Tashkent Housing Report, April 2010
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The current analysis covers 1544 for sale and 169 rental apartments.
The housing market in Tashkent demoted, as in April 2010 GRIT fell 3.3%. Such a market performance was accounted for by price cuts in 2, 3 and 4-room apartments segment, and an advance in price level of 1-room apartments by over 2%.
Zonal observation states that prices in zone 1 increased. Price per sq.m in zone 1 ranged between $678 - $711, which exceeded that of in zone 2 and zone 3 by 23% and 62% respectively.
Overwhelming share (75%) of apartments had living space up to 70sq.m.
Pricing of apartments in the secondary market strongly adheres to living space. In accordance with the regression analysis, a bit over 50% of apartments for sale strongly correlated with sq.m.
GRM indicators hold relatively stable position indicating proportionally stable revenue per apartment type (1-4 room apartments). GRM of 4-room apartments increased as opposed to March 2010. Due to lack of data, GRM of 4-room apartments cannot be reliably used.
| 1-room | 2-room | 3-room | 4-room | |
|---|---|---|---|---|
| GRM | 11.7 years | 10.1 years | 10.5 years | 13.3 years |
Rental fees per apartment type have been holding relatively stable range as can bee seen in the graph. 1-room apartments throughout Tashkent (with 95% confidence interval) could be rent within $141 - $188, 2-room apartments $214 - $266, 3-room apartments $308 - $422.
It is worthwhile to mention that renting an empty or nonempty apartment could either slash or increase rental revenue almost 100%.
1 - ROOM APARTMENTS
1-room apartments exceeded January 2010 level by 1.87%. Rental fees also increased as opposed to March 2010.
| Lower limit | Upper limit | Mean | Change (%) | YTD (%) | Rent fee range* |
|---|---|---|---|---|---|
| $18,762 | $20,023 | $19,392 | 2.08% | 1.87% | 141 -188$ |
| Zone | Lower limit | Upper limit | Stdv | Mean | Change (%) | YTD (%) |
|---|---|---|---|---|---|---|
| I | $27,571 | $30,435 | $29,003 | 3.24% | 2.09% | |
| II | $20,596 | $22,735 | $21,665 | -2.21% | -6.19% | |
| III | $15,683 | $16,426 | $16,055 | -0.09% | -1.00% |
2 - ROOM APARTMENTS
Price level of 2-room apartments have been reducing since the beginning of the year 2010 and cut 0.52% in April. Rental fees also declined 3% as compared with March 2010. GRM was left unchanged, and was fixed at 10 years of rental fees in exchange for the average 2-room apartment in Tashkent.
| Lower limit | Upper limit | Mean | Change (%) | YTD (%) | Rent fee range* |
|---|---|---|---|---|---|
| $25,134 | $26,391 | $25,762 | -0.52% | -5.63% | 214-266$ |
| Zone | Lower limit | Upper limit | Stdv | Mean | Change (%) | YTD (%) |
|---|---|---|---|---|---|---|
| I | $36,321 | $39,771 | $38,046 | 0.98% | -3.73% | |
| II | $27,776 | $29,609 | $28,692 | -0.66% | -5.90% | |
| III | $21,488 | $22,350 | $21,919 | -0.78% | -3.65% |
3 - ROOM APARTMENTS
Average price of 3-room apartments fell 0.04% in April. Zone 1 defied the general price fall, and increased by 1.35%. According to GRM analysis, it takes 10.5 years of relevant rental fees to buy the average 3-room apartment.
| Lower limit | Upper limit | Mean | Change (%) | YTD (%) | Rent fee range* |
|---|---|---|---|---|---|
| $36,874 | $39,334 | $38,104 | -0.04% | -2.72% | 308-422$ |
| Zone | Lower limit | Upper limit | Stdv | Mean | Change (%) | YTD (%) |
|---|---|---|---|---|---|---|
| I | $51,148 | $55,336 | $53,242 | 1.35% | -1.76% | |
| II | $40,454 | $43,130 | $41,792 | -3.45% | -6.88% | |
| III | $28,252 | $29,668 | $28,960 | -3.70% | -2.01% |
4 - ROOM APARTMENTS
3rd month in a row, 4-room apartments have been falling and subsided almost 3.5% as to the beginning of the year.
| Lower limit | Upper limit | Mean | Change (%) | YTD (%) | Rent fee range* |
|---|---|---|---|---|---|
| $42,746 | $46,999 | $44,873 | -1.61% | -3.48% | 240-476$ |
| Zone | Lower limit | Upper limit | Stdv | Mean | Change (%) | YTD (%) |
|---|---|---|---|---|---|---|
| I | $64,779 | $69,815 | $67,297 | 0.75% | -0.28% | |
| II | $49,911 | $57,514 | $53,713 | -2.66% | -2.81% | |
| III | $34,437 | $36,679 | $35,558 | -0.70% | -4.99% |
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 | $ 17,267 | 3.35 % |
| 2-room | $ 25,691 | -0.57 % |
| 3-room | $ 35,487 | 0.83 % |
| 4-room | $ 40,593 | -0.62 % |