key projects include:
Mirabad Square by Apex Development (first lot of 28.8 thousand square meters, total potential – 301 thousand);
Stellar Residence by Agalarov Development (31.7 thousand square meters);
Agalarov Residence by Tenet Group (31.5 thousand square meters).
The main outcome of the year is that real estate has become cheaper for the end buyer. Although prices in dollar terms increased by 5–9%, two factors counteracted this growth. Firstly, the Uzbek soum strengthened from 12,920 to 12,021 per dollar. Secondly, developers, in their competition for customers, increased average discounts to 10%. As a result, the average price in the mass segment stabilized in the range of $1030 – $1130 per square meter.
The record number of transactions (over 85,000 – a maximum since 2019) is attributed by experts to the "rejuvenation" of the market. Companies are striving to sell off accumulated apartment inventory before a significant change in regulations: in 2026, the industry will transition to project financing and escrow accounts. This will compel developers to operate more transparently and approach new projects with greater deliberation.
Source: Kapital.uz
Photo: Abdumavlon Madmusayev / Kapital.uz
