Publication Details
Abstract
The real estate market plays a pivotal role in modern economies through its direct contribution to gross domestic product, employment creation, capital formation, and financial system development. In transition and emerging economies, this role is often amplified due to rapid urbanization, demographic changes, and structural economic reforms. This study examines the relationship between the real estate market and economic growth in Uzbekistan, a country that has undergone significant economic liberalization and institutional reforms over the past decade. Using annual macroeconomic and sectoral data covering the period 2010–2024, the study employs descriptive analysis, correlation analysis, and econometric regression techniques to explore both the direct and indirect linkages between real estate development and economic growth. The findings reveal a strong and statistically significant positive relationship between real estate market indicators—such as construction output, housing investment, and real estate transactions—and GDP growth. The results suggest that the real estate sector functions as both a driver and a stabilizer of economic growth in Uzbekistan. Policy implications emphasize the need for balanced real estate development, improved access to housing finance, and strengthened regulatory frameworks to ensure sustainable economic growth.