Published on and written by Cyril Jarnias
The Uzbek real estate market is changing rapidly. Driven by annual economic growth of around 5.7%, sustained urbanization, and a construction boom accounting for over 14% of GDP, the country is developing a comprehensive professional real estate ecosystem. In this fast-evolving landscape, a few local agencies stand out for the quality of their service, their mastery of the legal framework, and their ability to secure increasingly complex transactions, including for a foreign clientele.
This article is based on the latest market data, licensing rules, professional associations, and official figures to present the best local agencies, their strengths, and the context of their operations.
A Real Estate Market Gaining Speed
The starting point for understanding the central role of local agencies is the scale of the real estate momentum in the country. Uzbekistan has nearly 35.6 million inhabitants, a growing middle class, and rapid urbanization, especially in the capital Tashkent but also in major cultural cities like Samarkand and Bukhara. The real estate market is considered one of the most affordable in the region, while now offering very attractive rental yields.
Over 177,000 real estate transactions were registered in the first half of 2025, an increase of more than 10% year-on-year.
Regarding prices, the increase remains controlled at the national level but becomes pronounced in the most dynamic hubs. Between 2020 and 2022, housing prices rose by 60 to 70%. Since the beginning of 2025, the average price per square meter in the secondary market has increased by over 11%, with a surge of nearly 20% in the capital. Rents are following suit: in Tashkent, the average rent has jumped by over 40% since the start of 2025, with levels exceeding $10 per square meter in central districts like Mirabad, Yakkasaray, or Shaykhantakhur.
Approximately 95 out of 100 real estate transactions are conducted with the help of a professional, making intermediation almost essential.
Why Local Agencies Have Become Indispensable
The market’s growth is accompanied by increasing complexity of transactions: buying off-plan in large new complexes, tourist rental investments in historical centers, acquisition by foreigners with minimum investment and residency requirements, or setting up bank financing with a mortgage. In this context, local agencies play a dual role: operational facilitator and legal safety net.
They are involved at every stage of a project:
Our range of services supports you in all aspects of your real estate project, from search to management, taking into account the specific framework of the local market.
Targeted property search (apartments, houses, offices, commercial spaces, land) according to your criteria and market value estimation with support from a network of licensed experts.
In-depth verification of titles, cadastral data, and charges, in a system where building ownership is separate from land ownership.
Transaction structuring, drafting of deeds, notarization and registration, with monitoring of the constantly evolving regulatory environment.
Connection with local banks (e.g., Ipoteka Bank) for financing, especially in the primary market where loans are growing strongly.
For investors: rental yield calculation, rent strategy, and implementation of property management and maintenance solutions.
This upskilling is no accident. Since the late 2010s, the activity of a “realtor” has been regulated by a specific law, with licensing obligations, minimum capital, professional qualifications, and soon, a major reform that should further strengthen the role of professional associations and transparency via a public database of providers.
How Real Estate Agencies Are Regulated in Uzbekistan
To understand the added value of the best local agencies, one must look at the legal framework in which they operate.
The 2010 law “on realtor activity” defines real estate intermediation as a regulated commercial activity. A license is issued via an official electronic platform, license.gov.uz, to both individuals and legal entities. This license is valid indefinitely, but obtaining it requires compliance with strict criteria:
To obtain approval as a financial investment advisor (CIF), the application must be complete. It must include the articles of association, contact details, list of founders and qualified employees (for a company) or identity documents (for an individual). The services offered (consulting, intermediation, property management, auction organization) must be clearly defined. A minimum share capital, the amount of which varies according to services, must be justified. Finally, subscription to professional liability insurance is mandatory.
The required capital varies greatly depending on the agency’s positioning. A summary table allows measuring the level of commitment required from serious operators.
| Type of services offered | Minimum required capital* |
|---|---|
| Real estate information and advice | 100 times the minimum wage |
| Intermediation (buying, selling, renting) | 500 times the minimum wage |
| Property management in trust | 1,000 times the minimum wage |
| Organization of real estate auctions | 3,000 times the minimum wage |
In practice, if an agency offers several services, the highest level applies.
Furthermore, a realtor company must have at least two employees holding a qualification certificate, including the manager themself. It is not allowed to engage in any activity other than real estate intermediation, and must maintain strict confidentiality regarding the information gathered. It submits a report on its activities every six months to the State Committee for Competition.
