Published on and written by Cyril Jarnias
The Uzbek real estate market has scaled up considerably within a few years. What was primarily a means of obtaining housing has become a full-fledged investment, fueled by economic growth, rapid urbanization, and the widespread adoption of mortgage loans. Behind this national momentum, price disparities between cities are widening, with a very clear gap between Tashkent and the rest of the country, as well as divergent trajectories between major tourist destinations, industrial centers, and more modest regional capitals.
Data on residential property prices in major Uzbek cities comes from official bodies (the Central Bank, the Center for Economic Research and Reforms, the Institute for Macroeconomic and Regional Studies) and is supplemented by studies from listing platforms and international portals.
A highly active national market entering a cooling phase
Across the country, the real estate market remains very dynamic, even though the price surge seems to have subsided. Housing transactions increased by 10.6% in the first half of 2025 compared to the same period in 2024, with 136,500 units sold and 177,500 real estate sales contracts signed. In the third quarter of 2025, the volume reached 75,500 transactions, up 13.6% year-on-year. July 2025 even set a record with 26,000 sales, a +25% increase compared to the previous month.
In 2024, the increase in real housing prices in Uzbekistan was only 1%, marking a significant slowdown after the sharp rises of previous years.
Central Bank data for the second half of 2024 and the first half of 2025 confirms this cooling trend. Nationally, between June 2024 and June 2025, prices on the secondary market increased by only 1.8%, and by 2.5% in soums, while the primary market grew by 2.6% in local currency (2.1% in dollars). In July 2025, the average price per square meter on the secondary market gained only 1.7% month-on-month and 3.3% year-on-year.
Banks issued over 84,000 trillion soums in real estate loans between 2017 and 2024.
Tashkent, the engine and a market apart
Tashkent remains the heart of the Uzbek real estate market, accounting for about 30% of national transactions. The capital combines the highest prices, attractive rental yields, and a rapidly changing supply, with a gradual shift from single-family homes and Soviet-era apartment blocks towards denser new residential complexes.
Price level in Tashkent: a high-end market nationally
Multiple sources converge: Tashkent is far ahead in terms of prices. On the secondary market, the Central Bank indicates that in June 2025, the square meter traded at an average of $1,075, down slightly by 4.8% year-on-year. In July 2025, the price rose to $1,082, still about 3.2% below July 2024.
In local currency, the recent increase was much more drastic. Between early 2023 and early 2024, the average price per square meter for existing apartments in Tashkent rose from approximately 10.98 million soums to 15.5 million soums, a growth of 41.2% in one year. According to another dataset, the price range for second-hand properties in Tashkent in 2025 is rather between 13 and 18 million soums per square meter, equivalent to €950 to €1,300.
Minimum price per square meter for new developments farthest from the city center, paid in cash.
The most affordable properties in the capital remain unrenovated Soviet apartments, priced around $650 to $800/m² in central neighborhoods. A complete renovation of such housing is estimated at about $250/m². At the other extreme, high-end projects like “Tashkent City” display prices between $1,500 and $2,000/m², before interior finishing work (an additional $200 to $250/m² for luxury-level finishing).
The table below summarizes the main price levels observed in Tashkent by property type.
| Property type / location | Price range (USD/m²) |
|---|---|
| Unrenovated old apartment, center | 650 – 800 |
| Secondary market apartment, city average (2025) | ≈ 1,075 – 1,100 |
| New “off-plan” apartment, center / metro | 1,000 – 1,200 |
| New, 3–4 metro stations from center | 700 – 800 |
| New, outskirts, cash payment | ≈ 600 |
| Luxury apartments “Tashkent City” | 1,500 – 2,000 |
Strong heterogeneity between Tashkent districts
Within Tashkent, disparities between districts are dramatic. Data from the Mass Appraisal Center shows that the Shaykhantakhur district is the most expensive with an average price of 23.9 million soums/m². Mirzo Ulugbek follows at 19.1 million soums/m², then Yunusabad at 17.1 million. In contrast, Bektemir shows an average price of 11.2 million soums/m², Sergeli 11.5 million, and Uchtepa 13.6 million.
