Insights

Uzbekistan’s real estate market in figures and documents

Pieces on rents, prices and changes in legislation, built on official statistics, published market reviews and our own calculations. Sources and dates are given in each piece.

Curved glass façade of an office building

Latest piece · Market · November 2026

Tashkent offices: the average vacancy rate hides the risk in new Class A buildings

40–50%

Vacant in new Class A buildings: base case

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Market · November 2026Housing in Tashkent: more transactions, but prices are rising slower than inflation+27.5%Housing transactions in Tashkent, January–August
Investment · November 2026A buy-to-let flat in Tashkent yields 5–7% in dollars, and that is less than it seems5.3–6.6%Yield in dollars after tax and voids
Market · November 2026Hotels in Uzbekistan: international-brand rooms are being added faster than tourists11.6mForeign visitors, January–October
Method · November 2026A project’s financial model is checked from its assumptions, not from its IRR5Assumptions the calculation rests on