Tashkent, Uzbekistan (UzDaily.com) — Experts from the Institute for Macroeconomic and Regional Studies (IMRS) under the Cabinet of Ministers of the Republic of Uzbekistan have analyzed the profitability of investments in multi-story residential real estate in Tashkent.

Given limited land resources and a growing population, real estate investments offer not only property ownership but also a potential source of stable income. This income can be generated either through rental yields or capital appreciation over time.

In April 2025, the return on housing investments in Tashkent fell to 6.2%, a significant drop from 27.8% in April 2024. The average rental yield decreased from 10.9% to 8.5%, while average housing prices declined by 2.4%.

However, returns vary significantly depending on the district and apartment size. For instance:

One-room apartments: Shaykhantakhur — 25.1% (April 2024 — 41.4%), Mirobod — 0.4% (24.7%)

Two-room apartments: Yakkasaray — 16.2% (12.1%), Uchtepa — -2.0% (27.1%)

Three-room apartments: Yakkasaray — 16.8% (27.0%), Uchtepa — 1.6% (23.6%)

Four-room apartments: Yakkasaray — 15.6% (25.2%), Olmazor — -2.5% (21.3%)

Capital Gains from Real Estate

Investors who purchased property in Tashkent in April 2024 and sold it in April 2025 experienced an average market value decline of 2.4%. Notably, property prices fell by 7.4% in Uchtepa, 4.4% in Yunusabad, and 4.2% in Olmazor. However, in more expensive districts like Shaykhantakhur and Yakkasaray, price appreciation averaged around 6%.

Rental Income

Average rental yields in Tashkent continued to decline in April 2025. Compared to April 2024’s 10.9%, the yield dropped to 8.1%. The highest rental returns were recorded in Mirobod — 9.2% (April 2024 — 11.2%) and Shaykhantakhur — 8.9% (12.6%).

In terms of profitability, one- and two-room apartments remain the most attractive, with yields falling to 8.5% and 6.3%, respectively. In January 2025, these figures were 14.3% and 7.5%, while in April 2024, they stood at 30.2% and 25.5%. Similarly, returns on three- and four-room apartments dropped to 6.7% and 3.3% in April 2025, compared to 24.9% and 30.6% a year earlier.

Bank Deposit Returns

From April 2024 to April 2025, the average interest rate on time deposits in foreign currency held by individuals hovered around 5.1%, while deposits in the national currency offered an average rate of 22%. These figures indicate that real estate returns are approaching those of foreign currency deposits, while the appeal of high-yield deposits in the national currency continues to grow.