Between February and October 2024, the return on investment in residential property in Tashkent dropped from 32.4% to 12.2% per year, according to data from the Institute for Macroeconomic and Regional Studies (IMRS).
The overall return on residential property consists of price growth and potential rental income.
After a period of rapid price increases in 2023, the property market in Tashkent stabilised. In the Shaykhontohur district, the yield from price changes fell from 35.8% annually in February 2024 to 5.5% in October. In the Mirabad and Yakkasaray districts, it dropped from 23.2% and 16.1% to 1.9% and 3.5%, respectively.
In the Mirzo-Ulugbek and Uchtepa districts, price growth led to negative yields.
Rental income has also declined in the city’s more expensive areas, while the Sergeli and Uchtepa districts saw slight increases. By October 2024, investors could expect rental yields of about 9-10% per year for capital city properties.
Despite this, investment returns on one-bedroom apartments remain relatively high. In October 2024, these apartments would have yielded 16.7%, down from 35.6% in February. Two-bedroom apartments saw yields drop to 12.