In Uzbekistan, professional associations like ‘United Realtors of Uzbekistan’ have launched the Realting.uz platform, which includes a professional registry, a public rating system, certified training, and a code of ethics. Other structures, such as the Association of Realtor Organizations and the future Uzbekistan Real Estate Association (URA), work to standardize practices, propose contract models, develop IT tools, and influence law-making.
A new law “on real estate activity,” already passed by the lower house, plans to evolve this framework: phasing out the state licensing system in favor of regulation by associations, creating a national Multiple Listing Service (MLS) and a unified public registry of providers. The best local agencies are driving this process and are already positioning themselves as structuring market players.
Tashkent: The Heart of the Market and the Showcase for Agencies
With average prices of 13 to 18 million soums per square meter (approximately 950 to 1,300 euros) for housing, Tashkent concentrates the bulk of the activity. This is where most agencies, appraisal companies, major banks, and developers are located. There are over a hundred active agencies, most of which are independent local structures, alongside a few international franchises.
Price differences within the capital are significant: central districts like Mirabad, Yakkasaray, or Shaykhantakhur are among the most expensive, while districts like Sergeli, Uchtepa, or Bektemir remain more affordable, both for purchase and rent. The agencies that stand out are precisely those that know how to navigate these micro-markets, advise on the right price/yield ratio, and support more sophisticated arrangements, especially for foreign investors.
Uylar Sales and its network of professionals
Among the rising players, Uylar Sales holds a special place. Presented as a real estate “marketplace” for the capital, this network combines a digital platform (UylarSales.com) and a field agency. One of its best-known faces is Elyor Fayziyev, a licensed realtor, trilingual (Uzbek, Russian, English), and a member of the Association of Realtors of Uzbekistan.
The agency claims a portfolio of over 400 properties in sought-after neighborhoods, with direct access to new developments from developers like NRG Uzbekistan or BI‑Group. This combination allows offering “direct developer” prices, appreciated by foreign investors looking to avoid extra costs.
Uylar Sales
The approach also stands out for a very “full service” positioning: market and neighborhood analysis (prices, trends, tenant profiles), legal and cadastral verifications, organization of viewings, but also, once the purchase is made, full management of the rental process. This includes finding and selecting tenants, drafting and registering leases, managing utility bills, collecting rent, and if necessary, coordinating work and maintenance.
Another advantage of this type of agency lies in its ability to work both in the secondary market – where the average price is around $1,278/m² – and in the primary market, which is much more expensive (around $1,850/m² on average) but often more interesting for long-term rental projects.
“Ключи Ташкента” (Keys of Tashkent), “Этажи” (Etagi), and “Agreement”: The Strength of Local Anchoring
Alongside these digitally-focused players, several well-established local agencies excel thanks to deep neighborhood presence and a loyal clientele.
For the Tashkent real estate market, prioritize a local agency like “Ключи Ташкента” (klyuchi.uz). Its expertise covers all classic services (buying, selling, renting) on all types of property (apartments, houses, offices, commercial premises, land). Its main advantage is an in-depth knowledge of the capital’s micro-markets and an ability to identify opportunities missed by generalist platforms.
The agency “Этажи” (Etagi), present on tashkent.etagi.com, plays more on the card of an organized network structure. It offers highly structured intermediation services, with a reinforced legal component. Assistance in preparing loan applications, presence during the notary visit, follow-up on registration: this type of agency secures the process, especially for first-time buyers or foreigners.
“Agreement” (AGREEMENT LLC), for its part, has established itself as a recognizable brand on the Tashkent market. Based in the Mirzo‑Ulugbek district, it offers property search services, assistance with sales and purchases, with an emphasis on documentary rigor. Its listing in professional directories and its transparency (website, dedicated contact email) demonstrate a clear professional positioning.
The best-performing agencies on the local market stand out through transparent communication of their contact details and services, proven expertise in administrative procedures, and a verifiable presence in official directories such as Yellowpages.uz or Goldenpages.uz.
Other Notable Players and Diversity of Offerings
The Tashkent scene is not limited to a few big names. A multitude of companies, of various sizes and specializations, structure the market. Some are clearly identified as full-time real estate agencies, others mix development and intermediation, and others operate as consulting firms attached to construction groups.
