Against the backdrop of fluctuating exchange rates, unstable returns on deposits, and rising inflation expectations, Uzbekistanis face a traditional question: where to keep their money? The answer isn’t as obvious as it was a couple of years ago. The dollar weakened, gold appreciated, and the real estate market began to revive after stagnation. What should I choose?
Until recently, the most popular strategy among Uzbek citizens was saving in dollars to subsequently purchase real estate. However, in the second half of 2025, a reverse trend emerged: the dollar’s exchange rate against the soum fell to its lowest levels in the last two years — below 12,200 soums. Many potential buyers have postponed deals in anticipation of the strengthening of the US currency, but experts’ forecasts are not particularly optimistic.
On the other hand, housing prices in the capital, especially in the secondary market, have reached their lowest levels in the last 2-3 years. This creates a unique window of opportunity that may close by the end of 2025.
Market analysis
According to the State Statistics Committee, since the beginning of the year, the average price per square meter in Tashkent has increased by 7% and the trend continues to gain momentum. There is an increase in the number of purchase and sale transactions in the market, which indicates the recovery of demand. RealEstate.uz agency analysts predict that housing prices will continue to rise by 10-15% in the next 6-12 months.
At the same time, gold, traditionally considered a “quiet haven”, has increased by more than 30% since the beginning of the year, but analysts agree that such a rapid increase should not be expected again. Now, investing in gold is more a tool for portfolio diversification than a way to quickly multiply capital.
And what about deposits? The reduction of interest rates on savings deposits from 27% to 23% per annum (in national currency) and even lower — on foreign currency deposits — to 5-5.5% makes this instrument less attractive to investors.
Expert opinions
Today, the real estate market, especially in Tashkent, is at its entry point. We see an increase in interest from both investors and ordinary families, — says Rahmatilla Mirzayev, analyst of the consulting group. Considering inflation, which could exceed 10% this year, keeping money in real estate could be not only beneficial but also a safe solution.
Currency investments remain an important part of the investment portfolio, believes independent economist Muzaffar Akbarov. — However, putting everything on the dollar is a mistake. Now it is more important than ever to diversify your assets, including physical gold and real estate.
What do Uzbeks think?
Saida, a 32-year-old doctor from Samarkand, had planned to buy an apartment in Tashkent in the spring but declined the deal, hoping the dollar would rise. Today she is reviewing her decision. I see my savings in dollars melting, — she says. Now I think it’s better to invest in housing, even if it’s at the construction stage.
Investing is always a matter of balance between risk and return. In the current economic situation in Uzbekistan, the most rational strategy appears to be a diversified approach: part of the funds can be kept in national currency on short-term deposits, part — in gold as a protective asset, but it is reasonable to make the key interest rate on real estate. Especially at the moment when the market is just beginning to emerge from its slumber.
Nevertheless, as one famous quote says, “even Warren Buffett doesn’t know what will happen tomorrow”. Therefore, every investment decision must be carefully considered and aligned with your personal goals, risks, and planning horizon.
