Published on and written by Cyril Jarnias
Long on the sidelines of major global destinations, Uzbekistan is becoming one of the most interesting markets for seasonal rentals. Between the rise of tourism, a regulatory framework that is still relatively flexible, and high potential returns in cities like Tashkent, Samarkand, or Bukhara, the country is now attracting investors, novice hosts, and professionals in alternative accommodations.
Behind iconic tourist sites like Samarkand and Bukhara, the short-term rental market in Uzbekistan is taking shape. It hasn’t yet reached the saturation point of Western capitals. Opportunities exist for investors capable of analyzing data, mastering local regulations, and adapting to seasonal variations.
A Tourism Boom Driving Demand for Seasonal Rentals
The rise of vacation rentals in Uzbekistan cannot be understood without first looking at the trajectory of tourism. In just a few years, the country has gone from a little-known destination to the new El Dorado of the Silk Road.
The number of foreign travelers jumped from approximately 1.9 million in 2014 to 6.7 million in 2019. The year 2018 marked a turning point with a doubling of arrivals (5.3 million), followed by a further 20% increase the following year. Official projections now aim for 7 million visitors by 2025, with expected foreign currency revenues of around $2 billion.
Employment in the tourism sector increased from about 50,000 positions in 2005 to 110,000 in 2022, more than doubling.
In this context, seasonal rentals appear as a natural response to a dual trend. On one hand, the hotel supply has grown quickly (from 142 establishments in 2017 to 914 in 2018, with more than 20,000 rooms), but it remains largely concentrated on certain segments and areas. On the other hand, travelers—especially international ones—are looking for more authentic experiences, rooted in historic or residential neighborhoods, where apartment or guesthouse rentals offer a deeper immersion than large international hotels.
A Short-Term Rental Market Still Lightly Regulated
One of Uzbekistan’s major assets for seasonal rental investors lies in a regulatory environment that is still relatively flexible, especially compared to many European capitals.
Analyses by the data company AirROI, which tracks tens of millions of listings on Airbnb and Vrbo in real-time, classify Tashkent, Samarkand, and Bukhara in the “low regulation” category for short-term rentals. On some Tashkent listing samples, no properties were declared as licensed, and on others, only 2% had a license, suggesting a framework that is still not very restrictive… but also changing.
A law (No. 7464) came into effect on January 1, 2024, defining tourist rentals as stays of less than 100 days and subjecting them to authorization from the Ministry. Owners must obtain the agreement of other building occupants or include this possibility in the condominium regulations, with the approval of at least 75% of the residents.
Simultaneously, a government decree (Resolution No. 433) established a unified electronic register of housing rented to tourists for periods less than 30 days. This register, managed by a tourism service certification center, formalizes property registration and serves as the basis for monitoring compliance with standards (fire safety, hygiene, conformity to the O‘zDSt 3220:2017 standard for tourist accommodations).
Registration is done online via an automated program. Individuals must provide their passport data and an extract from the land registry, while companies must attach their registration certificate. Registration is paid, but its cost remains modest compared to potential returns: it corresponds to 50% of the base calculation value (BRV) per property for an individual, and 100% for a legal entity. With a BRV set at 340,000 soums in 2025 (and scheduled for 412,000 soums as of August 1), this cost remains reasonable for those aiming for regular activity.
Finally, hosts must absolutely report the presence of foreign tourists on the online platform emehmon.uz within three days. This formality does not concern the owner’s tax registration, but the declaration of stay for foreigners, monitored by migration services. Fines for omission can reach several BRV and, in case of repeat offense, lead to the blocking of the right to rent.
Status, Taxation, and Formalities: What a Host Needs to Know
From a tax perspective, the Uzbek framework is rather incentivizing for small landlords starting out in seasonal rentals.
An individual renting a single apartment can opt for self-employed status via the Soliq app. Registration is quick and allows benefiting from a 4% tax on turnover, payable monthly. This option is more advantageous than standard income taxation (13%) for an undeclared individual, while being legal, unlike undeclared rentals whose payment traces on platforms make concealment difficult.
