UZRE.uz Reports

Tashkent Housing Report, September 2010

2010-10-14T12:06:38Z

Sample data of September 2010 report covers 1102 for sale and 111 rental apartments.

The secondary residential market, according to GRIT fell 2.81%, implying less ounces of gold to buy the average apartment in Tashkent. No unexpected spikes were observed in the trend, with moderate amplitudes of price changes.

The market performance was as follows: average price of 1, 3-room apartments gained 3.35% and 0.83% respectively, whereas 2-room apartments dropped 0.57% and 4-room apartments subsided by 0.62%.

]]> Descriptive data of real estate in Tashkent (with 95% confidence level):

No.of rooms	Average living space*	75% of sale offers below	Average price per sq.m*
1-room	35 - 37 sq.m	$19,000	$475 - 507
2-room	54 - 55 sq.m	$30,000	$466 - 491
3-room	71 - 74 sq.m	$42,000	$477 - 505
4-room	86 - 90 sq.m	$48,500	$442 - 491

Average price per sq.m in zone 1 ranged between $592 - 627 , in zone 2 $531 - 562, and that of in zone 3 fluctuated between $424 - 436.

According to regression analysis, no change in pricing pattern was noted in September 2010. Almost 54% of sale offers were priced based on living space.

Overall, there are hardly any firm market expectations to impact upward or recessionary movement, yet moderate cuts in price levels are expected in coming months as a seasonal factor should have it.

RENT

GRM of 1-room apartments, a second month in a row, is showing less than 8 years, indicating higher rental fee per room, than 2,3-room apartments. GRM data of 4-room apartments are formidable due to lack of samples.

Tip: How to use GRM A rough rent fee of a 2-room apartment priced at $30,000 in September 2010, according to GRM is $266/month. Remember, this is not a precise tool, but a means of quick conversion.

	1-room	2-room	3-room	4-room
GRM	7.9 years	9.4 years	9.9 years	N/A

In the sample, rental fees of 1-room apartments ranged between $100 and $300. Thus with certain confidence level (95%), we may assume average rental fee of 1-room apartments varied from $159 to 207 throughout Tashkent.

1-ROOM APARTMENTS

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$16,768	$17,766	$17,267	3.35%	-9.30%	$159 - 207

Zone	Lower limit	Upper limit	Mean	Change (%)	YTD (%)
I	$22,470	$24,750	$23,610	3.69%	-16.89
II	$18,652	$20,977	$19,814	-1.88%	-14.21%
III	$15,255	$15,973	$15,614	2.28%	-3.72%

2-ROOM APARTMENTS

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$25,065	$26,318	$25,691	0.57%	-5.80%	$199 - 256

Zone	Lower limit	Upper limit	Mean	Change (%)	YTD (%)
I	$32,913	$35,662	$34,288/td>	-6.43%	-13.24%
II	$27,732	$30,393	$29,063	4.74%	-4.68%
III	$21,790	$22,579	$22,184	1.19%	-2.48%

3-ROOM APARTMENTS

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$34,398	$36,575	$35,487	0.83%	-9.40%	$247 - 353

Zone	Lower limit	Upper limit	Mean	Change (%)	YTD (%)
I	$45,028	$49,191	$47,110	-3.55%	-13.08%
II	$38,367	$42,305	$40,336	1.78%	-10.13%
III	$28,925	$30,462	$29,693	2.87%	0.48%

4-ROOM APARTMENTS

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$38,585	$42,601	$40,593	-0.62%	-12.69%	N/A

Zone	Lower limit	Upper limit	Mean	Change (%)	YTD (%)
I	$51,486	$58,814	$55,150	-9.40%	-18.28%
II	$45,054	$54,232	$49,643	3.10%	-10.17%
III	$33,716	$36,327	$35,021	0.68%	-6.42%

Tashkent Housing Report, August 2010

2010-09-28T15:18:16Z

August 2010 report covers 1089 for sale and 93 rentable apartments in the secondary market.

Due to the price surge of gold in the world market, GRIT declined 5.15%, implying less ounces of gold to buy an average apartment in Tashkent.

Average prices of apartments alienate monotone trend. 2 and 3-room apartments ascended 2.22% and 0.74% respectively. Whereas the price level of 1-room apartments fell 6.16% and that of 4-room apartments declined 4.71%

]]> In this analysis, sample apartments’ profile comprised of:

No.of rooms	Average living space*	75% of sale offers below	Average price per sq.m*
1-room	35 - 36 sq.m	$18,375	$465 - 494
2-room	53 - 55 sq.m	$28,875	$468 - 490
3-room	72 - 74 sq.m	$41,250	$470 - 499
4-room	88 - 92 sq.m	$50,000	$438 - 488

Divisional study further unleashes that average price per sq.m in zone 1 ranged between $612 - 649, that of zone 2: $513 - 544 and in zone 3: $418 - 429.

