The investment returns in Tashkent's real estate have significantly decreased.

Uzbekistan, Tashkent – According to the Institute of Macroeconomic and Regional Studies (IMRS), the average return on investment in residential real estate in the capital of Uzbekistan decreased by nearly 25% in January of this year compared to February of the previous year, 2024, reports a correspondent from Podrobno.uz.

https://podrobno.uz/cat/economic/dokhodnost-investitsiy-v-nedvizhimost-tashkenta-znachitelno-snizilas/2025-02-18 08:12:43

Experts have calculated the yield, taking into account the combined potential annual rental income and changes in apartment prices. While the average profitability in Tashkent was 32.4% in February of last year, it dropped to 7.6% in January of this year.

The profitability of real estate investments varies depending on the district of the capital and the number of rooms.

For instance, one-bedroom apartments in the Mirzo-Ulugbek district showed a negative result (-1.7%) compared to 53% a year earlier. In the Bektemir district, however, the yield increased from 46.8% to 54.3%.

Two-bedroom apartments in the Uchtepa district saw a decrease in yield from 27% to 2.6%, while in the Yakkasaray district, it fell from 24.2% to 15.1%.

Three-bedroom apartments in the Bektemir district experienced a drop from 33.7% to -5.5%, whereas in the Yakkasaray district, the yield was 10.4% compared to 22.8% in February of last year.

As for profits from the increase in property value, this has also diminished. Specifically, in the Yakkasaray, Bektemir, and Chilanzar districts, the yield decreased from 16.1%, 26.9%, and 15.4% to 3%, 2.8%, and 0.3%, respectively.

In the Shaykhantahur district, the figure dropped from 35.8% to -0.8%, and in the Yunusabad district, it fell from 30.4% to -3.4%.

A downward trend has also been observed in the profitability of renting out properties. In the Mirzo-Ulugbek district, the figure decreased from 10.6% to 9.9%, in the Shaykhantahur district from 11.6% to 9.8%, and in the Almazar district from 9.4% to 8.9%.

Interestingly, the most significant decline in yield was seen in the most liquid options—one- and two-bedroom apartments. If in February of last year their profitability was 35.6% and 30.8% respectively, in January of this year it dropped to 14.3% and 7.5%.

The yield on three- and four-bedroom apartments also fell to 5.5% and 2.9%, respectively.

It is worth noting that for the first time, the investment attractiveness of real estate has fallen below the rates on deposits in the national currency. In 2023–2024, the average interest rate for sum deposits was 21–22%, while for foreign currency deposits, it was around 5%.

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