Tashkent Housing Returns Rise to 14.6 Percent

Tashkent, Uzbekistan (UzDaily.com) — Researchers from the Institute of Macroeconomic and Regional Studies under the Cabinet of Ministers of Uzbekistan have presented an updated analysis of investment returns on multi-apartment housing in Tashkent, comparing them with alternative financial instruments.

According to the study, in March 2026 the average return on investments in residential real estate in the capital reached 14.6%, compared to 6.2% a year earlier. The growth was primarily driven by a 6.6% increase in market property values, while rental yield declined to 8.0% from 8.7% in the previous year.

Analysts note significant variation in returns depending on districts and apartment types. The highest figures were recorded in specific housing segments: for example, one-room apartments in the Mirabad district showed returns of up to 50%, while in the Bektemir district the figure stood at 19.3%. In the two-room segment, Yashnabad led with 24.8%, while in higher-priced districts such as Yakkasaray the indicator was 13.0%.

For three- and four-room apartments, returns were considerably lower and more volatile. In the Bektemir district, four-room apartments showed a negative return of minus 14.1%, while in Yakkasaray the figure reached 18.5%.

The report also highlights an increase in dispersion of returns across districts, with standard deviation rising from 2.8% to 5.5%, indicating growing heterogeneity in the capital’s real estate market.

Rental income averaged 8.0% in March 2026, with the highest yields observed in Shaykhantakhur and Yashnabad districts, exceeding 8%.

In comparison with banking instruments, foreign currency deposits for individuals offered around 4.9% annually, while deposits in national currency averaged 21.2%. As a result, real estate remains more attractive than foreign currency deposits but yields less than deposits in soums.