Recent trends are equally contrasting. On the secondary market, the sharpest declines year-on-year to June 2025 were in Mirzo-Ulugbek (-7.6%), Yashnabad (-7.3%), and Chilanzar (-6.9%). For new properties, Uchtepa (-9.7%), Yunusabad (-8.8%), and Shaykhantakhur (-7.7%) recorded the most significant drops. Conversely, Mirobod, Bektemir, and Yakkasaray stand out with increases of around 3% over the observed period.
Part of the demand is shifting from expensive or saturated sectors towards revitalizing neighborhoods or more competitively priced new developments, indicating a change in buyer preferences.
Tashkent rental market: relatively stable rents, high yield
While purchase prices rose sharply before leveling off, the Tashkent rental market has taken a more moderate path. Between January 2022 and December 2024, the average rent per square meter increased by only 1.2%, despite a 25% jump in 2022. Since 2023, rents have trended downward: in November 2023, they were already 9% lower than at the start of the year, with an average rent of about $9.5/m².
At the end of 2024, the average rent stood at $8.2/m², 11.5% lower than in 2023. In June 2025, it stabilized around $8.1/m², down slightly by 2.6% year-on-year. Central neighborhoods (Mirabad, Shaykhantakhur, Yakkasaray) reach about $10.3/m², even $10.9/m² in Mirabad in July 2025. Bektemir remains the most affordable district, with a level around $5.5/m².
The table below illustrates these differences in average rents by district in Tashkent.
| Tashkent District | Average Rent (USD/m², mid‑2025) | Annual Trend |
|---|---|---|
| Mirabad (center) | ≈ 10.9 | Slight decline |
| Shaykhantakhur (center) | ≈ 10.0 | Slight decline |
| Yakkasaray (center) | ≈ 10.0 | Slight decline |
| City average (all districts) | ≈ 8.1 | –2.6% |
| Bektemir (outskirts) | ≈ 5.5 | Decline |
Despite this pullback, gross rental yields remain high. According to various studies, the gross yield in the city center is around 8.26%, rising to nearly 9.6% in the outskirts, and a global estimate even places rental profitability at 9–10% in dollars for the capital. This is significantly higher than in many European countries where rental yields are typically between 2% and 6%.
In 2023, the market value of housing in Uzbekistan exceeded its fundamental value by 24%, according to the Central Bank. This yield gap is explained by the growing role of speculative investment, in a context where financial alternatives remain underdeveloped.
Affordability in Tashkent: prices under pressure relative to incomes
The combination of strong price increases and limited wage growth weighs on affordability. Nationally, in 2023, the market value of housing climbed 36% while the average monthly wage increased by only 17%, meaning price growth was about 2.1 times faster than income growth.
In Tashkent, several indicators summarize this pressure:
– The price-to-income ratio reaches 12.90, meaning it takes almost 13 years of average income to buy a standard home if one devoted all income to this purchase;
– The hypothetical share of mortgage repayments in income is around 282% for a typical loan, indicating a very heavy debt burden on households;
– The price-to-rent ratio in the city center is about 12.10 years of rent, which, in theory, remains a zone where buying is still more economically attractive than long-term renting.
Another indicator shows that as of January 1, 2025, the price of a standard apartment in Tashkent corresponds to 11.2 years of rent. This ratio increased by 3.65 years compared to January 2022, confirming a notable deterioration in affordability in just two years.
Nationally, however, the housing affordability index reached 121% in the first half of 2025, meaning that improving incomes and recent price moderation are partially catching up with the shock of previous years.
Samarkand, the second most expensive market and a tourist hub
After Tashkent, Samarkand is the city with the most expensive residential real estate, driven by its status as a major Silk Road tourist destination and an upscaling of its offerings.