As can be inferred from the sample profile, the majority of 1 and 4-room apartments were offered at lower rates ($18,375 and $50,000), as opposed to that of in July 2010 ($21,000 and $53,000).

Regression analysis outputs, that over 52% of apartments for sale were priced based on living space, which resembles a strong correlation between price and sq.m.

RENT

GRM of 1-room apartments declined and constituted 7.5 years. GRM of 4-room apartments is not available due to lack of data.

	1-room	2-room	3-room	4-room
GRM	7.5 years	9.8 years	11.1 years	N/A

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 9.8. The output tells that on average such a property can be rented out for $255 per month.

1-ROOM APARTMENTS

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$16,197	$17,218	$16,707	-6.16%	-12.24%	$157 - 212

Zone	Lower limit	Upper limit	Mean	Change (%)	YTD (%)
I	$20,987	$24,555	$22,771	-14.37%	-19.85
II	$18,789	$21,597	$20,193	-2.83%	-12.57%
III	$14,905	$15,625	$15,265	-0.65%	-5.87%

2-ROOM APARTMENTS

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$25,146	$26,528	$25,837	2.22%	-5.35%	$191 -248

Zone	Lower limit	Upper limit	Mean	Change (%)	YTD (%)
I	$35,026	$38,262	$36,644/td>	3.82%	-7.28%
II	$26,750	$28,744	$27,747	-3.96%	-9.00%
III	$21,516	$22,331	$21,924	0.90%	-3.63%

3-ROOM APARTMENTS

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$34,000	$36,388	$35,194	0.74%	-10.15%	$211 - 319

Zone	Lower limit	Upper limit	Mean	Change (%)	YTD (%)
I	$46,489	$51,196	$48,843	-6.97%	-9.88%
II	$37,787	$41,473	$39,630	0.24%	-11.70%
III	$28,184	$29,546	$28,865	-0.13%	-2.33%

4-ROOM APARTMENTS

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$38,624	$43,067	$40,845	-4.71%	-12.14%	N/A

Zone	Lower limit	Upper limit	Mean	Change (%)	YTD (%)
I	$55,972	$65,778	$60,875	-0.11%	-9.79%
II	$44,305	$51,995	$48,150	-2.20%	-12.87%
III	$33,349	$36,223	$34,786	-3.53	-7.05%

Tashkent Housing Report, July 2010

2010-09-04T18:07:57Z

July 2010 Housing Report covers 1094 for sale and 89 rentable apartments in the secondary market of Tashkent.

The real estate market in Tashkent (by and large in Uzbekistan) might be expecting further cut in prices in the coming months. As a fall in gold price (3%), if not a temporary noise, might signal a downward movement in the economy itself ceteris paribus.

The GRIT rose 3.3% in July, implying more ounces of gold to buy an average apartment. All except for 2 - room apartments cut in prices. Average price of 1-room apartments fell 2.39%, and that of 2-room apartments rose 3.13%, 3-room apartments declined 1.78% and 4-room apartments dropped 3.24%.

]]> Pricing of apartments in the secondary market held a strong correlation with the living space. The regression analysis outputs that prices of 49% of apartments for sale were tied to sq.m. Overwhelming majority of 1-room apartments (75%) were priced below $21,000, 2-room apartment $28,000, 3-room apartments $39,000 and that of 4-room apartments below $53,000.

Further extending the scatterplot, one can set apart economy class and elite apartments in the secondary market as is lined out. The closer is an apartment to either line, the more elite or economy class it can be considered.

RENT

GRM has been fluctuating on average between 9 and 10, implying these many years of rent fees to buy an average apartment in Tashkent. (GRM for 4-room apartments is not available due to small sample size).

	1-room	2-room	3-room	4-room
GRM	9.7 years	10.2 years	10.6 years	N/A

Average rental fees of 1-room apartments deviated between 130 - 175$, that of 2-room apartments 182 - 231$, 3-room apartments 197 - 353$.

