Tashkent's real estate market has undergone dramatic changes in spring 2026, with property prices in central districts surging by a quarter and setting new records. The Shaykhantakhur and Mirabad districts have become zones of ultra-high investment, while the rest of the city operates under fundamentally different economic scenarios.
Experts note that the gap between 'budget' and 'premium' segments has never been more pronounced. Today, buyers in Tashkent pay not just for location, but for scarce liquidity, which in the city center is now valued in thousands of dollars.
According to the latest report from Realting Analytics, the median housing price in Tashkent stood at $1,540 per square meter in March-April 2026. The average price across 11 key districts rose from $1,490 in February to $1,631 (+9.4%). However, these figures conceal a tectonic shift unseen in the capital over the past five years.
'The old model – the closer to the center, the more expensive – has been completely broken. Previously, premium districts set the tone, but by spring 2026, the rules changed. The growth leader became the established mass-market area, for example, Chilanzar, which saw prices jump 22.3% in dollar terms,' said Andrei Sadykov, head of real estate platform Realting.uz.
Analysts emphasize that Tashkent's market is no longer homogeneous. While a year ago the spread between districts was moderate ($1,260–$2,257), today the chasm between 'budget' and 'premium' is stark. The growth leaders were Shaykhantakhur (+26.6%, from $2,257 to $2,858), Mirabad (+25.3%, from $1,828 to $2,290), and Chilanzar (+22.3%, from $1,365 to $1,670).
At the opposite pole, negative dynamics were observed. The Bektemir district saw a 36% decline (from $1,488 to $952), though experts caution that the sample size was only 39 listings, making the statistics unreliable. The Almazar (–11.7%) and Uchtepa (–9.2%) districts reflect a real trend: older mass housing stock is losing out to renovated residential complexes in neighboring areas.
Market supply structure sheds light on price dynamics. Of 53,013 active sale listings, 34.6% are concentrated in Chilanzar – the highest concentration in the capital. Five districts (Chilanzar, Mirzo Ulugbek, Yunusabad, Yakkasaray, Mirabad) account for 79% of all supply.
A key metric for investors is rental yield. The leader is Mirzo Ulugbek district: median apartment price $91,000, median rent $480 per month, yielding 6.33% gross with a payback period of under 16 years. The second tier includes premium Yakkasaray (5.74%) and Mirabad (5.62%). The worst performers are Yunusabad (3.38%) and Almazar (3.96%).
Realting Analytics' baseline scenario for the next 12 months predicts moderate growth in central districts (5–8%) and a sideways trend on the periphery. Demand support from subsidized mortgages at 14% for young families and state subsidies for teachers and doctors will continue throughout 2026. However, overheating in new developments in Sergeli and Yangihayot could lead to a local correction of 3–5%.
'In 2026, an investor in Tashkent must for the first time choose between capitalization and yield – previously these two metrics moved in tandem. Now they are diverging,' concluded Andrei Sadykov.
Source: podrobno.uz