Samarkand: an intermediate but high price level for the country
Data from a major online price study indicate that in the second quarter of 2023, the average price in Samarkand reached about $753/m², placing the city in the 6th price group out of ten (10th being the most expensive) nationally. Another source places the average secondary market price around $568/m² in an earlier period, confirming an upward trend.
In 2022, the average price per square meter in new real estate in Samarkand was about 8.016 million soums.
Real estate product typologies in Samarkand are varied:
– Traditional houses or historic buildings in the old center, between $550 and $700/m²;
– Modern apartments in new neighborhoods, around $450 to $600/m².
Rental yields and affordability indicators in Samarkand
For investors, Samarkand offers moderate but decent yields. Data shows a gross yield of about 5.03% in the city center and 7.40% in the outskirts. Short-term rentals, driven by tourism, offer a higher return on investment, often estimated between 9% and 12% in the most popular areas.
In terms of affordability, the situation is tighter than in many regions: the price-to-income ratio for Samarkand exceeds 14.9 years in some calculations and reaches 13 years of salary to buy a two-room apartment in another national study, placing it among the least affordable cities in the country, just behind Tashkent.
The city center price-to-rent ratio is close to 19.9 years of rent, illustrating the tension in the real estate market.
Samarkand and Bukhara: two tourist destinations, two price profiles
Samarkand and Bukhara, two Silk Road icons, have fairly similar but not identical real estate positions. Samarkand, larger (about 500,000 inhabitants vs. 275,000 for Bukhara) and more oriented towards mass tourism development (large “Silk Road Samarkand” complex, new modernized international airport), attracts more hotel, tourist residence, and upscale housing projects.
Bukhara, positions itself slightly below in terms of price per square meter, but maintains strong profitability on seasonal rentals, especially in the old town. This duality is reflected in the detailed figures presented later.
Bukhara: a slightly cheaper but dynamic market
Bukhara sits one notch below Samarkand in terms of price, while still ranking high nationally. Studies by the Macroeconomic Institute classify the region in the second (low) price group for 2023, but this mainly reflects a contrast between the historic center and the rest of the territory.
Detailed data for 2025 indicates that average prices in the city of Tashkent range between 7 and 11 million soums/m², equivalent to about €500-€800/m². Variation is observed by neighborhood: in the old town, historic buildings typically reach $500-$650/m², while more ordinary apartments on the outskirts are marketed around $400-$500/m².
Gross rental yields are estimated at about 6% in the city center and 6.2% outside the center, according to recent surveys. For short-term tourist rentals, estimated returns on investment fall within a range of 8% to 11%, with a strongly seasonal but sustained market supported by the growth of international tourism.
In terms of affordability, Bukhara fares better than Tashkent or Samarkand. The estimated price-to-income ratio is about 6.96, a level closer to that of a medium-sized city, even though historic homes intended for tourist investment tend to push up prices in certain sectors.
The comparative table below positions Bukhara relative to Tashkent and Samarkand.
| City | Approx. Average Price (USD/m², secondary residential) | Gross Rental Yield (center) | Approx. Price-to-Income Ratio |
|---|---|---|---|
| Tashkent | ≈ 1,075 – 1,100 | 8–10% | ≈ 12.9 |
| Samarkand | ≈ 550 – 750 | ≈ 5% | ≈ 13–15 |
| Bukhara | ≈ 500 – 650 | ≈ 6% | ≈ 7 |
Beyond the three major hubs Tashkent–Samarkand–Bukhara, several regional cities stand out with intermediate prices and very varied market dynamics.
Navoi, an important industrial center, showed secondary market prices around $475/m² at a reference period, then about $636/m² in July 2025. The region recorded an average price of around 8.159 million soums/m² in June 2025, just behind the Tashkent region and Samarkand. Affordability remains better than in Tashkent: some calculations estimate the number of years of work needed to buy a two-room apartment at around 6 years, one of the best levels in the country.
