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CERR: how the sales of apartments and cars have changed in Uzbekistan in February
The Center for Economic Research and Reforms (CERR) regularly analyzes changes in demand in the real estate and car markets. The increase in demand in these markets in January-February this year indicates a recovery in economic activity in Uzbekistan.
Real estate market
During the coronavirus pandemic, economic activity plummeted amid quarantine restrictions. In particular, in April, the lockdown led to a decrease in demand for real estate by 87.1% (by 94.2% in Tashkent and 89.8% in Tashkent region) compared to the same period of 2019.
In February, the number of real estate contracts concluded in the country increased by 11.5% compared to January (by 19.7% compared to February 2020). In Tashkent, which accounts for more than 30% of the real estate market, this figure was 10.8% (23.7% by February 2020).
Car market
Usually, the monthly growth in car sales in the primary and secondary markets in the republic is on average 2-3%. As a result of the introduction of strict quarantine measures from mid-March 2020, the number of registered and re-registered cars in March decreased by 17.3% compared to the same period in 2019 (by 34.6% compared to the previous month), and in April - by 73. 8% (by 63.1%).
Since May, the situation in the car market has begun to recover again. In particular, in June, car sales increased by 14.8% compared to the same period in 2019 (15.7% compared to the previous month). In August this figure was 3.8% (54.3% to the previous month).
The demand in the car market in September-October also continued to grow. Compared to the corresponding period of 2019, sales increased in September by 29.5%, in October by 19.2%, in November by 9% and in December by 10%.
In February, the demand of the population in the car market increased by 3% compared to January. However, compared to February 2020, this indicator decreased by 10.4%. This is mainly due to the fact that the Asaka plant temporarily stopped production in January-February 2021 to carry out all the necessary upgrades.
By region, the highest growth rates were observed in Andijan (37%), Bukhara (18.4%) and Kashkadarya (18%) regions.
