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Rental fees of 4-room apartments were marked up by almost 8% and reached $397, whereas 1-3 apartments faced a marginal decline.

Scatter Plot of Price vs. Space The graph illustrates relation between prices and living space of apartments. The stronger the correlation between these two parameters, the more linear are the dots located.

Majority of the sale offers (75%) had up to 75sq.m of living space and were priced below $37,000. Price per sq.m across zones dwindled as compared with January 2010. In zone 1 price per sq.m ranged between 673 - 700$, 18% higher than in zone 2 and 57% on top of in zone 3.

Average rental fee of 4 - room apartments in February 2010 increased as compared with January 2010. As can be seen in the table below, given the average rental charges and apartment prices in February, it takes 12 years of rental fees to purchase 1-room apartment.

GRM (Gross Rent Multiplier) As a real estate agent working with real estate investors, you will likely be doing quite a few market value analysis for each property finally purchased. The Gross Rental Multiplier (GRM) is easy to calculate, but isn’t a very precise tool for ascertaining value. However, it is an excellent first quick value assessment tool to see if further more detailed analysis is warranted. In other words, if the GRM is way out high or low compared to recent comparable sold properties, it probably indicates a problem with the property or gross over-pricing. Source: realestate.about.com

	1-room	2-room	3-room	4-room
Gross Rent Multiplier	12 years	9.7 years	9.3 years	9.7 years

 

As a side note, higher GRM for 1-room apartments could indicate overestimated sale prices. The graph to the left summarizes allocation of rental fees of apartments. As can be implied rental fees for 1-room apartments are closely stacked as opposed to that of 2-4 room apartments, which are sparser allocated.

1-ROOM APARTMENTS

Histogram - Distribution of apartment prices A histogram is a bar graph that shows how frequently data occur within certain ranges or intervals. The higher the bar, in our case, the more sale offers are in the market.

Average price of 1-room apartments increased by 2.34%. Rental fees throughout Tashkent aligned between 129 - 148$ (with 95% confidence interval).

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$18,835.20	$20,128.40	$19,481.80	2.34%	2.34%	129 - 148$

 

 

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$28,158.90	$31,349.30	$6,228.7	$29,754.10	4.73%	4.73%
II	$21,538.50	$24,055.30	$5,037.7	$22,796.90	-1.29%	-1.29%
III	$15,892.30	$16,594.20	$2,868.2	$16,243.20	0.17%	0.17%

2 - ROOM APARTMENTS

Average price of 2-room apartments in all three zones decreased. Average rent fee throughout Tashkent fluctuated between 206 - 255$ (with 95% confidence interval).

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$26,188.40	$27,421.30	$26,804.90	-1.81%	-1.81%	206 - 255$

 

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$37,027.90	$39,228.70	$5,903.5	$38,128.30	-3.52%	-3.52%
II	$29,314.00	$31,404.90	$6,324.0	$30,359.40	-0.43%	-0.43%
III	$21,731.90	$22,517.30	$3,903.6	$22,124.60	-2.75%	-2.75%

3-ROOM APARTMENTS

Along with diminished average price, rent fees of 3-room apartments declined 3.55%. Only zone 3 breached the unanimous price cuts, as the average price level in zone 3 increased by 1.6%.

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$36,743.60	$38,810.40	$37,777.00	-3.55%	-3.55%	303 - 374$

 

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$50,867.50	$54,548.40	$9,322.9	$52,707.90	-2.75%	-2.75%
II	$40,576.90	$43,683.50	$8,845.2	$42,130.20	-6.13%	-6.13%
III	$29,368.60	$30,690.00	$5,472.7	$30,029.30	1.61%	1.61%

4-ROOM APARTMENTS

Price level of 4-room apartments declined marginally in February 2010. The reduction in the price level was triggered by price cuts in zone 1. Unlike other apartments, rental fees for 4-room apartments increased.

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$44,252.70	$48,194.60	$46,223.70	-0.57%	-0.57%	307 - 487$

 

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$57,668.10	$65,531.90	$11,446.0	$61,600.00	-8.72%	-8.72%
II	$54,666.30	$61,596.80	$10,542.5	$58,131.60	5.19%	5.19%
III	$36,526.70	$38,986.10	$6,715.8	$37,756.40	0.88%	0.88%

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