The Tashkent region (excluding the capital) shows slightly lower prices. In July 2025, the price per square meter on the secondary market is estimated at about $679, or 8.217 million soums/m² in June 2025. This attractiveness is explained by proximity to the capital, the presence of special economic zones, and improved infrastructure, stimulating demand in satellite towns.
The following table summarizes average prices per square meter on the secondary market for key regions in the second quarter of 2025 (in thousands of soums).
| Region / City | Average Price (000 soums/m², June 2025) |
|---|---|
| Tashkent (city) | 14,908 |
| Samarkand (region) | 10,060 |
| Tashkent (region) | 8,217 |
| Navoi | 8,159 |
| Andijan | 7,554 |
| Bukhara | 7,100 |
| Surkhandarya | 6,331 |
| Namangan | 6,295 |
| Khorezm | 6,063 |
| Fergana | 5,827 |
| Kashkadarya | 5,710 |
| Syrdarya | 5,455 |
| Jizzakh | 5,441 |
| Karakalpakstan | 4,541 |
A fairly clear gradient is observed: Tashkent and Samarkand top the hierarchy, followed by Navoi and the Tashkent region. The Ferghana Valley regions (Andijan, Namangan, Fergana), despite being densely populated, show intermediate price levels, sometimes trending downward recently (Andijan). At the other extreme, the Republic of Karakalpakstan remains the cheapest area in the country.
Namangan, Andijan, Fergana: Valley cities with more moderate prices
The Ferghana Valley, highly populated and industrial, also experiences strong real estate activity, with price catch-up, but at levels still below those of major metropolises or tourist cities.
In Namangan, the third-largest city in the country, several sources place the price of a central apartment between $400 and $550/m², and around $300/m² on the outskirts. Complementary studies mention prices considered “rising but still affordable” compared to Tashkent or Samarkand. One-bedroom apartments generally cost between $15,000 and $25,000, and renovated three-room units between $30,000 and $50,000.
Gross rental yields in regional cities, thanks to attractive rents and low purchase prices.
Andijan and Fergana operate in similar ranges. During certain periods, property prices there increased by about 39%, showing strong catch-up dynamics. However, in a more recent context, these regions have recorded price declines (up to -16% for Andijan over a given period), which could indicate a correction after a rapid rise or sensitivity to local economic conditions.
Nukus and Karakalpakstan: the most affordable market in the country
At the other end of the spectrum, the capital of the Autonomous Republic of Karakalpakstan, Nukus, is regularly cited as the most affordable real estate market in Uzbekistan.
Available figures show an average price per square meter of about $305 on the secondary market at a reference date, with typical ranges between $300 and $400/m² for central apartments. In practice, a one-bedroom apartment often sells for between $12,000 and $20,000, a renovated three-room apartment for $25,000 to $40,000, while a single-family house with a garden ranges from $30,000 to $60,000.
The maximum monthly rent for a furnished three-room apartment in Tashkent is about $300.
Rental yields are considered “modest but stable.” In practice, investors can expect solid gross yields in percentage terms, but on low absolute price and rent bases, in a niche market where demand heavily depends on the local economy and the presence of universities, government offices, or some industrial hubs.
Comparing cities: prices, affordability, and yields
Comparing the real estate markets of Uzbek cities is not limited to lining up prices per square meter. Three dimensions are essential: the absolute price level, affordability for local residents (ratio to wages), and profitability for investors (price-to-rent ratio). Available data allows for an indicative mapping.
Average price levels by major city
Focusing on the residential secondary market, the observed price levels can be summarized as follows.
| City / regional capital | Average Secondary Price (USD/m²) – recent period |
|---|---|
| Tashkent (city) | ≈ 1,075 – 1,100 |
| Samarkand | ≈ 550 – 750 |
| Navoi | ≈ 636 |
| Tashkent (region) | ≈ 679 |
| Bukhara | ≈ 500 – 650 |
| Other Ferghana cities | ≈ 350 – 500 |
| Namangan | ≈ 300 – 400 (center) |
| Nukus | ≈ 300 – 400 |
A first reading shows a gap of about a factor of 3 to 4 between the most expensive cities (Tashkent) and the most affordable (Nukus or small towns in less favored provinces).
