Residential Real Estate - Uzbekistan

The Residential Real Estate market market in Uzbekistan is expected to reach a value of US$778.80bn in 2024.
It is projected to exhibit an annual growth rate (CAGR 2024-2029) of 5.96%, leading to a market volume of US$1.04tn by 2029.
When compared globally, China is anticipated to generate the highest value in the Real Estate sector, amounting to US$112.9tn in 2024.
The residential real estate market in Uzbekistan is experiencing a surge in demand due to the government's efforts to attract foreign investment.

Definition:

The residential real estate market covers the leases and transactions of residential properties. Residential real estate leases refer to the market where landlords and tenants enter into agreements for the rental of residential properties, such as apartments, houses, and condominiums, while residential real can be defined as buying, selling, or transfer of ownership of residential properties.

Structure:

The residential real estate market covers real estate transactions and leases, and the section, residential real estate leases, is divided into apartment and house leases.

Additional information:

The market contains the following KPIs: real estate value aggregated for all countries and regions, average real estate value, real estate transaction revenue, number of real estate sold, number of leased and owned real estate, average room per resident, and dwelling type shares. The dwelling type shares comprise the share of the population that lives in houses and apartments. These shares are displayed for real estate owners and for real estate renters as well.

Residential real estate transactions
Residential real estate leases

Real estate agencies
Construction companies
Accommodation services, such as Airbnb
Commercial real estate leases and transactions
Publicly owned buildings used by the local government
Buildings used for public health care services

The Residential Real Estate market in Uzbekistan is experiencing steady growth and development, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Uzbekistan, there is a strong demand for residential real estate properties, particularly in urban areas. Customers are increasingly looking for modern and well-designed apartments that offer a comfortable and convenient lifestyle. There is also a growing preference for properties with amenities such as parking spaces, fitness centers, and green spaces. Additionally, customers are increasingly interested in properties that offer good security measures, as safety is a major concern for many.

Trends in the market: One of the key trends in the residential real estate market in Uzbekistan is the increasing popularity of mixed-use developments. These developments combine residential units with commercial spaces, such as retail outlets and office spaces. This trend is driven by the desire for convenience and accessibility, as residents can have easy access to shops, restaurants, and other amenities within the same complex. Mixed-use developments also contribute to the overall urbanization and modernization of cities in Uzbekistan. Another trend in the market is the rising demand for affordable housing options. With a growing population and increasing urbanization, there is a need for more affordable housing to accommodate the rising demand. Developers are focusing on providing affordable housing solutions that cater to the needs of the middle-income population. This trend is supported by government initiatives and policies aimed at promoting affordable housing.

Local special circumstances: Uzbekistan has a young and growing population, which is driving the demand for residential real estate. The younger generation is increasingly seeking homeownership as a symbol of stability and financial security. Additionally, the government has implemented measures to support the real estate sector, such as providing subsidies for first-time homebuyers and offering favorable mortgage rates. These initiatives have further fueled the demand for residential properties in the country.

Underlying macroeconomic factors: The residential real estate market in Uzbekistan is also influenced by underlying macroeconomic factors. The country has experienced stable economic growth in recent years, which has led to an increase in disposable incomes and improved living standards. This has contributed to the demand for better-quality housing options. Additionally, the government's focus on infrastructure development and urbanization has attracted both domestic and foreign investments in the real estate sector, further driving its growth. In conclusion, the residential real estate market in Uzbekistan is witnessing growth and development due to customer preferences for modern and well-designed properties, market trends such as mixed-use developments and affordable housing options, local special circumstances such as a young and growing population, and underlying macroeconomic factors such as stable economic growth and government support. These factors are expected to continue driving the growth of the residential real estate market in Uzbekistan in the coming years.

Data coverage:

Figures are based on total and average value of residential real estate, residential estate transactions and leases.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.

Additional Notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

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Residential Real Estate - Uzbekistan

Value

Volume

Analyst Opinion

Transaction Value

Revenue

Household Type

Living Space

Methodology

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