Uzbekistan Real Estate 2025: Foreign Ownership, Buying Rules, and Market Outlook

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7/25/2025

Uzbekistan Real Estate 2025: Foreign Ownership, Buying Rules, and Market Outlook

✅ Can Foreigners Buy Property in Uzbekistan?

Yes — foreigners can buy residential and commercial real estate, but there are restrictions on land ownership and certain conditions apply to non-residents.

🏠 Uzbekistan has gradually opened its property market, especially in urban areas and new developments.


⚖️ Foreign Ownership Laws in Uzbekistan (2025)

🔹 Foreign Individuals:

  • Can buy apartments and commercial property in designated urban zones (e.g., Tashkent, Samarkand, Bukhara)

  • Cannot buy land — land is state-owned and only leased

  • Can own the building or structure on leased land (common for villas, businesses)

🔹 Foreign Companies:

  • Can lease land for commercial or industrial projects

  • Must register a legal entity in Uzbekistan to hold long-term leases or develop large-scale properties

🔹 Citizens of Some Countries:

  • Investors from countries like the UAE, Türkiye, Russia, and South Korea are increasingly active due to diplomatic agreements and bilateral property MOUs

📌 Most purchases by foreigners are in new construction projects or managed residential complexes.


🏙️ Top Cities to Invest in Uzbekistan (2025)

🔹 1. Tashkent

  • Capital and economic center

  • High demand for mid-to-high-end apartments, student housing, and commercial space

  • New metro expansions and major residential projects underway

🔹 2. Samarkand

  • Major tourism destination

  • Rising interest in boutique hotels, serviced apartments, and short-term rentals

  • Government incentives for heritage restoration projects

🔹 3. Bukhara

  • Popular for cultural tourism and growing expat interest

  • Potential for hotel conversions and vacation rentals

🔹 4. Namangan & Andijan

  • Industrial and economic zones

  • Interest from logistics, warehouse, and manufacturing investors


💰 Average Property Prices in 2025

CityAvg. Price (UZS/sqm)Approx. €/sqm
Tashkent13M–18M UZS€950–€1,300
Samarkand9M–13M UZS€650–€950
Bukhara7M–11M UZS€500–€800
Andijan6M–9M UZS€450–€650

Note: Prices can vary widely depending on location, property type, and whether it's part of a foreign-investor-approved project.


📈 Rental Yields & ROI

CityLong-Term YieldShort-Term ROI
Tashkent6–8%8–10%
Samarkand5.5–7.5%9–12% (tourist zones)
Bukhara5–7%8–11%

Rental markets are especially strong in Tashkent's central districts and Samarkand's heritage areas.


🛠️ Buying Process for Foreigners

  1. Choose property within a foreign-investor-eligible development

  2. Sign preliminary agreement with the developer or seller

  3. Verify land ownership/lease terms and property registration

  4. Foreign buyer applies for approval (if applicable)

  5. Finalize deal through a notary and register ownership

Typical closing time: 30–60 days
Foreigners should work with licensed legal representatives for translation and compliance


🧾 Taxes & Costs

TypeRate/Cost
Property Transfer Tax~2% (varies slightly by region)
Registration & Notary Fees~1–1.5%
Annual Property Tax~0.2–0.3% of assessed value
Rental Income Tax12% (flat rate) for individuals
Capital Gains Tax12% (unless exempted)

Foreigners are taxed only on income from within Uzbekistan.


🛂 Does Buying Property Grant Residency?

Yes, in some cases. As of 2023, Uzbekistan allows foreign property owners who purchase real estate above $100,000 in designated areas to apply for temporary residence permits.

  • Applies mostly in Tashkent and Samarkand

  • Residence permit is valid for up to 3 years, renewable

  • Property must be registered in the buyer's name

📌 This makes Uzbekistan one of the few Central Asian countries offering property-linked residency.


🏘️ Who Should Invest in Uzbekistan?

✅ Ideal for:

  • Regional investors from Russia, Türkiye, UAE, or Korea

  • Buyers seeking early-stage emerging market exposure

  • Those interested in residency through real estate

  • Investors focused on short-term rental income in tourism zones

❌ Not ideal for:

  • Those expecting Western-level legal frameworks or financing

  • Buyers uncomfortable with land lease structures


🔮 2025 Trends in Uzbekistan’s Property Market

  • Tashkent’s New City Project attracting major development

  • Growth in smart cities and mixed-use projects

  • Samarkand Silk Road complex expanding tourism-linked housing

  • Foreign demand rising from Middle East and CIS region

  • Gradual improvements in legal transparency and digital land registry


🧭 Final Thoughts

Uzbekistan offers a unique blend of affordability, high rental yields, and strategic geographic access between Europe and Asia. While the legal system is still developing, recent reforms are making the country more foreign-investor friendly—especially for those seeking residency through real estate or capitalizing on tourism-driven growth.

With a long-term view, Uzbekistan is becoming one of Central Asia’s most promising property markets.

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