Real Estate Purchases in Uzbekistan May Shift to Cashless Payments

Uzbekistan is preparing a draft resolution aimed at combating the shadow economy, which includes a phased transition to cashless payments for real estate transactions, according to Mubin Mirzayev, First Deputy Chairman of the Tax Committee.

Currently, most property sales are conducted in cash or through payment services, making them difficult to monitor and contributing to informal reporting. The new system would require all transactions to be processed through banks, ensuring legal compliance and improved transparency, Mirzayev told senators.

The draft resolution focuses on promoting cashless payments and the legalisation of salary payments. It has already been approved by relevant authorities and submitted to the Presidential Administration for review.

The move is seen as a major step toward reducing the scale of Uzbekistan’s informal sector.

Kursiv Uzbekistan also reports that the rental yield of housing in Tashkent dropped to 6.2% annually in April.