Market Overview: What's Happening Right Now
Tashkent is the country's largest and most active housing market. In 2025, around 84,000 transactions were completed in the capital — roughly 30% of all national real estate sales. Volume grew by over 18% year on year, reflecting strong and sustained demand from both local and international buyers.
The secondary (resale) market has seen modest price adjustments — with average secondary prices sitting around $1,100 per square metre — while new-build prices rose more sharply, up over 9% in 2025 in some districts. This divergence creates interesting opportunities depending on your strategy.
📊 Key TrendNew construction is outpacing the secondary market in both price growth and demand, particularly in areas connected to major infrastructure projects like New Tashkent in Yashnabad district, which recorded 14% price growth in 2025.
New construction is outpacing the secondary market in both price growth and demand, particularly in areas connected to major infrastructure projects like New Tashkent in Yashnabad district, which recorded 14% price growth in 2025.
Price by District: Where You Live Matters
Tashkent's real estate prices span a wide range. The difference between the city's most affordable and most expensive districts is nearly threefold:
| District | Price/m² (Buy) | Avg. Rent/m² | Tier |
|---|---|---|---|
| Mirabad | $1,413 – $2,121 | ~$10.9 | Premium |
| Yakkasaray | $1,413 – $2,121 | ~$10.0 | Premium |
| Mirzo Ulugbek | $1,413 – $2,121 | ~$9.5 | Premium |
| Shaykhantakhur | $1,100 – $1,400 | ~$10.0 | Mid-Market |
| Yunusabad | $1,000 – $1,350 | ~$8.5 | Mid-Market |
| Yashnabad | $950 – $1,300 | ~$8.0 | Mid-Market |
| Uchtepa | $900 – $1,100 | ~$7.0 | Affordable |
| Almazar | $900 – $1,100 | ~$7.0 | Affordable |
| Sergeli | $900 – $1,050 | ~$6.5 | Affordable |
| Bektemir | $850 – $1,000 | ~$5.5 | Affordable |
Buying vs Renting: Which Makes Sense for You?
New Build vs Secondary Market
One of the most important decisions for buyers is choosing between a new construction apartment and a resale property. Both have distinct advantages:
New Construction (Primary Market)
New-build prices rose by over 9% on average in 2025, with the sharpest gains in Mirabad (+18%), Yashnabad (+14%), and Mirzo Ulugbek (+13.5%). Foreigners are most commonly active in this segment. Buying off-plan or directly from a developer typically offers staged payment options and modern building standards — critical for rental yield if you plan to let the property.
Secondary Market
The secondary market offers more negotiating room, particularly after a period of softening in certain districts. Average secondary prices held around $1,100/m² in Tashkent in 2025, with declines in Mirzo-Ulugbek (-7.6%), Yashnabad (-7.3%), and Chilanzar (-6.9%) creating genuine value opportunities for patient buyers.
The secondary market's softening in premium districts — while new builds there surged — suggests a quality gap. Buyers willing to renovate older secondary units in Mirabad or Mirzo Ulugbek may find strong upside as the area continues to gentrify.
What Does Your Budget Actually Buy?
Use this as a rough guide for what you can expect at different price points in Tashkent
$80,000 – $120,000
Studio or 1-bed in an affordable district (Uchtepa, Sergeli, Bektemir) — secondary market~35–55m²$150,000 – $200,000
1–2 bed new build in mid-market district (Yunusabad, Shaykhantakhur) — meets foreign buyer threshold~60–80m²$200,000 – $300,000
Modern 2–3 bed in a sought-after district; eligible for temporary residence permit~80–120m²$300,000+
Premium city-centre apartment or large family home; qualifies for full residency permit in Tashkent120m²+
Studio or 1-bed in an affordable district (Uchtepa, Sergeli, Bektemir) — secondary market
1–2 bed new build in mid-market district (Yunusabad, Shaykhantakhur) — meets foreign buyer threshold
Modern 2–3 bed in a sought-after district; eligible for temporary residence permit
Premium city-centre apartment or large family home; qualifies for full residency permit in Tashkent
Rental Market: Returns for Investors
Tashkent's rental market is consistently strong, driven by an expanding expat community, growing corporate sector, and domestic demand from young professionals. The highest rental rates are found in the city centre — Mirabad, Shaykhantakhur, and Yakkasaray districts command around $10+ per square metre per month.
With purchase prices still well below comparables in Dubai, Istanbul, or Warsaw, Tashkent currently offers gross rental yields of 7.01% in the city centre and 8.17% outside the centre — among the highest in the region for a capital city.
Additional Costs to Budget For
Beyond the purchase price, factor in these costs when planning your budget:
Notary & Registration Fees
Mandatory for all purchases; covers contract formalisation and ownership registration~1–2%Legal / Translation Costs
Licensed representative required for foreign buyers$500–$2,000Monthly Utilities
Electricity, heating, cooling, water & waste for an 85m² apartment~$44/moIncome Tax on Rent
Applicable if renting out your property; seek local tax adviceVariable
Mandatory for all purchases; covers contract formalisation and ownership registration
Licensed representative required for foreign buyers
Electricity, heating, cooling, water & waste for an 85m² apartment
Applicable if renting out your property; seek local tax advice
Frequently Asked Questions
Are Tashkent property prices rising or falling?
New builds are rising — up 9%+ in 2025 — while the secondary market has been flat to slightly down in some districts. Overall transaction volumes grew 18%, signalling healthy demand. Prices in April 2026 showed the most expensive districts at $1,413–$2,121/m².
Is Tashkent cheap compared to other capitals?
Yes, significantly. At $1,100–$2,000/m², Tashkent sits far below Dubai ($4,000–$8,000/m²), Istanbul ($2,500–$5,000/m²), or Warsaw ($3,000–$5,500/m²). For investors comparing emerging market capitals, Tashkent represents compelling value at this stage of its growth cycle.
Can I get a mortgage as a foreigner in Uzbekistan?
Mortgage lending in Uzbekistan is growing rapidly and contributed to the 2025 market surge. However, access to bank financing for non-residents is limited. Most foreign buyers purchase in cash or through developer payment plans. Consulting with Ayvon's advisors can help you explore available financing structures.
Find Your Ideal Apartment in Tashkent
Whether you're buying your first Tashkent home or growing an investment portfolio, Ayvon's team provides verified listings, pricing intelligence, and end-to-end support.