1-ROOM APARTMENTS

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$17,141	$18,469	$17,805	-2.39%	-6.47%	130 - 175 $

Zone	Lower limit	Upper limit	Mean	Change (%)	YTD (%)
I	$24,903	$28,279	$26,591	-7.63%	-6.40
II	$19,498	$22,064	$20,781	3.09%	-10.02%
III	$14,968	$15,763	$15,365	-0.55%	-5.25%

2-ROOM APARTMENTS

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$24,602	$25,952	$25,277	3.13%	-7.41%	182 -231 $

Zone	Lower limit	Upper limit	Mean	Change (%)	YTD (%)
I	$33,256	$37,333	$35,294	-0.06%	-10.69%
II	$27,685	$30,099	$28,892	-2.71%	-5.24%
III	$21,339	$22,118	$21,728	1.32%	-4.49%

3-ROOM APARTMENTS

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$33,699	$36,175	$34,937	-1.78%	-10.08%	197 - 353 $

Zone	Lower limit	Upper limit	Mean	Change (%)	YTD (%)
I	$49,662	$55,338	$52,500	2.03%	-3.13%
II	$37,152	$41,922	$39,537	0.13%	-11.91%
III	$28,242	$29,563	$28,902	2.10%	-2.20%

4-ROOM APARTMENTS

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$40,293	$45,432	$42,863	-3.24%	-7.80%	N/A

Zone	Lower limit	Upper limit	Mean	Change (%)	YTD (%)
I	$56,152	$65,737	$60,944	-4.93%	-9.69%
II	$44,352	$54,110	$49,231	6.24%	-10.92%
III	$34,498	$37,618	$36,058	-1.37	-3.65%

Tashkent Housing Report, June 2010

2010-07-27T16:33:06Z

June 2010 housing report covered 939 apartments for sale and 125 rentable apartments in Tashkent.

The real estate market of Tashkent fell in June 2010. Residential Real Estate Index - GRIT dropped 3.86% according to the analysis.

1 and 3-room apartments declined 1% and 3% respectively. 4-room apartments reached its April 2010 price level by mounting 5.7%, while 2-room apartments toddled up by only 0.2%.

]]> The primary share (75%) of 1-room apartments were priced below $20,125; 2-room apartments $27,125; 3-room apartments $42,000 and finally 4-room apartments $55,000.

It should be noted that pricing of apartments were strongly correlated with living space available.

According to regression analysis, over 51% of apartments were priced based on sq.m available.

RENT

According to GRM analysis, it takes on average 9 years of rental fees to buy an average apartment in Tashkent.

	1-room	2-room	3-room	4-room
GRM	8.5 years	8.6 years	9.3 years	8.9 years

Rental fees also dropped. Average rental charge for 1-room apartment fluctuated between 152 -204$, which is higher than 135 -170$, that of 2-room apartments were between 207 - 266$; 3-room apartments 252 - 383$; and 4-room apartments 308 - 522$.

1-ROOM APARTMENTS

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$17,423	$19,060	$18,241	-1.07%	-4.18%	152 -204 $

Zone	Lower limit	Upper limit	Mean	Change (%)	YTD (%)
I	$26,991	$30,585	$28,788	5.93%	1.33
II	$18,140	$22,176	$20,158	-0.57%	-12.72%
III	$15,039	$15,862	$15,451	-2.73%	-4.72%

2-ROOM APARTMENTS

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$23,733	$25,286	$24,510	0.19%	-10.22%	207 -266 $

Zone	Lower limit	Upper limit	Mean	Change (%)	YTD (%)
I	$33,097	$37,537	$35,317	1.63%	-10.64%
II	$27,933	$31,463	$29,698	4.39%	-2.60%
III	$20,961	$21,931	$21,446	-0.52%	-5.73%

3-ROOM APARTMENTS

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$34,270	$36,872	$35,571	-2.90%	-9.18%	252 -383 $

Zone	Lower limit	Upper limit	Mean	Change (%)	YTD (%)
I	$48,903	$54,008	$51,456	-3.46%	-5.06%
II	$37,673	$41,295	$39,484	-2.29%	-12.02%
III	$27,558	$29,056	$28,307	-3.45%	-4.21%

4-ROOM APARTMENTS

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$41,680	$46,918	$44,299	5.69%	-4.71%	308 - 522 $

Zone	Lower limit	Upper limit	Mean	Change (%)	YTD (%)
I	$59,613	$68,598	$64,105	-4.68%	-5.00%
II	$42,344	$50,334	$46,339	4.95%	-16.15%
III	$34,592	$38,526	$36,559	4.60%	-2.32%

Tashkent Housing Report, May 2010

2010-06-14T16:08:29Z

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	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	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	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	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%

Tashkent Housing Report, April 2010

2010-05-18T14:29:53Z

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	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	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	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	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%

Tashkent Housing Report, March 2010

2010-04-19T16:41:20Z

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%

Tashkent Housing Report, February 2010

2010-03-13T20:46:12Z

February report covers 343 rental and 1706 for-sale apartments.

