Uzbekistan recorded nearly 30,000 property transactions in February 2026 — a 32% year-on-year jump. Here's what the data reveals about one of Central Asia's fastest-moving real estate markets.

Uzbekistan's Property Market Is Accelerating — And the Numbers Prove It

Uzbekistan's real estate sector continues to build serious momentum. In February 2026, nearly 29,700 housing transactions were recorded nationwide — a 32% increase compared to the same month last year, representing roughly 7,200 additional deals. This follows an already strong January, when 28,600 transactions were logged.

The direction is unmistakable: this market is moving fast, and on multiple fronts simultaneously.

Tashkent Leads, But the Regions Are Catching Up

The capital accounted for approximately one-third of all February transactions, with 8,900 homes sold — up 49% year-on-year. But the most striking growth came from outside Tashkent. Navoiy region surged 53% annually, while Syrdarya posted 39% growth. On a monthly basis, Tashkent region, Navoiy, and Syrdarya led the country in deal volume increases.

Prices Are Rising — Especially in New Construction

Secondary market prices across Uzbekistan rose nearly 9% year-on-year, with Surkhandarya leading regional price growth at 22%, followed by Syrdarya at 19.3% and Jizzakh at 16.3%.

In Tashkent specifically, secondary market prices per square meter climbed 3.2% annually, with Mirabad district recording the sharpest increase at 7%. New construction told an even stronger story — primary housing prices rose 11.5% citywide, with Mirabad again leading at 18%, followed by Mirzo Ulugbek at 15.4% and Yunusabad at 15.2%.

Rental Market Holds Steady, With Upward Pressure

Rental rates in Tashkent averaged $8.7 per square meter in February — broadly stable month-on-month but up 8% year-on-year. Central districts including Mirabad, Shaykhantakhur, Yakkasaray, and Mirzo Ulugbek command around $11 per square meter. Outer districts such as Yashnabad and Sergeli are seeing the fastest rental growth, suggesting demand is spreading across the city.

Policy Is Adding Fuel to the Fire

On March 16, 2026, Uzbekistan began accepting applications for a new subsidized mortgage program, with 30,000 beneficiaries expected this year and a total fund of UZS 2.7 trillion allocated. Increased mortgage accessibility at this scale will almost certainly sustain — and likely accelerate — transaction volumes through the rest of 2026.

From April 1, 2026, electronic bank-notary confirmation will be mandatory for property transactions, bringing greater transparency and formalization to the market. Combined with broader consumer confidence signals — including a 6.4% rise in vehicle sales in February — the macro backdrop remains supportive.

Why This Matters for Investors

A 32% transaction surge is not noise — it is a structural signal. Uzbekistan's real estate market is being driven by a combination of genuine end-user demand, urbanization, regulatory modernization, and now direct government intervention through subsidized financing. For institutional investors and capital allocators watching Central Asia, the property sector is fast becoming one of the clearest expressions of the country's growth trajectory.

At Umma Capital, we track Uzbekistan's market developments closely to help our partners identify where capital can be deployed with conviction. Reach out to learn more.

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