Beyond one property, or for those wanting to develop a brand and a small professional structure, opening an individual enterprise (IP) or an LLC allows going further, with a unified taxation regime varying between 4% and 15% depending on turnover and the chosen system. This upgrade comes with accounting and reporting constraints, but it also facilitates access to credit, partnerships, and a more professional image with major platforms.
Value of the Base Recovery Value (BRV) in soums, used as a reference for calculating tax fines.
In this context, the best approach remains the one recommended in local practical guides: start small, with a single properly declared property, familiarize yourself with obligations (housing register, tourist declaration, tax payment) and, once the model is mastered, consider scaling up with several apartments or houses.
Tashkent: A Laboratory for Seasonal Rentals
As the most populous capital in Central Asia and the country’s main air hub, Tashkent logically concentrates the bulk of short-term rental activity. Available market data provides a fairly clear picture, both on financial potential and the structure of the supply.
Market Size and Overall Performance
AirROI analyses and other data aggregators identify, depending on the scope, between about 600 and 630 active Airbnb-type rental properties in Tashkent. A 2025 study, based on 625 listings, provides the following approximate figures:
| Key Indicator | Average Value in Tashkent |
|---|---|
| Active Properties (STR) | 625 properties |
| Average Monthly Revenue | $475.52 |
| Average Occupancy Rate | 36.37% |
| Average Daily Rate (ADR) | $64.17 |
| STR Regulation | Low |
Another source, on a similar scope (633 properties), mentions a lower average monthly revenue, around $384, for a similar ADR ($66.51) and an occupancy rate of 34%. Despite methodological differences, the picture is consistent: a city where short-term rentals provide significant income, with average occupancy around 1 night in 3, but strong disparities depending on performance level.
Reports indeed segment the market into four performance quartiles. On a sample of 66 properties studied in detail, we observe:
| Performance Segment | Typical Monthly Revenue | Typical Occupancy Rate | Typical ADR |
|---|---|---|---|
| Top 10% (elite) | ≥ $1,881/month | ≥ 78% | ≥ $100/night |
| Top 25% (performers) | ≥ $1,196/month | ≥ 62% | ≥ $70/night |
| Median (“normal” market) | ~ $708/month | ~ 43% | ~ $51/night |
| Bottom 25% (entry-level) | ~ $336/month | ~ 24% | ~ $35/night |
In other words, the same apartment can generate very different incomes depending on its location, quality, pricing positioning, and the quality of its management. The revenue gap between the top and bottom quartiles is close to a factor of 5 to 6, a sign that the market is far from efficient and that value remains to be captured by the most structured hosts.
Seasonality: How Demand is Distributed
As elsewhere, demand is not uniform year-round. Tashkent has a moderate but clear seasonality, with peak periods, shoulder seasons, and low seasons.
By aggregating several reports for the period June 2024 – October 2025, we get the following structure:
| Period | Typical Months | Average Monthly Revenue | Average Occupancy | Average ADR |
|---|---|---|---|---|
| High Season | April, June, September / sometimes August and May | $910 to $1,102 | 44.7% to 50.4% | $66 to $68 |
| Shoulder Season | Rest of spring/autumn | $763 to $917 | 38.1% to 45.4% | $67 to $68 |
| Low Season | January, February, March, November | $641 to $693 | 32.6% to 35.7% | $67 to $69 |
The extremes confirm this logic: during the best periods, a property can reach about $1,158 in monthly revenue, 60.8% occupancy, and an average rate of $74. Conversely, the weakest month sometimes sees revenue drop towards $600–620, with occupancy around 27–30% and an ADR in the $62–66 range.
Interestingly: the average nightly rate does not collapse during the low season. Revenue drops are due more to the fall in occupancy than to price wars. This leaves room for targeted strategies: long-term offers in winter, conditional discounts (stays longer than 7 or 14 nights), or packages combining accommodation and experiences (tours, transfers) to smooth out demand.
Supply Structure: A City of One-Bedroom Apartments
Tashkent data paints the picture of a market dominated by small modern apartments, offered as entire homes:
Statistical overview of property types, their size, and guest capacity on the platform.