According to the sample study the price level of all 2,3 and 4-room apartments decreased. Only that of 1-room apartments increased by 2.34% as opposed to January 2010.

Price per sq.m also diminished across zones. In zone 1, such a decline constituted 1.2%, and that of in zone 2 and zone 3 were 2% and 0.3% respectively.

]]>

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.

	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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Tashkent Housing Report, January 2010

2010-02-07T17:55:43Z

In a sample study of 1471 apartments, prices of 1-4 room apartments in Tashkent were softly marked down in January 2010.

Average price of 1-room apartments fell short by 3.8%, 2 and 3-room apartments by 4.5% each and finally 4-room apartments dropped almost 2%.

Average price per sq.m in zone 1 laid fit within $680 - $709, 17% higher than in zone 2, and 58% on top of that of in zone 3.

]]> “All for one, and one for all” is not a mere movie phrase, but a summary note to the market trend that was observed in January 2010.

1 - 4 room apartments all, on average cut down slightly on prices. In addition, correlation between price and space also altered, as it looks more relaxed than it was in December 2009. According to regression analysis, 42% of apartments for sale followed a pattern of pricing per sq.m as opposed to 52% in December 2009.

Newly conducted analysis - GRM (Gross Rent Multiplier) reveals, that it takes you on average 9 years of relevant rent fees to pay up for 1-room apartment, 8.5 years for 2-room apartments, 6.5 years for 3-room apartments, and finally less than 4.5 years to purchase a 4-room apartment in the secondary market.

If we take a look at scatterplots above, we can see that most offered apartments were closely clustered at a region lower than $43,000, and price per sq.m up to $570.

1 - ROOM APARTMENTS

1-room apartments in January, toddled down. Average price range along with narrowing, shifted leftwards, implying more offers at lower rates. Average rent fee for 1-room apartments ranged between $156 - $214 (with 95% confidence interval).

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$18,373.80	$19,699.40	$19,036.60	-3.78%	N/A	156 - 214$

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$26,538.90	$30,279.30	$6,151.5	$28,409.10	-8.29%	N/A
II	$21,483.00	$24,707.10	$6,294.3	$23,095.10	-2.85%	N/A
III	$15,813.90	$16,618.50	$3,123.6	$16,216.20	0.78%	N/A

2 - ROOM APARTMENTS

Prices of 2-room apartments were relatively more normally allocated, as one can see in the histogram below. Average price range also shrank, representing normalized distribution of prices.

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$26,593	$28,004.4	$27,298.7	-4.45%	N/A	239 - 302$

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$38,147.90	$40,892.50	$6,880.5	$39,520.20	-3.64%	N/A
II	$29,345.80	$31,633.60	$5,675.7	$30,489.70	-2.57%	N/A
III	$22,301.70	$23,197.10	$4,159.6	$22,749.40	-1.38%	N/A

3 - ROOM APARTMENTS

Most offered prices of 3-room apartments were within $28,000 and $50,000. Average rent fees of 3-room apartments ranged between $297 - $398.

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$37,900.7	$40,436.7	$39,168.7	-4.53%	N/A	297 - 398$

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$52,337.90	$56,056.90	$10,066.1	$54,197.40	-1.95%	N/A
II	$42,554.80	$47,206.50	$10,977.2	$44,880.70	2.64%	N/A
III	$28,880	$30,225.1	$5,199.1	$29,552.6	-4.72%	N/A

4 - ROOM APARTMENTS

Average price of 4-room apartments declined the least. Average price range narrowed by almost $1000.

Lower limit	Upper limit	Mean	Change (%)	YTD (%)	Rent fee range*
$44,224.5	$48,756.3	$46,490.4	-1.96%	N/A	284 - 454$

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$63,060.1	$71,905.4	$11,627	$67,482.8	-3.55%	N/A
II	$51,501.1	$59,026.7	$11,121.1	$55,263.9	2.76%	N/A
III	$36,119.2	$38,731.8	$6,650.7	$37,425.5	0.27%	N/A

Tashkent Housing Report, December 2009

2010-01-09T14:44:30Z

Average apartment prices in Tashkent downshifted in December 2009. 1-room apartments dipped 13%, 2-room apartments dropped 10%, 3-room apartments 11% and 4-room apartments by over 9%.