Affordability: years of income required
To assess affordability, several studies combine price level and regional wages.
Average number of full years of salary needed to buy a three-room apartment in Uzbekistan, placing the country 84th out of 123 globally in terms of affordability.
Within the country, disparities are significant:
– Tashkent: about 14.9 years of income to buy a typical home, one of the worst scores;
– Samarkand: about 13.9 years;
– Navoi: about 11.3 years;
– Karakalpakstan, Khorezm, Syrdarya: between 7 and 8 years, the best positioned in the country.
For a two-room apartment, a Central Bank study estimates that the required working time varies from about 6 years in Navoi to 13 years in the Samarkand region, with 10 years for Tashkent city in between.
Price-to-rent ratios and yields
Price-to-rent ratios indicate how many years of cumulative rent are needed to repay the purchase price. They also help estimate whether the market is more “purchase-oriented” or “rent-oriented.”
The number of years of rent needed to equal the purchase price of a home in major Uzbek cities, in the city center and on the outskirts.
Ratio of 12 years in the city center and 10.4 years on the outskirts.
Ratio of about 19.9 years in the city center and 13.5 years on the outskirts.
Ratio of about 16.6 years in the city center and 16.2 years on the outskirts.
Ratio of about 8 years for some property types, indicating relatively low purchase prices.
The lower the ratio, the more attractive purchasing is, in theory, compared to renting, and the higher the yield for an investor. This is the case in Tashkent (despite high prices) and especially in several regional cities where the price per square meter remains contained.
The estimated gross yields reflect these gaps:
– Tashkent center: 6–8%, outskirts: 8–10%;
– Samarkand center: around 5%, outskirts: 7%;
– Bukhara: about 6%;
– Regional cities (Namangan, Fergana, etc.): 9–12%;
– Short-term tourist rentals (Tashkent, Samarkand, Bukhara): 10–15%.
Highly contrasting regional dynamics
Beyond price levels, each region’s trajectory diverges. Between mid‑2024 and mid‑2025, the Central Bank records spectacular increases in some regions:
– Surkhandarya: +19% on the secondary market;
– Syrdarya: +15.8%;
– Jizzakh: +14.5%;
– Khorezm, Namangan, Karakalpakstan: between +7% and +9.3%.
Percentage decrease in prices on the secondary market in Tashkent in the first half of 2025 compared to the previous year.
These differences are explained by several factors: rotation of demand from the capital to the regions, development of regional infrastructure (economic zones, improved transport), mismatch between new supply and demand, or temporary overheating followed by correction.
What drives prices upward in different cities?
Several common forces shape real estate prices in all Uzbek cities, with varying intensities depending on local contexts.
National factors
At the national level, we find:
Analysis of the main elements explaining the dynamics of housing supply and demand.
Despite 100,300 new apartments in 2024 (+29%) and targets of 135,000 to 140,000 per year, supply struggles to keep up with high demand.
37.9 million inhabitants projected mid-2025 (+2%/year), stimulating demand in cities.
Rise of a middle class and gradual abolition of the “propiska” (residence permit) system, facilitating mobility to Tashkent and major centers.
Increase in material prices (e.g., cement x4 between 2017-2022) and currency liberalization increasing import costs.
Growth of credit, including for households with undeclared incomes, stimulating demand in large cities.
Tashkent specificities
In Tashkent, the following are added: the concentration of the highest incomes and the tertiary sector;
– the presence of major urban projects (Tashkent City, new residential neighborhoods, metro extension to 157 km and 74 stations);
– the influx of foreign residents or relocated Russian and Ukrainian citizens, which temporarily fueled a surge in rents and purchase prices as early as 2022–2023;
– the possibility for non-residents to buy property, with a minimum price threshold, which reinforced the investment asset dimension of real estate in the capital.