Over 92% of listings are entire homes (apartment or house). Between 83% and 90% of properties are specifically apartments or condos.
One-bedroom properties account for between 53% and 64.3% of the stock. Properties with 1 to 2 bedrooms account for 75.7% to 85.5% of active listings.
The most frequent guest capacity is 2 to 4 people, with an average capacity around 3.3 to 3.5 guests.
This configuration reflects the profile of travelers visiting the capital: couples, small groups of friends, business travelers, or digital nomads, rather than large families. Large villas exist, but they occupy a niche segment, with barely 6–10% of properties able to accommodate 6 people or more.
Regarding stay conditions, flexibility dominates:
– The most common minimum stay is one single night (30–33% of listings).
– Approximately 15 to 28% of listings also target the long-term stay market, imposing a minimum of 30 nights.
– Two-thirds of hosts opt for a flexible cancellation policy, and nearly 90% use a flexible or moderate framework. Strict policies remain marginal (2–4.5%).
In terms of amenities, almost all high-performing properties offer: equipped kitchen, Wi-Fi, air conditioning, washing machine, television. Amenities like free on-site parking, efficient heating (important in winter), an iron, or complete dishware often make the difference, especially for international travelers accustomed to a certain level of comfort.
Who are the Travelers Renting in Tashkent?
Customer profile studies show a market decisively oriented towards international visitors:
Between 92% and 95% of travelers in short-term rentals in Tashkent are international visitors.
Notable particularity: half of the clients belong to the post-2000 generation (Gen Z and Alpha). These are young, highly connected travelers, sensitive to online presentation, reviews, quality Wi-Fi, interior aesthetics, and ease of contactless check-in. They communicate mostly in English and Russian, which encourages hosts to write descriptions, house rules, and welcome booklets in these two languages.
The Best Neighborhoods for Investing in Tashkent
Reports list several neighborhoods or micro-zones with high potential for seasonal rentals, combining tourist appeal, good connections, and service offerings. Among the most cited:
| Neighborhood / Area | Assets and Main Points of Interest |
|---|---|
| Chorsu Market & Old Town | Proximity to Chorsu Bazaar, decorated metro stations, historic mosques and madrasas (Khast Imam, Barak Khan); ideal for culture and street-life enthusiasts. |
| Amir Temur Square | Modern heart of the city, museums (Amir Temur Museum), major hotels, offices; targets business and urban travelers. |
| Mirabad | Central residential district, close to the airport and train station, with markets and recent residential complexes. |
| Yunusabad | Residential areas with parks, exhibition center, shopping mall; good compromise for families and mid-length stays. |
| Chilanzar, Sergeli, Uchtepa | More affordable districts, with parks and neighborhood life; interesting for an aggressive pricing strategy. |
| “Tashkent City” & Surroundings | New business and leisure district, shopping malls, modern towers, theme parks; high-end segment. |
Many of the market’s top-performing listings are found in these neighborhoods: large villas like “JOHAS VILLA”, 150 m² apartments downtown near major hotels, design studios in new complexes like Parkwood or Mirabad Avenue, or premium accommodations with panoramic views of “Tashkent City”.
AirROI data also shows that some multi-property hosts have managed to build genuine micro-portfolios: managers like Bahodir (26 properties for over $200,000 in estimated gross revenue), Aziza, Kseniya, or brands like “Jony’s BnB” or “Daniels Suite” operate several apartments in the same buildings, optimizing cleaning, maintenance, and pricing.
Samarkand and Bukhara: Historic Cities with Growing Potential
While Tashkent mechanically dominates due to its size, the two great showcases of the Silk Road, Samarkand and Bukhara, offer very different market profiles, more tourist-oriented, with demand concentrated around UNESCO sites.