Average price per sq.m of 1-room apartments in December 2009 fluctuated between $497 - $525 throughout Tashkent, and that of 2-room apartments between $505 - $531, 3-room apartments $526 - $558, finally 4-room apartments between $498 and $546 (with 95% confidence interval).

The December analysis reveals that the average price range per sq.m in zone 1 (between $694-$724 with 95%) was almost 20% more expensive than in zone 2 and exceeded that of zone 3 by 60%.

]]>

In conformity with the scatterplot to the left, most sale offers of apartments in the secondary market in Tashkent were densely clustered within a region, where greater share of sale offers were below $40,000 and price per sq.m of the majority apartments below $600. This might as well imply that apartments with less than 67 sq.m were prevailing sale offers in December 2009.

Correlation between price of an apartment and price per sq.m was strong in December 2009. 52% of prices of apartments in Tashkent could be explained price per sq.m. The scatterplot to the left illustrates a positive relation. Visually one can tell closely flocking apartment prices up to 70 sq.m. Though with increasing sq.m, prices of apartments were sparser allocated.

1 - ROOM APARTMENTS

Average price of 1-room apartments cut 13% in December. Lower and Upper limits also shrank. Prices in zone 1 remained almost inert declining by only 0.2%

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$18,331.70	$21,236.76	$6,473.30	$19,784.23	-13.44%	-33.47%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$29,255.30	$32,701.90	$5,530.00	$30,978.60	-0.20%	-12.12%
II	$21,911.20	$25,634.60	$6,411.50	$23,772.90	-2.96%	14.57%
III	$15,759.50	$16,422.80	$2,657.20	$16,091.20	-2.22%	-15.65%

2-ROOM APARTMENS

2-room apartment prices dipped 10%. Standard deviation also decreased, which is an indicative of normalizing prices.

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$27,399.80	$29,739.71	$9,096.90	$28,569.75	-10.18%	-27.66%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$39,279.00	$42,750.10	$8,880.30	$41,014.60	-2.14%	-10.99%
II	$30,175.20	$32,413.30	$5,782.40	$31,294.30	-4.13%	-23.25%
III	$22,598.20	$23,536.20	$4,284.10	$23,067.20	-0.70%	-19.86%

3 - ROOM APARTMENTS

3-room apartments dropped 11% in December 2009. Average price per sq.m deviation ranged between $527 - $559. In zone 1 average price per sq.m fluctuated within $687 - $736.

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$39,028.00	$43,025.04	$13,525.90	$41,026.52	-11.33%	-33.47%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$53,400.30	$57,153.70	$10,644.10	$55,277.00	-6.46%	-30.79%
II	$41,363.60	$46,085.10	$10,470.60	$43,724.40	-5.64%	-23.24%
III	$30,264.70	$31,768.90	$5,814.20	$31,016.80	1.67%	-24.13%

4 - ROOM APARTMENTS

Average price level of 4-room apartments slashed almost 10% approaching August 2009 price level. Average price per sq.m deviated between $499 - $546 throughout Tashkent. In zone 1 the range covered $683 - $787 per sq.m.

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$45,176.30	$49,659.40	$15,453.20	$47,417.80	-9.68%	-44.44%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$65,713.30	$74,226.10	$12,003.90	$69,969.70	0.20%	-42.75%
II	$51,081.80	$56,480.70	$9,296.50	$53,781.20	-6.34%	-34.41%
III	$35,847.40	$38,802.60	$7,597.70	$37,325.00	-4.93%	-23.08%

Tashkent Housing Report, November 2009

2009-12-18T19:49:07Z

According to a sample study of 2260 apartments in Tashkent, price levels climbed a bit up in November.

3-room apartments flexed highest increase rate amongst other apartments, 6.42%. Others were less energized by swings, retaining almost September price levels, which required an upward shift of almost a similar magnitude of the fall in October.

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1-ROOM APARTMENTS

Average price level of 1-room apartments in Tashkent rose by over 5%. Confidence interval (Lower and Upper limit) of price per sq. m ranged from $499 to $516 (with 95% confidence interval).

