Land is getting cheaper, apartments are getting expensive: What is happening in Tashkent?

An interesting contradiction is being observed in the Tashkent real estate market. While apartment prices continue to rise, a decline has been recorded in the land plot segment. According to Central Bank data, at the end of the first quarter of 2026, the average price of 1 sotix (0.01 hectares) of land in the capital was 301 million soums.

The price of 1 sotix of land dropped to 301 million soums

According to the Central Bank's commentary, a downward trend in land plot prices continues in Tashkent.

By the end of the first quarter of 2026, the average price of 1 sotix of land was 301 million soums. This is 6.4 percent lower compared to the same period last year.

Current market prices are also significantly lower than the high figures seen in 2024. At that time, the price of 1 sotix of land in the capital had risen to around 370–380 million soums.

Why is land becoming cheaper?

The Central Bank attributes this decline primarily to an increasing supply of land plots in areas further away from the city center.

In other words, when more land is brought to the market, pressure is placed on the average price. Especially as the number of plots in areas far from the center increases, the price drop becomes more noticeable in general statistics.

Simply put, the “there is no land, prices are skyrocketing” mode is softening a bit. However, this does not mean that land has become sharply cheaper everywhere.

Apartments, meanwhile, continue to get more expensive

While a decline is being observed in the land market, prices in the multi-story residential segment continue to rise.

According to the data, in March, newly built homes increased in price by 8.1 percent in dollar terms, while apartments in the secondary market became 9.4 percent more expensive.

These figures show that demand in the capital is concentrated specifically on ready-made or under-construction apartments.

Why are apartments getting more expensive?

Demand in the apartment market is high. Population growth in Tashkent, internal migration, the rental market, mortgages, buying homes for investment, and activity surrounding new construction are keeping prices high.

For many, an apartment is a place to live, a source of rental income, or a means to preserve capital. A land plot is a different type of asset: acquiring it, documenting it, building on it, connecting utilities, and bringing it to a finished state requires more time and expense.

Therefore, in the market, an apartment is seen as a “finished product,” while land is viewed as a “project start.” Buyers may currently prefer to invest in property with a higher level of readiness.

Two different signals have appeared in the market

The Tashkent real estate market is currently sending two different signals.

On one hand, an increase in supply and a decrease in prices are being observed for land plots. On the other hand, apartment prices continue to rise.

This situation may mean that demand and shortages persist in the multi-story apartment segment, while a certain level of saturation has begun in the land plot market.

What does this mean for buyers?

If someone is planning to buy land and then build a house, the current decline could be an important signal to monitor the market.

However, just because land prices have dropped does not mean every plot is a good investment. Location, utilities, documents, roads, infrastructure, and construction costs are of decisive importance here.

For apartment buyers, the situation is different: prices may remain even more stable in areas with high demand. Especially in objects close to the center, with convenient transport, and suitable for renting, price pressure will remain.

What should investors watch?

For those investing in real estate, simple conclusions like “it got cheaper” or “it got more expensive” are not enough in the current situation.

There are important questions:

• Where is the land located?
• Are there utilities?
• How much will construction cost later?
• In which area is the apartment?
• What is the rental demand?
• Is the price increase linked to real demand or is it speculative?

Those who understand the difference in the market will win. The “everyone is buying, so I will too” mode can sometimes be costly in real estate as well.

The Tashkent market is at a turning point

Central Bank data shows that the Tashkent real estate market is not moving in a uniform direction. Land plots are becoming cheaper, while apartments continue to become more expensive.

This may mean that the structure of demand in the capital is changing, that buyers are more interested in ready-made housing, and that the supply factor in the land market has strengthened.

Now the main question is: is the decline in land prices a temporary situation, or is a new trend beginning in the Tashkent real estate market?