Samarkand: High Potential, but Smaller Market
Samarkand, a UNESCO World Heritage Site, attracts travelers with its monumental complexes (Registan Square, Amir Timur Mausoleum, mosques and madrasas). The short-term rental market remains more modest in volume, with about 119 active properties identified, but the financial indicators show solid potential:
| Key Indicator (Samarkand) | Value |
|---|---|
| Active Properties (STR) | 119 |
| Average Monthly Revenue | $236.89 |
| Average ADR | $51.59/night |
| Average Occupancy Rate | 26.72% |
| STR Regulation | Low |
These average figures don’t tell the whole story. Many well-located properties, near the Registan or major boulevards, post much higher prices, with renovated studios and apartments at $40–80 per night, highly rated. For example, there are large 115 m² condos, recently renovated, with a balcony, large living room, and careful decoration, positioned in the “Western comfort” segment right in the center.
Seasonality is similar to the rest of the country: high season in spring and autumn, low season in summer (heatwave) and winter. However, even in the low season, the sites remain open. The low visitor numbers during these periods are an advantage for photographers, architecture enthusiasts, or travelers seeking tranquility.
Bukhara: A More Restricted but Very Differentiating Market
Bukhara, another UNESCO-listed city, has an even more compact market, with about 47 active Airbnb-type properties according to one investment ranking. However, the financial parameters are comparable to those of Samarkand:
| Key Indicator (Bukhara) | Value |
|---|---|
| Active Properties (STR) | 47 |
| Average Monthly Revenue | $211.29 |
| Average ADR | $55.90/night |
| Average Occupancy Rate | 18.73% |
| STR Regulation | Low |
The average occupancy rate seems low, but it likely masks a strong polarization between a few very well-located accommodations in the heart of the old city (steps away from madrasas, caravanserais, and bazaars) and less accessible properties on the outskirts without a vehicle.
Bukhara has a dense ecosystem of guesthouses and homestays, which is actively supported by specific public policies.
Family Guesthouses: A Model Supported by the State
Beyond international platforms, Uzbekistan has officially bet on the development of “family guesthouses”. The Cabinet of Ministers encourages this model via a clearly defined scheme: a family guesthouse is a private home that can accommodate up to 10 visitors, in a cohabitation setting with the family, with a minimum area of 3 m² per person.
These structures are generally managed by individual entrepreneurs or family businesses. They benefit from several simplified procedures: registration in a unified register maintained by the State Committee for Tourism Development, certification based on a simple inspection report, and, crucially, facilitated access to credit.
Commercial banks are indeed encouraged to grant subsidized loans, which can reach 300 minimum wages, for a term of up to 5 years, with 2 years of grace period and interest rates limited to the central bank’s key rate. Half of the interest on certain loans is even covered by a tourism support fund. This scheme aims to encourage residents of tourist regions to transform part of their homes into accommodations, especially in historic cities (Bukhara, Khiva, Samarkand) or in rural areas still poorly equipped.
A USAID-supported program established a star rating system (1 to 3) for family guesthouses in Uzbekistan. Regional catalogs list these addresses in the Andijan, Fergana, Kashkadarya, Tashkent, Bukhara, and Khorezm regions. Among the three-star labeled establishments, examples include “Turkiston” or “Nemo Guest House” in Bukhara, “Evergreen” in Fergana, and “Said Maxsum” in Khorezm.
For an investor or owner who prefers a “friendly hospitality” model rather than a 100% rental product, this family guesthouse segment opens another door to the seasonal market, with explicit public support.
Demand Driven by the Quest for Authenticity… and Prices
Travelers turning to seasonal rentals in Uzbekistan are often looking for more than just a simple bed. The possibility of cooking local products, exchanging with residents, staying within walking distance of a bazaar or a prestigious mausoleum, strongly favors apartments and guesthouses.
Vacation rentals can be up to 75-79% cheaper than hotels, according to studies.
Simultaneously, within the supply, there are significantly more upscale products: villas with heated pools, jacuzzi, sauna, and game consoles in the suburbs of Tashkent or on the outskirts (Yangiaul, Chimgan, Gazalkent), design urban lofts, “high‑tech” apartments with panoramic views at over $300 per night. The price spectrum thus ranges from $20–30 for a small studio or a functional two-room apartment to over $300 for certain exceptional properties.