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$19,395.80	$26,317.08	$7,237.50	$22,856.44	5.30%	-23.13%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$29,325.40	$32,758.90	$7,862.30	$31,042.20	-1.30%	-11.94%
II	$23,099.80	$25,893.80	$6,820.50	$24,496.80	5.62%	18.06%
III	$16,177.70	$16,734.40	$2,752.20	$16,456.10	4.60%	-13.74%

2-ROOM APARTMENTS

With no gallop, average price of 2-room apartments in November rose marginally, by a bit over 2%. Yet, price range per sq.m dwindled as compared with October, constituting $491 - $506 (with 95% confidence interval).

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$27,764.10	$35,853.60	$9,848.30	$31,808.85	2.34%	-19.46%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$40,178.40	$43,646.60	$10,820.30	$41,912.50	4.68%	-9.04%
II	$31,560.90	$33,724.40	$7,015.50	$32,642.70	-0.44%	-19.94%
III	$22,835.80	$23,624.60	$4,608.90	$23,230.20	1.66%	-19.29%

3-ROOM APARTMENTS

Along with the increased volatility of prices of 3-room apartments this month, average price range also shifted rightwards. Average price per sq.m deviated between $518 - $541.

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$41,750.20	$50,785.88	$16,138.00	$46,268.04	6.42%	-24.97%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$57,122.90	$61,068.10	$13,298.00	$59,095.50	-0.53%	-26.01%
II	$44,161.20	$48,518.60	$13,411.80	$46,339.90	11.47%	-18.64%
III	$29,885.50	$31,128.10	$5,137.00	$30,506.80	-1.58%	-25.37%

4-ROOM APARTMENTS

The increase in average price of 4-room apartments was largely propelled by the increase in zone 3. Price per sq.m of 4-room apartments ranged between $508 - $540.

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$50,476.10	$54,527.60	$16,969.60	$52,501.80	1.14%	-38.48%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$66,974.70	$72,679.70	$12,900.40	$69,827.20	-5.38%	-42.87%
II	$54,641.00	$60,197.70	$10,940.30	$57,419.40	-8.52%	-29.98%
III	$37,799.60	$40,719.80	$8,381.10	$39,259.70	3.22%	-19.09%

Tashkent Housing Report, October 2009

2009-11-15T17:23:12Z

Average prices of apartments in October fell marginally. Yet, the most expensive zone defied the price drop. In fact, 1-4 room apartments in Zone 1 rose unanimously.

Price per sq. m of 1-4 room apartments did not differ considerably. In fact, you would be charged equally regardless of number of rooms of an apartment, which cannot be asserted according to divisional observation.

]]> 1-ROOM APARTMENTS

1-room apartments dropped in price by 6.23%, though average price range increased, which can be accounted for by an increased volatility. Price per sq. m in the secondary market of 1-room apartments ranged from $505 to $562 in Tashkent. In Zone 1, the range constituted $642 - $798 with a 95% confidence, exceeding that of Zone 3 by 53%.

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$17,712.40	$25,699.64	$6,198.10	$21,706.02	-6.23%	-27.00%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$28,883.30	$34,016.70	$5,484.20	$31,450.00	8.57%	-10.78%
II	$21,304.60	$25,080.00	$4,673.50	$23,192.30	-4.51%	11.77%
III	$15,338.20	$16,126.90	$2,263.60	$15,732.60	-2.83%	-17.53%

2-ROOM APARTMENTS

Average price of 2-room apartments marginally decreased by 1.77% in October. Most frequently offered prices for this certain market shifted leftwards as can be seen in the histogram below. As for price per sq. m, 2-room apartments did not look distinct among other types of apartments, having average range between $488 - $539

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$26,176.40	$35,985.44	$8,883.60	$31,080.92	-1.77%	-21.30%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$36,913.30	$43,164.00	$10,279.70	$40,038.60	1.69%	-13.10%
II	$30,890.50	$34,681.00	$6,081.90	$32,785.70	0.80%	-19.59%
III	$22,258.40	$23,445.50	$4,046.70	$22,851.90	-0.77%	-20.61%

3-ROOM APARTMENTS

Average price level reduced 1.67%. Most frequently offered prices of 3-room apartments in Tashkent remain almost unchanged. Average price per sq. m of 3-room apartments in Tashkent deviates between $523 - $591.

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$37,391.60	$49,564.54	$14,802.60	$43,478.07	-1.67%	-29.49%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$55,619.70	$63,200.30	$13,337.00	$59,410.00	5.75%	-25.62%
II	$38,835.40	$44,310.90	$8,673.60	$41,573.20	-10.39%	-27.01%
III	$29,707.30	$32,286.60	$7,460.90	$30,996.90	3.05%	-24.17%

4-ROOM APARTMENTS

Average price of 4-room apartments decreased the least and the standard deviation increased, which could imply dispersed price allocation of 4-room apartments. Average price deviation of 4-room apartments per sq. m constituted $520 - $620.

