How we calculated
- Price. The average asking price of flats by district as of 1 September 2026, from the National Centre for Mass Valuation of Real Estate under the Cadastre Agency.
- Rent. The median rent for a two-room flat by district for May 2026, from the Institute for Macroeconomic and Regional Studies (IMRS), which analyses listings on OLX.uz.
- Area. 60 sq m, a typical two-room flat. This is our assumption; below we show how the result changes at 50 and 70 sq m.
- Costs. Personal income tax on rental income is 12%. Void: one month a year. We did not include repairs, furniture, utilities during voids or agent’s commission, so the real yield will be lower than calculated.
Both data sets are listing prices, not transaction prices, and they are about three months apart.
Results by district
| District | Price, $ per sq m | 60 sq m flat, $ | Rent, $ a month | Yield before costs | After tax and voids |
|---|---|---|---|---|---|
| Mirabad | 1,966 | 117,960 | 700 | 7.1% | 5.7% |
| Shaykhantakhur | 2,144 | 128,640 | 700 | 6.5% | 5.3% |
| Uchtepa | about 1,160 | 69,650 | 400 | 6.9% | 5.6% |
| Sergeli | 974 | 58,440 | 400 | 8.2% | 6.6% |
The Uchtepa price is our conversion from soums at the Central Bank rate on 1 September 2026.
- Shaykhantakhur5.3–6.5%
- Uchtepa5.6–6.9%
- Mirabad5.7–7.1%
- Sergeli6.6–8.2%
DOMINION ADVISORY calculation. Left edge: after 12% tax and one vacant month; right edge: before costs
Sensitivity to area. At 50 sq m the yield is a fifth higher: 7.8–9.9% before costs. At 70 sq m it is a seventh lower: 5.6–7.0%. The smaller the flat at the same rent, the higher the yield. According to IMRS, the median rent for one-room flats rose 14.3% in the year to May 2026; for other flats it did not rise.
What to compare it with
| Alternative | Return | Source |
|---|---|---|
| Buy-to-let flat, after tax and voids | 5.3–6.6% in dollars | DOMINION calculation |
| Individual’s deposit in dollars | 5.4% (September 2026) | Central Bank |
| Individual’s deposit in soums | 18.4% (September 2026) | Central Bank |
| Growth in Tashkent flat prices | 3.9% in the year to Q2 2026 | National Statistics Committee |
| Inflation in Tashkent | 7.4% a year (October 2026) | National Statistics Committee |
The total return on a flat is rent plus the change in price. In the year to the second quarter of 2026, Tashkent flats rose 3.9% in soums, while the soum strengthened about 5% against the dollar. In dollars that is price growth of about 9%, and a total return of roughly 14–16% before repairs and transaction costs. A soum deposit at 18–21% brought more than 20% in dollars as the soum strengthened.
A flat beats a soum deposit if the soum weakens by 8–12% against the dollar in a year. That is a possible scenario, not the base case: the Central Bank forecasts slower inflation and lower rates, and by its estimate housing prices fell 4.8% in 2025.
Risks the calculation does not show
- Rents are in dollars, costs and taxes in soums. When the soum strengthens, the same dollar rent gives the owner fewer soums; in 2025 the soum strengthened 7%.
- Voids. One month a year is an assumption, not data: there are no void statistics for Tashkent. Each extra vacant month takes another twelfth off the yield.
- Liquidity. Selling a flat can take months; a deposit can be closed quickly.
- Property tax. The mass valuation of flats in Tashkent showed values 7.4 times the cadastral value. The ministry promises lower tax rates, but there are no specific rates yet. If the tax rises, the yield falls.
What this means for an investor
- Calculate the yield after tax, voids, repairs and commission, not the gross figure. Tax and one vacant month alone take a fifth of the gross yield.
- Compare it not with past price growth but with the current deposit rate in the same currency. Today a flat in Tashkent is an instrument for someone who expects the soum to weaken or wants to own a real asset, not for maximum return.
- For a portfolio of several flats, professional management makes sense: it reduces voids, but its cost must be included in the calculation.
The calculation describes district averages. It is not a valuation of any specific property or a recommendation to buy.
Sources
- Flat prices by district: National Centre for Mass Valuation of Real Estate under the Cadastre Agency, data as of 1 September 2026, reported by Spot.uz, spot.uz, and Anhor.uz, anhor.uz.
- Rents: IMRS, Tashkent rental market review for May 2026, reported by Spot.uz, spot.uz.
- Deposit rates: Central Bank, reported by UzDaily.uz, uzdaily.uz.
- House price index: National Statistics Committee, press release of 15 July 2026, stat.uz.
- Inflation in October 2026: National Statistics Committee, reported by Spot.uz, spot.uz.
- Dollar exchange rate: Central Bank, exchange rate archive, cbu.uz.
- Fall in housing prices in 2025: Central Bank financial stability review, reported by UzDaily.uz, uzdaily.uz.
- Personal income tax of 12% on rental income: Tax Code, as explained by BUXGALTER.UZ, buxgalter.uz.
- Mass valuation and tax rates: Spot.uz, spot.uz and spot.uz.