Uzbekistan Real Estate 2025: Foreign Ownership, Buying Rules, and Market Outlook
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7/25/2025

✅ 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:
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Can buy apartments and commercial property in designated urban zones (e.g., Tashkent, Samarkand, Bukhara)
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Cannot buy land — land is state-owned and only leased
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Can own the building or structure on leased land (common for villas, businesses)
🔹 Foreign Companies:
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Can lease land for commercial or industrial projects
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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
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Capital and economic center
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High demand for mid-to-high-end apartments, student housing, and commercial space
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New metro expansions and major residential projects underway
🔹 2. Samarkand
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Major tourism destination
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Rising interest in boutique hotels, serviced apartments, and short-term rentals
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Government incentives for heritage restoration projects
🔹 3. Bukhara
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Popular for cultural tourism and growing expat interest
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Potential for hotel conversions and vacation rentals
🔹 4. Namangan & Andijan
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Industrial and economic zones
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Interest from logistics, warehouse, and manufacturing investors
💰 Average Property Prices in 2025
City | Avg. Price (UZS/sqm) | Approx. €/sqm |
---|---|---|
Tashkent | 13M–18M UZS | €950–€1,300 |
Samarkand | 9M–13M UZS | €650–€950 |
Bukhara | 7M–11M UZS | €500–€800 |
Andijan | 6M–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
City | Long-Term Yield | Short-Term ROI |
---|---|---|
Tashkent | 6–8% | 8–10% |
Samarkand | 5.5–7.5% | 9–12% (tourist zones) |
Bukhara | 5–7% | 8–11% |
Rental markets are especially strong in Tashkent's central districts and Samarkand's heritage areas.
🛠️ Buying Process for Foreigners
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Choose property within a foreign-investor-eligible development
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Sign preliminary agreement with the developer or seller
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Verify land ownership/lease terms and property registration
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Foreign buyer applies for approval (if applicable)
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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
Type | Rate/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 Tax | 12% (flat rate) for individuals |
Capital Gains Tax | 12% (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.
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Applies mostly in Tashkent and Samarkand
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Residence permit is valid for up to 3 years, renewable
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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:
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Regional investors from Russia, Türkiye, UAE, or Korea
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Buyers seeking early-stage emerging market exposure
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Those interested in residency through real estate
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Investors focused on short-term rental income in tourism zones
❌ Not ideal for:
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Those expecting Western-level legal frameworks or financing
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Buyers uncomfortable with land lease structures
🔮 2025 Trends in Uzbekistan’s Property Market
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Tashkent’s New City Project attracting major development
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Growth in smart cities and mixed-use projects
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Samarkand Silk Road complex expanding tourism-linked housing
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Foreign demand rising from Middle East and CIS region
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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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