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$47,846.20	$55,977.30	$18,848.60	$51,911.80	-0.96%	-39.17%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$66,346.10	$81,253.90	$13,460.00	$73,800.00	18.19%	-39.62%
II	$57,090.00	$68,448.50	$14,060.70	$62,769.20	9.22%	-23.45%
III	$35,237.50	$40,830.60	$9,198.30	$38,034.10	1.88%	-21.62%

Tashkent Housing Report, September 2009

2009-11-02T20:03:34Z

Prices of 1-4 room apartments in September rose unanimously, closely repeating August trend. Average price of 1-room apartments rose by almost 15%, the highest increase being observed in Zone 1. Price levels of 2-4 room apartments also increased, but at much lower rates.

Average price deviations of apartments, contrary to the price trend, narrowed, which could be an indicative of a normalizing real estate market in Tashkent.

]]> 1-ROOM APARTMENTS

Almost oblivion price level of 1-room apartments early in 2009 revived in zone 2, YTD constituting 17.05%. Average price deviation (Upper limit - Lower limit) of 1-room apartments narrowed from about $3,000 to $2100.

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$18,809.60	$20,942.60	$7,250.80	$23,149.00	14.84%	-22.15%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$26,007.50	$31,928.00	$8,070.50	$28,967.70	23.12%	-17.82%
II	$21,797.90	$26,777.90	$7,022.30	$24,287.90	15.05%	17.05%
III	$15,622.80	$16,760.00	$3,091.70	$16,191.40	2.25%	-15.13%

2-ROOM APARTMENTS

Average price of 2-room apartments increased by 8.76%, yet year-to-date change remains negative. Market for 2-room apartments approached a normal distribution, contributing to a more precise estimate throughout Tashkent.

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$26,523.00	$28,954.80	$9,066.30	$31,642.23	8.76%	-19.88%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$36,525.20	$42,218.40	$8,781.50	$39,371.80	7.34%	-14.55%
II	$30,256.60	$34,793.40	$7,092.70	$32,525.00	14.37%	-20.23%
III	$22,166.90	$23,892.90	$5,108.00	$23,029.90	3.89%	-19.99%

3-ROOM APARTMENTS

September resulted in a 9.5% increment in average price level of 3-room apartments. Such output was a result of price increase in all three zones.

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$37,756.60	$42,278.30	$15,021.40	$44,216.03	9.50%	-28.30%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$52,194.40	$60,159.70	$13,715.80	$56,177.10	1.95%	-29.66%
II	$42,464.80	$50,320.90	$10,130.00	$46,392.90	21.29%	-18.55%
III	$28,793.90	$31,362.30	$6,338.00	$30,078.10	8.25%	-26.42%

4-ROOM APARTMENTS

4-room apartments introduced some diversity in terms of price trend within zones. Zone 2 and Zone 3 had a marginal drop in price level as can be seen in the table below.

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$45,366.00	$52,909.40	$15,700.50	$52,416.63	2.36%	-38.58%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$55,145.30	$69,743.50	$14,677.80	$62,444.40	15.10%	-48.91%
II	$52,326.50	$62,618.00	$10,347.60	$57,472.20	-5.78%	-29.91%
III	$34,364.10	$40,302.50	$8,373.80	$37,333.30	-2.70%	-23.06%

Tashkent Housing Report, August 2009

2009-09-21T09:03:43Z

After a two-month price raise, an August statement in the housing estate imparts a temporary price bubble that occurred in June and July. 1 to 4 room apartments in Tashkent dropped in price unanimously. The major slash in prices took place in Zone 1, while Zone 3 manifested relatively moderate changes. Since Zone 2 is under the pressure of the conveying of infrastructural development from Zone 1, most unpredictable price changes can be observed in this Zone.

]]> 1-ROOM APARTMENTS

1-room apartments were most vulnerable to price decline in Zone 1 which was the mere contributor to the price slash. Meanwhile zone 2 and zone 3 defied price drop.

