Real Estate - Uzbekistan | Statista Market Forecast

The Real Estate market market in Uzbekistan is expected to reach a value of US$894.50bn in 2024.
The dominant segment within this market is Residential Real Estate, which is projected to have a market volume of US$778.80bn in the same year.
This segment is anticipated to grow at an annual rate of 5.66% between 2024 and 2029, resulting in a market volume of US$1.18tn by 2029.
When compared globally, United States is expected to generate the highest value in the Real Estate market market, with a projected value of US$132.0tn in 2024.
Uzbekistan's real estate market is experiencing a surge in foreign investment, driven by favorable government policies and a growing economy.

Definition:

The real estate market refers to the transaction of properties, including residential properties (such as houses and apartments) and commercial properties, such as office buildings and industrial properties. Apart from property sales, this market includes leases and the value of real estate.

Structure:

The real estate market comprises residential and commercial real estate. The residential real estate market covers real estate transactions and leases, and residential real estate leases are 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 real estate renters as well.

Residential real estate (houses and apartments)
Commercial real estate (office buildings, retail spaces, warehouses, industrial properties)

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 Real Estate market in Uzbekistan is experiencing significant growth and development in recent years.

Customer preferences: Customers in Uzbekistan are increasingly interested in investing in real estate, both for residential and commercial purposes. The demand for housing is driven by a growing population and an expanding middle class, who are looking for affordable and comfortable homes. In addition, there is a rising demand for commercial properties, such as office spaces and retail outlets, as the country attracts more foreign investment and businesses.

Trends in the market: One of the key trends in the real estate market in Uzbekistan is the increasing construction of modern residential complexes. These complexes offer a range of amenities and services, including gyms, swimming pools, and shopping centers, which are attractive to potential buyers. In addition, there is a growing trend of mixed-use developments, where residential and commercial properties are integrated into a single project. This trend reflects the changing lifestyle preferences of customers, who want convenience and accessibility to various facilities. Another trend in the market is the focus on sustainable and energy-efficient buildings. Developers are incorporating green building practices and technologies to reduce energy consumption and minimize the environmental impact of buildings. This trend is driven by both customer demand for environmentally-friendly properties and government regulations promoting sustainable development.

Local special circumstances: The real estate market in Uzbekistan is influenced by several local factors. One of the key factors is the government's focus on urban development and infrastructure improvement. The government has implemented various initiatives to attract investment in the real estate sector, such as tax incentives and streamlined administrative procedures. These measures have created a favorable business environment for developers and investors, leading to increased construction activities and market growth. Another special circumstance is the availability of affordable land for development. Uzbekistan has a large amount of undeveloped land, which provides opportunities for new real estate projects. This availability of land, combined with the government's support for the sector, has attracted both domestic and foreign investors to the market.

Underlying macroeconomic factors: The growth and development of the real estate market in Uzbekistan are supported by several macroeconomic factors. The country has experienced stable economic growth in recent years, driven by diversification efforts and structural reforms. This economic growth has increased disposable incomes and purchasing power, leading to higher demand for real estate. Furthermore, the government's focus on attracting foreign investment has contributed to the development of the real estate market. Foreign investors bring capital, expertise, and technology, which help boost the construction sector and create employment opportunities. The government's commitment to economic reforms and improving the business environment has also enhanced investor confidence in the market. In conclusion, the Real Estate market in Uzbekistan is witnessing significant growth and development due to customer preferences for modern and sustainable properties, local special circumstances such as government support and availability of land, and underlying macroeconomic factors including stable economic growth and efforts to attract foreign investment. These factors are driving construction activities and creating opportunities for investors and developers in the market.

Data coverage:

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

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data from international organizations and industry associations. Next we use relevant key market indicators and data from country-specific associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, 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:

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.

The global housing market has slowed amid high inflation and soaring borrowing costs. Homeownership is one of the most universal signs of success and prosperity: It serves both as a source of stable and secure housing and a long-term investment. After the global financial crisis, property prices rose in many countries and especially in advanced economies. For more than a decade after that, the housing market has been on an upward trajectory, culminating in the housing boom during the COVID-19 pandemic. However, housing shortages in highly competitive markets, the recent rapid house price growth, soaring inflation, and consequently, some of the highest mortgage interest rates recorded in the past 10 years have led to the market cooling.

Japan is a country with very limited space for buildings, as mountains make up about three-quarters of its landmass. The country’s fairly large population is concentrated in major cities. The metropolitan area of Tokyo, home to a staggering one-third of the population, is the center of economic and political activity. As such, it boasts the highest property prices across the country. Driven by the weak yen, a tourism boom, and global investment, property and land prices surged in 2023 and 2024. Even some rural regions, which are generally confronted with economic stagnation and depopulation tendencies, have been affected by this trend.

The real estate market all around the world has been affected by the global pandemic. This historic event has changed the way we live, consume, and work. The real estate market in the Asia-Pacific region has experienced some turbulent and diverse changes depending on the sector, property type, and location. The commercial real estate segment, which includes offices, retail outlets, logistics centers, and many more, had to adapt to new conditions and demands. Furthermore, residential real estate suffered decreases in rental and capital values in some areas, with the exception of prime real estate, which experienced healthy growth in most locations.

Soaring inflation and aggressive mortgage interest rate hikes cooled the European housing market after a nearly decade-long period of growth. Since 2015, house prices in the European Union have grown by about 50 percent. When inflation in Europe started to rise at an alarming rate in 2021, the European Central Bank increased interest rates, resulting in substantially higher mortgage interest rates and a decline in homebuying. But how important is homeownership for Europeans?

Real Estate - Uzbekistan

Value

Value Split

Volume

Analyst Opinion

Transaction Value

Methodology

Financial

Access more Market Insights on Financial topics with our featured report

Key Market Indicators

Explore more high-quality data on related topic

Global housing market - statistics & facts

Explore more high-quality data on related topic

Real estate in Japan - statistics & facts

Explore more high-quality data on related topic

Real estate in the Asia-Pacific region - statistics & facts

Explore more high-quality data on related topic

Residential real estate in Europe - statistics & facts

Contact

Get in touch with us. We are happy to help.

Real Estate - Uzbekistan

In-Scope

Out-Of-Scope

Related markets:

Commercial Real Estate: market data & analysis

Financial

Access more Market Insights on Financial topics with our featured report

Explore more high-quality data on related topic

Global housing market - statistics & facts

Explore more high-quality data on related topic

Real estate in Japan - statistics & facts

Explore more high-quality data on related topic

Real estate in the Asia-Pacific region - statistics & facts

Explore more high-quality data on related topic

Residential real estate in Europe - statistics & facts