Managing a Seasonal Rental in Uzbekistan, Even Remotely
The rise of digital tools has profoundly changed the way of managing a seasonal rental property, and Uzbekistan is fully benefiting from these trends. Many owners already live in other cities or abroad, and operate their properties remotely thanks to a mix of technology and local service providers.
Observed best practices include installing electronic locks or secure key boxes for self check-in, monitoring via cameras in common areas (with full transparency to guests), using connected thermostats and air conditioning to avoid energy waste, and tracking noise levels with dedicated sensors to anticipate unauthorized parties.
On the operational side, many hosts rely on local teams: professional cleaning companies, referenced craftsmen (plumbers, electricians, handymen), or even property managers charging a commission of 10 to 20% per booking in exchange for handling check-ins/outs, communication with guests, and coordinating interventions. For a foreign investor interested in Uzbekistan but unable to be on-site, this model of partial or complete delegation is often key.
Communication with travelers is done exclusively via digital channels (platform messaging, Telegram, WhatsApp). It is often supplemented by digital welcome booklets (guidebooks) detailing house rules, good addresses, equipment operation, and reminding of the obligation to register foreigners.
The most important thing, in a context where 95% of Tashkent’s clients and a majority of those in Samarkand or Bukhara are international, is to offer a seamless experience: quick confirmation, clear instructions in English and Russian, reliable internet, and responsive assistance in case of problems.
Understanding the Broader Context of the Rental Market
An element rarely mentioned but crucial for understanding the opportunities in seasonal rentals in Uzbekistan is the state of the classic rental market. It is described by several observers as largely deregulated and chaotic, dominated by informal intermediaries (brokers) charging up to 50% of one month’s rent as commission, often without written contracts or taxation.
The average cost per m² for rentals in Tashkent increased by over 40% in one year in certain segments.
In this context of tension in the long-term rental market, seasonal rentals offer owners a potentially more lucrative and better-regulated alternative, provided they play by the declaration rules. Platforms, by imposing a contractual framework, a rating system, and payment traceability, constitute a radical break from the informal traditional rental market.
Seizing Opportunities While Keeping an Eye on Risks
The positive signals are numerous: rapid growth in tourist flows, still low regulation on short-term rentals, monthly returns superior or comparable to long-term rents in major cities, explicit state support for developing family accommodations, and an explosion in digital booking channels.
Several challenges are identified: sometimes insufficient infrastructure (transport, payment, healthcare, information), threats to heritage (urbanization, overcrowding, degradation), vulnerability to external shocks (health, climate, geopolitical), and the risk of regulatory tightening as the seasonal rental market develops.
Studies on the relationship between tourism and income also remind us that certain cultural events, although spectacular, can sometimes have ambivalent effects on revenue: high organization costs, a high proportion of domestic visitors spending less than international tourists, etc. For an investor in seasonal rentals, this translates into the need not to base their entire model on a few festivals or temporary peaks, but to aim for balanced occupancy between high and low seasons, foreign and domestic tourism.
Outlook: Why the Timing is Strategic
If we piece together the available data, the emerging picture is of a market at a turning point. The hotel catch-up phase is well underway but does not yet cover all needs; short-term rentals are gaining ground, structured by major international platforms but still lightly regulated, leaving a rare degree of freedom on a global scale.
The country is implementing a national strategy until 2025, relaxing visa conditions (low-cost e-visa for many nationalities, exemptions for others), attracting massive investments from international hotel groups, and developing health safety labels for tourist establishments.
For an owner or investor, the challenge now is no longer to know if Uzbekistan is “attractive enough” – the tourism growth figures and international recognition (like being ranked by Lonely Planet among regions to visit) have settled that. The real question is how to position oneself: an urban apartment in Tashkent to target a young and connected international clientele? A family guesthouse in Bukhara or Khiva to capture the flow of heritage enthusiasts? A villa with a pool on the outskirts for city-dwellers or expatriates seeking group stays?
The Uzbek market offers comfortable average returns in Tashkent, limited barriers to entry, and moderate registration costs. Demand for authentic and immersive experiences is rapidly expanding. These opportunities appeal to locals wishing to monetize an unoccupied property as well as foreign investors looking to build a progressive portfolio in this young but promising market.
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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.
