Cashless Reform Did Not Affect Tashkent Rents: IMRI

Tashkent, Uzbekistan (UzDaily.com) —The introduction of mandatory cashless payments for residential property transactions in Uzbekistan from 1 April 2026 did not lead to noticeable changes in the rental market in Tashkent, according to a study by the Institute of Macroeconomic and Regional Research under the Cabinet of Ministers.

The study is based on more than 1.7 million listings posted on the OLX platform. According to the institute, the median rental price of housing in Tashkent in March and April 2026 remained at US$550, indicating no monthly increase and overall stability following the reform. Year-on-year, the figure also showed no change.

At the same time, the market did not show significant growth in supply. The average number of listings in January–March 2026 stood at 22,600, rising to 22,800 in April, an increase of 0.8%. Experts say this dynamic indicates a continued balance between supply and demand.

However, the structure of the rental market showed divergent trends across segments. The strongest price growth was recorded in the one-room apartment segment, where the median rent reached US$400, up 14.3% year-on-year. In the two-room segment, the average price was US$550, an increase of 10% compared to the previous year.

In contrast, larger apartments showed a decline in prices. For three-room housing, the median price fell to US$700, representing a 12.5% annual decrease. In the four-room and larger segment, the figure declined to US$850, down 26.1%.

The regional structure of the market also continues to show strong differentiation. The highest rental rates are recorded in the Mirabad, Shaykhantahur, and Yakkasaray districts, where prices reach US$800, US$750, and US$700 respectively. The most affordable options are found in the Bektemir, Sergeli, and Uchtepa districts, where rents range between US$390 and US$400.

In terms of dynamics, growth was recorded in several districts, including a 12.5% increase in Almazar and a 9.1% rise in Mirzo-Ulugbek. At the same time, declines were observed in some premium locations: Shaykhantahur fell by 25%, Mirabad by 11.1%, and Yakkasaray by 6.7%.

IMRI analysts said the rental housing market in Tashkent remains stable at this stage, with no signs of sharp price pressure or speculative growth following the introduction of cashless payments. They also noted a shift in demand toward smaller and more affordable housing.

The institute emphasized that April 2026 is only the first month after the reform, and a more definitive assessment of its impact will require further monitoring of market dynamics over the coming quarters.