Why is this important
The data show how the attractiveness of real estate investments is changing compared to alternative instruments. A significant increase in returns alongside a widening dispersion across districts indicates that the market is becoming less homogeneous and requires a more targeted approach. For investors, this directly affects the choice of location and type of housing.
What happened
- Institute for Macroeconomic and Regional Studies analyzed the returns on investments in multi-apartment housing in Tashkent.
- By the end of March 2026, an increase in overall returns was recorded amid declining rental yields and rising housing prices.
- Также выявлены значительные различия по районам и типам квартир.
Numbers and facts
- In March 2026, the return on housing investments in Tashkent reached 14.6%, compared to 6.2% a year earlier.
- Average rental income decreased from 8.7% to 8.0%, while average housing prices rose by 6.6%.
- По 1-комнатным квартирам максимальная доходность зафиксирована в Мирабадском районе — 50,0% (1,0% годом ранее) и в Бектемирском — 19,3% (22,8%).
- For two-room apartments, returns were 24.8% (0.5%) in Yunusabad district and 13.0% (16.5%) in Yakkasaray district.
- For three-room apartments, returns were 12.9% (9.5%) in Mirabad district and 3.8% (8.7%) in Chilanzar district.
- For four-room apartments, returns were 18.5% (12.2%) in Yakkasaray district and −14.1% (4.3%) in Bektemir district.
- The average deviation in returns across districts increased from 2.8% to 5.5%, price deviation from 2.8% to 5.4%, and differences in rental rates rose from 0.4% to 0.6%.
- Annual returns from housing resale averaged 6.6%, including 16.6% in Mirabad district, 12.4% in Yakkasaray, 3.1% in Yashnabad, 1.9% in Chilanzar, and 0.8% in Bektemir.
- The average rental yield stood at 8.0%, with the highest figures recorded in Shaykhantakhur district — 9.1% and Yashnabad district — 8.4%.
- By apartment type, returns were as follows: one-room — 29.8% (9.3%), two-room — 17.4% (4.8%), three-room — 8.7% (6.2%), and four-room — 2.4% (4.4%).
- The average interest rate on foreign currency deposits was approximately 4.9%, while deposits in the national currency offered around 21.2%.
Context
- For investors, real estate remains a competitive alternative to foreign currency deposits, but it lags behind deposits in the national currency in terms of returns.
- The widening dispersion of indicators across districts implies increased risks in property selection and the need for more precise evaluation.
- The greatest potential remains in smaller apartments, while larger properties demonstrate lower profitability.