These elements explain why the Tashkent market experienced more marked overheating, so much so that the Central Bank attributes a “bubble” index of 1.15 to the city, close to the risk zone, whereas regions like Fergana or Syrdarya show prices much more aligned with economic fundamentals.
Central Bank of Uzbekistan
Specificities of tourist cities
Samarkand and Bukhara, for their part, are very sensitive to tourist flows. The rapid increase in international arrivals (from 1 to 7 million tourists between 2016 and 2023 nationwide) and the massive development of hotels and accommodations like aparthotels or short-term rentals have resulted in:
– an increase in prices in historic neighborhoods, where many buildings are converted into guesthouses or tourist rentals;
– sustained demand for “boutique hotel” type products, upscale apartments, or renovated houses, more expensive than the standard old housing stock.
This pressure explains why Samarkand, with average incomes lower than in Tashkent, nonetheless displays price-to-income ratios close to, or even higher than, the capital’s.
What this means for a local buyer… or for an investor
For an Uzbek household, the geography of real estate prices creates very different opportunities and constraints depending on the city.
In Tashkent and Samarkand, buying a home remains an ambitious goal. Financing periods are long, interest rates remain high (often between 21% and 26% for conventional mortgages, 16% to 18% in subsidized programs), and prices relative to local income weigh on household budgets. On the other hand, an owner can expect rental yields significantly above foreign currency deposit rates, making real estate an attractive investment despite the risk of correction.
Estimated gross yield of a buy-to-let investment in medium-sized Central Asian cities, according to numerous studies.
In the most affordable cities like Nukus, real estate remains accessible for households but offers more limited value potential. The main interest for an investor lies in targeted strategies (proximity to universities, airports, tourist axes like the Savitsky Museum) or in buying commercial properties (small hotels, retail spaces) with long-term appreciation prospects, especially if infrastructure projects or special economic zones develop.
For a foreign buyer, the minimum investment amount required to acquire real estate varies by region: $400,000 for Tashkent and its region, $200,000 for regions like Samarkand, Bukhara, or Fergana, and $100,000 for Karakalpakstan and other regions. These investments may entitle the buyer to benefits, such as a residence permit or investor status.
Towards a rebalancing between Tashkent and other cities?
The latest data shows a slight rebalancing between the capital and the regions. While Tashkent now records price declines on the secondary market, regions like Jizzakh, Surkhandarya, Khorezm, or Karakalpakstan show double-digit increases. At the same time, transaction volumes are growing faster in the regions than in Tashkent, and the share of mortgage loans directed towards new builds in the regions continues to rise.
Public policy supports this movement, through:
Key initiatives to stimulate growth and balanced territorial planning.
Construction of 135,000 to 140,000 apartments per year, distributed across the territory to meet housing needs.
Development of special economic zones and regional tourist zones to boost local economic activity.
Strengthening transport infrastructure and public services in regional centers to improve connectivity and quality of life.
In the medium term, this could slightly reduce the gap between Tashkent and other cities, without calling into question the capital’s position as the most expensive market in the country.
A hierarchy that remains very clear
Even accounting for this rebalancing, the price hierarchy in Uzbekistan remains clear:
The Uzbek real estate market is structured into four distinct tiers. Tashkent, the capital, forms a market apart with prices and speculation comparable to Astana or Bishkek. Samarkand and Bukhara constitute a second circle, driven by tourism and heritage, but with affordability issues for some residents. A mid-range segment, including Navoi, the Tashkent region, and some industrial cities, combines affordability and growth potential. Finally, small regional capitals, the Ferghana Valley, and Nukus offer low prices and attractive yields, but with a more localized market risk.
Understanding these disparities, local dynamics, and affordability indicators is essential for anyone considering a real estate purchase in Uzbekistan, whether for a first home or a rental investment. The data shows that it is no longer sufficient to think in terms of a “developing country with low prices,” but rather city by city, neighborhood by neighborhood, in a market that is now complex, highly segmented, and increasingly connected to major regional economic trends.
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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.