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$17,163.70	$20,249.30	$5,195.20	$20,157.67	-7.60%	-32.21%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$20,278.30	$26,776.20	$4,836.10	$23,527.30	-21.18%	-33.26%
II	$17,595.00	$24,627.20	$4,574.20	$21,111.10	3.33%	1.74%
III	$14,456.20	$17,213.10	$3,412.80	$15,834.60	4.39%	-17.00%

2-ROOM APARTMENTS

2-room apartments had the highest decline in August. Also the range between lower and upper limit remains almost unchanged as compared to the previous month, which indicates that prices of 2-room apartments are bearing almost unchanged correlation coefficient as compared to July.

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$24,127.40	$27,890.30	$8,399.70	$29,094.47	-8.10%	-26.33%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$30,138.80	$43,218.40	$11,326.60	$36,678.60	-6.11%	-20.40%
II	$25,406.10	$31,468.90	$5,688.80	$28,437.50	-16.43%	-30.26%
III	$20,897.10	$23,437.60	$4,422.40	$22,167.30	1.28%	-22.98%

3-ROOM APARTMENTS

As can be observed in the histogram below, the most frequent offer price range shifted rightwards. This could as well imply a possible increase in price in the month to come.

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$31,668.00	$39,089.50	$12,638.40	$40,378.73	-7.11%	-34.52%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$48,377.10	$61,822.90	$9,398.00	$55,100.00	-8.45%	-31.01%
II	$35,371.20	$41,128.80	$3,443.40	$38,250.00	-3.68%	-32.85%
III	$25,699.50	$29,872.90	$5,485.70	$27,786.20	-8.93%	-32.03%

4-ROOM APARTMENTS

Besides sailing in the same boat with 1,2 and 3-room apartments, 4-room apartments look distinct in zone 2. Lower and upper limit in zone 2 is higher than in zone 1. Such swapping of prices can be only a temporary case, thus we will more likely be observing compensating effect, that would place zone 2 back to its plate.

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$38,851.10	$49,297.00	$13,203.10	$51,206.13	-5.12%	-40.00%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$40,850.00	$67,650.00	$8,421.20	$54,250.00	-22.43%	-55.61%
II	$42,206.00	$79,794.00	$11,811.00	$61,000.00	13.87%	-25.61%
III	$33,653.60	$43,083.30	$9,782.10	$38,368.40	-0.08%	-20.93%

Tashkent Housing Report, July 2009

2009-08-26T16:57:15Z

Brief analysis of July 2009 housing estate performance in Tashkent shows a healing sign, prices rising a second month on end. Yet, this may not be signaling a positive sign for foreign investors, having world real estate prices sidelining a rise.

Second month in a row, housing estate has been appreciating in Tashkent. In a sample study of 475 apartments in Tashkent, 1-room and 4-room apartments appreciated in all zones, meanwhile zones developed differing trends for 3-room apartments.

]]> 1-ROOM APARTMENTS

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$16,347.50	$19,379.50	$6,543.50	$21,816.17	7.10%	-26.63%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$24,217.10	$35,482.90	$7,874.20	$29,850.00	8.77%	-15.32%
II	$17,390.90	$23,469.10	$4,248.40	$20,430.00	7.88%	-1.54%
III	$14,321.50	$16,015.60	$3,103.30	$15,168.50	3.01%	-20.49%

2-ROOM APARTMENTS

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$25,862.00	$29,154.70	$10,375.60	$31,660.17	4.73%	-19.84%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$35,836.20	$42,295.40	$9,825.60	$39,065.80	-3.10%	-15.22%
II	$29,523.50	$38,532.10	$9,057.80	$34,027.80	12.86%	-16.55%
III	$20,851.20	$22,922.50	$5,192.70	$21,886.90	8.22%	-23.96%

3-ROOM APARTMENTS

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$37,390.60	$43,229.20	$17,596.70	$43,468.53	3.77%	-29.51%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$54,643.70	$65,722.10	$17,549.10	$60,182.90	16.41%	-24.65%
II	$34,685.30	$44,735.70	$10,426.10	$39,710.50	-7.53%	-30.28%
III	$28,732.60	$32,291.80	$8,099.30	$30,512.20	-1.66%	-25.36%

4-ROOM APARTMENTS

Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
$43,683.10	$51,641.20	$17,174.80	$53,968.23	9.80%	-36.76%

Zone	Lower limit	Upper limit	Stdv	Mean	Change (%)	YTD (%)
I	$65,590.60	$74,276.00	$7,841.90	$69,933.30	11.69%	-42.78%
II	$44,670.60	$62,472.30	$15,415.80	$53,571.40	7.31%	-34.67%
III	$34,952.70	$41,847.30	$11,474.60	$38,400.00	9.96%	-20.87%