PRICE DYNAMICS BETWEEN PRIMARY AND SECONDARY HOUSING MARKETS IN UZBEKISTAN AND THEIR DETERMINANTS

Abstract

The housing market in Uzbekistan has experienced notable structural changes over the past decade, reflecting ongoing economic reforms, rapid urbanization, and increased investment activity. This study examines the price dynamics between the primary (newly constructed) and secondary (existing) housing markets in Uzbekistan, with particular emphasis on identifying the key factors influencing price differentials between these segments. The research analyzes how construction costs, mortgage accessibility, household income growth, inflation, urban migration, and regulatory frameworks shape housing prices across both markets. The findings indicate that prices in the primary housing market tend to grow at a faster pace due to rising construction expenses, modern infrastructure standards, and state-supported housing programs. In contrast, the secondary housing market demonstrates more moderate price fluctuations, largely influenced by location, property condition, and overall market liquidity.