Thus, we find:
– Real Info LLC, Landmark Realty, Sure Real Estate, or structures like APARTO LLC, GABUS JV or MEGAPOLIS LTD, which sometimes act as agencies, sometimes as developers or real estate engineering companies;
– APEX (FARES IMMOVABLE APEX), located in the Mirzo‑Ulugbek district, very active in selling housing and commercial premises;
– agencies specialized by segment or geographic area, for example on projects like NRG Meros Business, NRG Yangi Baxt or the Nest One skyscraper.
This dispersion makes the question of choosing an agency even more crucial, especially for foreign clients or for transactions with high stakes.
Platforms and Directories to Spot the Best Professionals
Alongside agency websites, several generalist platforms play a hub role between sellers, buyers, tenants, and intermediaries.
Portals like Uybor.uz or Agentiz.com list ads from individuals and agencies across the country. Users can filter offers by city (Tashkent, Samarkand, Bukhara, Andijan, Fergana…), property type, and price level. These sites are not agencies per se, but they are a useful tool to get an idea of prevailing prices and the most active players.
The directories Yellowpages.uz and Goldenpages.uz, existing for over 10 years, provide institutional visibility for companies. They list for each company: its legal name, address, district, and sometimes its website, email, and geographical landmarks (proximity to shopping centers, schools, metro). These databases allow identifying many local commercial entities.
Finally, new professional platforms, like Realting.uz, associated with major realtor associations, are positioning themselves as trusted references, aggregating a digital registry of agents and displaying public ratings. In the long run, with the establishment of a national MLS planned by the new law, these tools could become the main entry point for those seeking a serious agency.
A Contrasted National Market: Tashkent, Samarkand, Bukhara, Andijan
To assess the relevance of an agency, its activity must be placed in the context of the local market. However, conditions vary greatly from city to city. The average prices per square meter in 2025 illustrate these contrasts well.
| City / Region | Average housing price (UZS/m²) | Estimation in euros/m² |
|---|---|---|
| Tashkent | 13–18 million | 950–1,300 |
| Samarkand | 9–13 million | 650–950 |
| Bukhara | 7–11 million | 500–800 |
| Andijan | 6–9 million | 450–650 |
Rental yields follow a similar logic: high in the capital, but also very attractive in tourist cities.
| City | Long-term rental yield | Short-term rental ROI (tourist rentals) |
|---|---|---|
| Tashkent | 6–8% | 8–10% |
| Samarkand | 5.5–7.5% | 9–12% |
| Bukhara | 5–7% | 8–11% |
In cities like Samarkand and Bukhara, the rise of tourism and the growing interest of digital nomads in these destinations are rapidly changing the game. The best local intermediaries are now those who can combine property purchase and short-term rental strategy, with high occupancy rates near UNESCO sites (Old Town, historic bazaars, university areas).
Number of officially registered appraisal companies in Uzbekistan in 2023.
What the Best Local Agencies Offer to Foreigners
A defining feature of recent years is the market’s increasing openness to foreign capital. Citizens from a growing number of countries – notably the United Arab Emirates, Turkey, Russia, or South Korea – are acquiring new properties or commercial premises. Those investing beyond a certain amount in major cities (e.g., starting from $100,000 for some projects in Tashkent and Samarkand) can apply for a three-year temporary residence permit, renewable.
Simultaneously, the framework remains specific:
In Uzbekistan, land belongs to the state; investors acquire buildings or usage rights through long-term leases (49 to 70 years). Minimum investment thresholds are required depending on the region (e.g., $300-400,000 in Tashkent, $200,000 in Samarkand/Bukhara, $100,000 elsewhere), with special regimes for certain categories like holders of an “IT Visa”. Tax-wise, foreigners are taxed only on their local income: a flat tax of 12% on rents and non-exempt capital gains, transfer fees of about 2%, and an annual property tax of 0.2 to 0.3% of the cadastral value.
Within this framework, the best local agencies are those that:
Local professionals master the eligibility rules for a residence permit via real estate investment and direct clients towards suitable projects. They secure transactions in 30 to 60 days by collaborating with notaries, sworn translators, and lawyers. Their knowledge of banking practices includes specific conditions for foreigners (often a 40% minimum down payment, enhanced documentation). Finally, they communicate in English or your language to clearly explain the differences between the Uzbek system and Western standards.
Some agencies like Uylar Sales or members of networks like United Realtors of Uzbekistan highlight “end-to-end” support services, including legal coordination, post-acquisition management, and for short-term rentals, organizing marketing on international platforms. This type of offer makes a difference for investors who do not reside on-site.
