By the close of 2025, Uzbekistan’s residential rental market maintained a steady upward trajectory, while Tashkent’s land segment experienced a notable downturn, the Central Bank said in a market review.
The regulator reports that rental rates across the country rose by 8.3% in dollar terms, a significant acceleration compared to the 2.4% growth seen in 2024. While the market remained stable throughout much of the year, momentum picked up toward the final quarter.
In the capital, the rental market rebounded from a sluggish start. After seeing negative growth as low as -14% in January 2025, Tashkent’s rates trended upward from mid-year, ending in positive territory at approximately 6–7%. Nationwide, the growth was more consistent, stabilizing at around 8–9% by December.
“In Tashkent, the upward trend in rental prices has been sustained since the third quarter of this year. Notably, prices in local currency (soum) have remained virtually unchanged year-over-year, suggesting that the supply of rental housing is currently meeting market demand,” the Central Bank noted. This follows a period in 2024 when the capital's rental prices dipped by 8.2%.
Conversely, Tashkent’s land market showed an inverse trend. By December, the average price for one sotka (100 square meters) stood at 319 million soums—a 9.4% decrease from the previous year’s 352 million soums. Data shows land prices peaked in early 2024 at 364 million soums before sliding throughout 2025, hitting a low of under 290 million soums in August before a partial year-end recovery.
The Central Bank attributes this decline to a shift in market inventory: the share of available plots on the city’s outskirts surged by 22%, while listings in central districts contracted by 13%.
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