Tashkent Housing Report, May 2010
Outdated Report Warning
Current page represents outdated data! It is here for reference only. Cumulative up-to-date report can be found at http://www.uzre.uz/latest.html. You may also find this report by visiting the home page
The current statistical study is based on 1534 for sale and 140 rent-able apartments in Tashkent.
Real estate market of Tashkent confronted a subsequent fall by 8.8% (GRIT) in May 2010.
Price levels of 1 to 4 room apartments all demoted unanimously. In fact, 1-room apartments fell 4.9% in nominal prices, 2-room apartments by 5.1%, 3-room apartments 3.9% and 4-room apartments dropped 6.6%.
The highest cut was observed in 4-room apartments, mainly contributed by a decline in a relatively prestigious area - zone 2.
Primary pricing strategy in May 2010 remains unchanged. 49% of sale prices of apartments were strongly correlated with living space.
Throughout Tashkent average price per sq.m in zone 1 fluctuated between $656 - $691, in zone 2 between $534 - $556 and in zone 3 ranged between $419 - $430.
75% of 1-room apartment offers were priced below $21,000, that of 2-room apartments $27,000, and 3,4-room apartments were priced up to $43,000 and $52,000 respectively.
How to use GRM for conversion To estimate roughly how much to charge for a 3-room apartment with, say, $30,000 value, divide it by 12 (months) and GRM - 10.9. The output tells that on average such a property can be rented out for $230 per month.
RENT
According to GRM, it takes on average 10 years of rental fees to buy an average apartment in Tashkent. Relatively trivial fluctuations in GRM since January 2010 implies a pertaining relationship between average rental fees and average apartment prices in the secondary market. As such the table below can serve a quick conversion tool from average sales price to average rental fees or vice versa.
| 1-room | 2-room | 3-room | 4-room | |
|---|---|---|---|---|
| GRM | 10.1 years | 9.4 years | 10.9 years | 10.3 years |
Further analysis of rental apartments in Tashkent outputs that between renting an empty and non-empty apartment on average differs by 60%. That’s, you are on average charged that much more for a furnished apartment.
1 - ROOM APARTMENTS
Average price range (Lower and Upper limits) of 1-room apartments declined as compared with April 2010 as more offers are being priced lower. In fact 75% of 1-room apartments for sale were below $21,000 in May 2010 as opposed to $23,000 in April 2010.
| Lower limit | Upper limit | Mean | Change (%) | YTD (%) | Rent fee range* |
|---|---|---|---|---|---|
| $17,874 | $19,002 | $18,438 | -4.92% | -3.14% | 135 - 170$ |
| Zone | Lower limit | Upper limit | Stdv | Mean | Change (%) | YTD (%) |
|---|---|---|---|---|---|---|
| I | $25,628 | $28,723 | $27,176 | -6.30% | -4.34% | |
| II | $19,276 | $21,273 | $20,274 | -6.42% | -12.21% | |
| III | $15,552 | $16,216 | $15,884 | -1.06% | -2.05% |
2 - ROOM APARTMENTS
Average price deviation of 2 - room apartments shrank by almost $ 1,000, indicating a more normalized price distribution and nominal prices dropped a bit over 10% since January 2010.
| Lower limit | Upper limit | Mean | Change (%) | YTD (%) | Rent fee range* |
|---|---|---|---|---|---|
| $23,947 | $24,977 | $24,462 | -5.05% | -10.39% | 199 - 237$ |
| Zone | Lower limit | Upper limit | Stdv | Mean | Change (%) | YTD (%) |
|---|---|---|---|---|---|---|
| I | $32,883 | $36,617 | $34,750 | -8.66% | -12.07% | |
| II | $27,556 | $29,342 | $28,449 | -0.85% | -6.69% | |
| III | $21,229 | $21,888 | $21,558 | -1.65% | -5.24% |
3 - ROOM APARTMENTS
Average price of 3-room apartments subsided almost 4%. Yet in zone 1 and zone 3, price levels increased by 0.1% and 1.24% respectively.
| Lower limit | Upper limit | Mean | Change (%) | YTD (%) | Rent fee range* |
|---|---|---|---|---|---|
| $35,572 | $37,699 | $36,635 | -3.85% | -6.47% | 223 - 336$ |
| Zone | Lower limit | Upper limit | Stdv | Mean | Change (%) | YTD (%) |
|---|---|---|---|---|---|---|
| I | $51,120 | $55,476 | $53,298 | 0.10% | -1.66% | |
| II | $39,107 | $41,716 | $40,412 | -3.30% | -9.96% | |
| III | $28,666 | $29,971 | $29,319 | 1.24% | -0.79% |
4 - ROOM APARTMENTS
Nominal prices of 4-room apartments fell the most in May 2010- 6.6%.Year-to-date change constituted -9.85%.
| Lower limit | Upper limit | Mean | Change (%) | YTD (%) | Rent fee range* |
|---|---|---|---|---|---|
| $39,650 | $44,176 | $41,913 | -6.60% | -9.85% | 272 - 404$ |
| Zone | Lower limit | Upper limit | Stdv | Mean | Change (%) | YTD (%) |
|---|---|---|---|---|---|---|
| I | $63,836 | $70,665 | $67,250 | -0.07% | -0.34% | |
| II | $39,563 | $48,745 | $44,154 | -17.80% | -20.10% | |
| III | $33,653 | $36,250 | $34,952 | -1.71% | -6.61% |
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 % |
Readers' Comments (7 comments)
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Dolly
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