The Key Role of Appraisers and Notaries in the Value Chain
Another element distinguishing serious agencies is their ability to rely on the surrounding professional fabric. Uzbekistan has established a highly regulated real estate appraisal market. In 2023, 231 appraisal organizations were listed, totaling nearly 1,200 appraisers. The volume of services provided reached 118 billion soums, for over 245,000 contracts and more than 251,000 appraisal reports issued.
Obtaining the certificate requires a high level of education (in economics, law, or technical fields) and 1 to 2 years of practical experience. This professional expertise is a major asset for agencies, as it allows establishing independent valuations, precisely calibrating selling prices, negotiating effectively, and anticipating litigation risks.
Notaries, for their part, are seeing their fees move upward, with scales indexed to the base calculation unit and significant increases in the preparation and certification of real estate contracts. This price inflation is accompanied by a clear objective: improving service quality and transparency. For agencies, this means properly integrating these costs into their simulations and meticulously organizing notary visits, often via electronic registration systems.
How to Recognize a Good Local Real Estate Agency
In a country where several dozen agencies are active just in Tashkent, and where around 40 structured companies compete for the most visible markets, the choice is central. The following elements help distinguish the best players:
To select a reliable real estate agency in Uzbekistan, check several essential criteria. Ensure its regulatory status is clear: a proper license (as long as the system is in force) and registration in the official registry of real estate organizations or recognized professional associations. Prioritize information transparency: an up-to-date website, complete contact details, presentation of managers and their qualifications, and membership in an association like United Realtors of Uzbekistan or the Association of Realtor Organizations. Value its local anchoring and network: a physical presence in neighborhoods, a good reputation in directories, and the ability to mobilize certified appraisers, experienced notaries, and partner banks. Look for a clear specialization: some agencies excel in the new market in Tashkent, others in historical properties in Samarkand or Bukhara, or in commercial premises and warehouses in logistics corridors. Finally, for a rental investment, demand structured property management. The best agencies offer a complete service, enabling yields of 6-8% in Tashkent, 5.5-7.5% in Samarkand, 5-7% in Bukhara, and potentially more on well-managed seasonal rentals.
Professional associations play an increasing role here. United Realtors of Uzbekistan, for example, offers its members training, a code of ethics, a platform with a rating system, and tools for creating digital agencies (CRM, websites). The Association of Realtor Organizations, as well as the real estate committee of the American Chamber of Commerce in Uzbekistan, are working to disseminate international standards of transparency and service quality.
Favorable Prospects for Local Agencies
All data pointed, even before 2025, to an upscaling of the Uzbek real estate market. The scientific study published in 2024 on “the development of the real estate and appraisal services market in Uzbekistan” highlights the correlation between the construction boom, price increases, and the diversification of appraisal organizations’ activities. The more complex the market becomes, the greater the need for qualified intermediaries.
The country’s economy represents nearly $90 billion, offering a unique window of opportunity for real estate agencies.
They operate in a country that:
– relies on construction and real estate as growth drivers (nearly 14.4% of GDP for the sector in 2022);
– still offers relatively low prices, especially outside Tashkent, with high appreciation margins in historical cities or emerging industrial hubs;
– attracts a growing number of international investors, reassured by a legal framework that guarantees investment protection and the possibility of repatriating profits.
To be an indispensable partner, a local agency must have an official license, territorial anchoring, advisory capacity, integration into professional networks, and a genuine concern for client protection. These criteria are essential both for Uzbek households buying their primary residence and for foreign investors seeking yield in this transforming economy.
The recurring names – Uylar Sales and its licensed agents, “Ключи Ташкента”, “Этажи”, “Agreement” and a whole constellation of companies listed in official directories – do not constitute an exhaustive list. But they illustrate the typical profile of these best players: deeply local, increasingly professionalized, and now at the heart of a Uzbek real estate market that, from a marginal segment, has become in a few years one of the engines of the country’s growth.
Disclaimer: The information provided on this website is for informational purposes only and does not constitute financial, legal, or professional advice. We encourage you to consult qualified experts before making any investment, real estate, or expatriation decisions. Although we strive to maintain up-to-date and accurate information, we do not guarantee the completeness, accuracy, or timeliness of the proposed content. As investment and expatriation involve risks, we disclaim any liability for potential losses or damages arising from the use of this site. Your use of this site confirms your acceptance of these terms and your understanding of the associated risks.
Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
