Wage growth outpaced housing prices

According to reports from the Central Bank of Uzbekistan, for the first time since 2021, the rate of wage growth has surpassed the increase in housing prices. This was reported by Zamin.uz.

This information is noted in the Central Bank's financial stability report for the first half of 2023. At the beginning of July 2023, the average nominal wage in the country increased by 17%.

At the same time, the "housing price and wage" index decreased by 0.3%. However, demand for housing remains at a high level.

For example, at the beginning of July, 177.5 thousand purchase and sale contracts were signed in Uzbekistan, which is 11% more compared to the same period last year. Changes were also observed in mortgage loans.

The average mortgage loan interest rate decreased by 0.4% over the year, reaching 19.2%. The loan term increased by six months, averaging 17.2 years.

From January to September 2023, 136.5 thousand apartments were sold in the country. The number of purchase and sale transactions increased by 10.6% year-on-year.

The largest growth was observed in the Jizzakh region, where the number of transactions increased by 30% over six months. Navoi and Surkhandarya regions followed.

Source: Central Bank reports.