Tashkent Housing Report, May 2009
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It has not been quite long since an average Joe’s expectation of $30,000 as an average price for 1 room apartment and and a 40% decrease in price. However, further price cuts in housing are and will be continuing but with a decelerating rate, similar to what was observed in May 2009. Yet some minor price increase is being observed in zone 2 and zone 3. This can even be accounted for by different rates of price cuts in different zones, as prices of apartments in different zones are interrelated.
1-ROOM APARTMENTS
1-room apartments’ average price interval of 1-room apartments expanded. Year-to-date change of shows 40% negative. As compared to April, average price of 1-room apartments decreased by almost 6%. Over time the gap between most frequently offered prices and average price has been shrinking. This could, as well, be an indicative of further price cuts in June 2009.
| Lower limit | Upper limit | Stdv | Mean | Change (%) | YTD (%) |
|---|---|---|---|---|---|
| $13,463.90 | $16,343.80 | $5,172.10 | $17,876.47 | -5.66% | -39.88% |
By the divisional sample study, zone 2 looks distinct with a positive change. Average price of 1-room apartments in zone 2 increased by 2.82%.
| Zone | Lower limit | Upper limit | Stdv | Mean | Change (%) | YTD (%) |
|---|---|---|---|---|---|---|
| I | $19,839.70 | $29,017.40 | $4,961.80 | $24,428.60 | -3.63% | -30.70% |
| II | $14,853.80 | $19,396.20 | $3,574.70 | $17,125.00 | -13.29% | -17.47% |
| III | $11,395.30 | $12,756.20 | $1,919.00 | $12,075.80 | 2.82% | -36.70% |
2-ROOM APARTMENTS
While the average price level decreased in zone 1 and zone 2, zone 3 showed an upward price shift. In overall performance, average price deviation of 2-room apartments shrank and shifted downwards. By and large, average price of 2-room apartments fell by a bit over 3%, repeating similar magnitude of price cut.
| Lower limit | Upper limit | Stdv | Mean | Change (%) | YTD (%) |
|---|---|---|---|---|---|
| $23,029.50 | $26,331.10 | $9,210.10 | $28,671.23 | -3.03% | -27.40% |
As can be observed in from the histogram above, most frequently offered prices range from $15,000 to $28,000.
| Zone | Lower limit | Upper limit | Stdv | Mean | Change (%) | YTD (%) |
|---|---|---|---|---|---|---|
| I | $29,620.60 | $39,432.10 | $10,178.20 | $34,526.30 | -10.23% | -25.07% |
| II | $27,255.10 | $35,424.90 | $9,896.00 | $31,340.00 | -3.14% | -23.14% |
| III | $19,153.80 | $21,141.10 | $4,407.10 | $20,147.40 | 12.69% | -30.00% |
3-ROOM APARTMENTS
Average price of 3-room apartments in Tashkent decreased from almost $43,000 to roughly $38,000. since most frequently offered prices are lower than the average price, further price cuts in June is most likely to come.
| Lower limit | Upper limit | Stdv | Mean | Change (%) | YTD (%) |
|---|---|---|---|---|---|
| $31,469.80 | $36,760.70 | $13,670.00 | $37,818.03 | -11.34% | -38.67% |
In all zones, prices of 3-room apartments unanimously fell in May 2009. While prices of apartments in general are more normalized in zone 3, they are facing relatively lower declining rate.
| Zone | Lower limit | Upper limit | Stdv | Mean | Change (%) | YTD (%) |
|---|---|---|---|---|---|---|
| I | $44,791.70 | $54,097.10 | $11,761.50 | $49,444.40 | -14.93% | -38.09% |
| II | $32,791.90 | $43,681.80 | $11,297.00 | $38,236.80 | -10.24% | -32.87% |
| III | $23,972.90 | $27,572.90 | $6,907.20 | $25,772.90 | -5.38% | -36.95% |
4-ROOM APARTMENTS
4-room apartments in Tashkent in May 2009 showed a 4th month of price cuts in a row. Since, 4-room apartments were more exposed to price race in late 2008, they were more prone to price slashes and it is likely that price cuts of 4-room apartments will be of higher magnitude than 1, 2 or 3-room apartments.
| Lower limit | Upper limit | Stdv | Mean | Change (%) | YTD (%) |
|---|---|---|---|---|---|
| $34,891.00 | $44,763.10 | $13,670.00 | $45,898.47 | -12.20% | -46.22% |
| Zone | Lower limit | Upper limit | Stdv | Mean | Change (%) | YTD (%) |
|---|---|---|---|---|---|---|
| I | $56,935.30 | $73,610.20 | $12,410.40 | $65,272.70 | -8.03% | -46.59% |
| II | $15,877.60 | $66,622.40 | $15,945.20 | $41,250.00 | -20.67% | -49.70% |
| III | $28,606.10 | $33,739.40 | $7,238.50 | $31,172.70 | -7.93% | -35.76% |
Disclaimer
The information provided in this website is offered for general purposes only; In no way are any of the materials presented meant to be a substitute for a precise estimate by a qualified appraiser. Reports are presented with a certain confidence level, while we endeavor to keep the information up to date and correct we make no representations or warranties of any kind.
Market summary
| # rooms | Price | Change |
|---|---|---|
| 1-room | $ 18,241 | -1.07 % |
| 2-room | $ 24,510 | 0.19 % |
| 3-room | $ 35,571 | -2.90 % |
| 4-room | $ 44,299 | 5.69 % |