Tashkent Housing Report, March 2010
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The current analysis covers 1676 sale and 174 rental apartments.
The report reveals that all but 3-room apartments in March 2010 cut in price levels and increased by almost 1%.
Average price per sq.m in zone 1 fluctuated between 665 - 691$, which is by 18% higher than in zone 2 and 66% more expensive that that of in zone 3.
Relational analysis proved a strong correlation between price and living space of apartments, in fact regression analysis states over 52% of apartments were priced based on sq.m.
Up to 75% apartments were priced as follows:
- 1-room apartments below $22,000
- 2-room apartments below $30,000
- 3-room apartments below $46,000
- 4-room apartments below $55,000
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
Gross Rent Multipliers of 1-4 room apartments all moved upwards, amidst price falls, indicating lower rental revenues from renting apartments.
| 1-room | 2-room | 3-room | 4-room | |
|---|---|---|---|---|
| GRM | 12.4 years | 10.1 years | 11.7 years | 11.8 years |
Renting between empty and non empty apartments on average could make almost an 88% difference in rental revenue.
Yet, rental fees were not normally distributed. As can be seen in the graph to the left, rental fees of 3 and 4 room apartments were more sporadically arranged.
1 - ROOM APARTMENTS
1-room apartments decreased slightly by 0.21%, retaining January 2010 price level. Gross Rent Multiplier holds February level, yet given the price cuts in March, high GRM of 1-room apartments implies less rental revenue.
| Lower limit | Upper limit | Mean | Change (%) | YTD (%) | Rent fee range* |
|---|---|---|---|---|---|
| $18,427 | $19,567 | $18,997 | -2.49% | -0.21% | 129-166 $ |
| Zone | Lower limit | Upper limit | Stdv | Mean | Change (%) | YTD (%) |
|---|---|---|---|---|---|---|
| I | $26,631 | $29,554 | $5,355 | $28,093 | -5.58% | -1.11% |
| II | $21,089 | $23,221 | $4,790 | $22,155 | -2.82% | -4.07% |
| III | $15,735 | $16,403 | $2,705 | $16,069 | -1.07% | -0.91% |
2 - ROOM APARTMENTS
2-room apartments confronted the highest fall in March - over 5%. GRM indicator states that it takes a bit over 10 years of rental fees to purchase a 2-room apartment in Tashkent.
| Lower limit | Upper limit | Mean | Change (%) | YTD (%) | Rent fee range* |
|---|---|---|---|---|---|
| $25,319 | $26,477 | $25,898 | -3.38% | -5.13% | 220-277$ |
| Zone | Lower limit | Upper limit | Stdv | Mean | Change (%) | YTD (%) |
|---|---|---|---|---|---|---|
| I | $36,340 | $39,011 | $6,522 | $37,676 | -1.19% | -4.67% |
| II | $27,939 | $29,828 | $5,714 | $28,883 | -4.86% | -5.27% |
| III | $21,689 | $22,494 | $4,109 | $22,092 | -0.15% | -2.89% |
3 - ROOM APARTMENTS
Average price level of 3-room apartments went up by 0.9%, whereas average rental fee reduced as compared with February 2010. In zone 3, average price hit above January 2010 price level by 1.76%.
| Lower limit | Upper limit | Mean | Change (%) | YTD (%) | Rent fee range* |
|---|---|---|---|---|---|
| $37,049 | $39,186 | $38,118 | 0.90% | -2.68% | 220-277$ |
| Zone | Lower limit | Upper limit | Stdv | Mean | Change (%) | YTD (%) |
|---|---|---|---|---|---|---|
| I | $50,789 | $54,273 | $9,430 | $52,531 | -0.34% | -3.07% |
| II | $41,547 | $45,022 | $8,667 | $43,285 | 2.74% | -3.56% |
| III | $29,452 | $30,695 | $5,178 | $30,073 | 0.15% | 1.76% |
4 - ROOM APARTMENTS
4-room apartments declined almost 2%. Average rental fee also fell as opposed to February 2010.
| Lower limit | Upper limit | Mean | Change (%) | YTD (%) | Rent fee range* |
|---|---|---|---|---|---|
| $43,300 | $47,919 | $45,609 | -1.33% | -1.90% | 310-467$ |
| Zone | Lower limit | Upper limit | Stdv | Mean | Change (%) | YTD (%) |
|---|---|---|---|---|---|---|
| I | $63,302 | $70,292 | $10,174 | $66,797 | 8.44% | -1.02% |
| II | $51,688 | $58,669 | $9,002 | $55,179 | -5.08% | -0.15% |
| III | $34,647 | $36,968 | $5,937 | $35,808 | -5.16% | -4.32% |
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 | $ 17,805 | -2.39 % |
| 2-room | $ 25,277 | 3.13 % |
| 3-room | $ 34,937 | -1.78 % |
| 4-room | $ 42,863 | -3.24 % |