Developer instalment plans in Tashkent: how to work out the real price

As of 28 September 2026, the median new-build flat in Tashkent listings is priced at $109,900. Few buyers can pay that in one go, so a developer's instalment plan, known locally by the Russian word rassrochka, looks like an easy alternative to a mortgage. Yet only 82 of 13,829 (UyScan data as of 26 Sep 2026, listings: 13,829) new-build listings openly offer one, and where the seller shows both prices, paying half now and the rest over a year costs at least 5.5% (UyScan data as of 26 Sep 2026, listings: 6) more than paying in full. Here is how to turn that markup into an annual rate and compare it with a mortgage.

A new build (novostroyka) in Tashkent listings is a flat in a recently finished or still unfinished building, sold by the developer, an agency or a private owner who bought early.

What instalment terms do Tashkent listings offer?

Instalment plans are rare in new-build listings: only 0.6% (UyScan data as of 26 Sep 2026, listings: 13,829) of them offer one, and 47 (UyScan data as of 26 Sep 2026, listings: 13,829) more say outright that there is none. The word “mortgage” (ipoteka) appears more often, in 7.6% (UyScan data as of 26 Sep 2026, listings: 13,829) of listings, but often in a note saying there is no mortgage.

That does not mean the market has no instalment plans. Terms are often kept for a phone call or the sales office, and the listing shows only a “flexible schedule” or the size of the down payment. Where a term is given, it runs 5 to 48 months (UyScan data as of 26 Sep 2026, listings: 52); about three in four run 12 to 36 months (UyScan data as of 26 Sep 2026, listings: 52), and the median is just over two years. The down payment, where stated as a percentage, is 5% to 50% (UyScan data as of 26 Sep 2026, listings: 39) of the price. Sometimes the deadline is tied to the building rather than a number of months: everything must be paid before the keys are handed over, or by the end of the year.

On 26 September a single listing across the whole new-build database offered a plan with no down payment. Bear in mind, too, that a noticeable share of the listings with stated terms comes from a handful of residential complexes: this is a picture of the listings, not of the whole market.

Why do some listings show a down payment instead of a price?

Because a down payment looks like a very cheap flat. On 26 September we excluded 434 (UyScan data as of 26 Sep 2026, listings: 16,345) new-build listings from our figures because the stated price worked out at less than $700 (UyScan data as of 26 Sep 2026, listings: 16,345) per square metre, and 208 (UyScan data as of 26 Sep 2026, listings: 434) of them openly mention a down payment, a mortgage, instalments or a loan.

How to tell a down payment from a price, and what UyScan does with such listings, is covered in Price or down payment. For instalment plans the lesson is simple: the figure in the headline tells you nothing about the full price. Ask for it separately and in writing, and ask for two prices: one for paying in full and one on instalments.

How do you work out the real price of an instalment plan?

The real price is the sum of all payments in the schedule; the overpayment is the gap between that sum and the price for paying in full. Apply the terms we saw in listings (a 5.5% markup, half up front, the rest over 12 months) to the median new build at $109,990 (UyScan data as of 26 Sep 2026, listings: 13,829), and you overpay $6,050.

The example is hypothetical. Here it is step by step.

1. The price for paying in full. Without it there is nothing to compare against. In the example it is $109,990.
2. The sum of all payments. A down payment of $58,020 plus 12 monthly payments of $4,835, $116,040 in total. If the schedule has a large final payment or paid extras such as a parking space, add them too.
3. The annual rate. An instalment plan is a loan from the developer, with the interest built into the price. Only part of the price is borrowed and the debt shrinks every month, so a small markup becomes a sizeable rate. A rough rule: divide the markup by the share of the price paid on instalments and by the average life of the debt in years. With equal monthly payments, that average life is a little over half the plan's term. In the example the markup is 5.5%, half the price is borrowed and the average life is just over six months. The rule of thumb gives about a fifth a year; the precise calculation gives about 21% (UyScan data as of 26 Sep 2026, listings: 6) a year.
4. The comparison. Mortgages funded by banks' own money averaged 20.1% (gazeta.uz, 27 Sep 2026) in the first half of 2026, and the Central Bank's policy rate is 14% (cbu.uz, 27 Sep 2026). A plan that costs as much as a mortgage or more is not cheap money, whatever it is called.

At a 11.7–11.8% markup on the same terms, the overpayment on the median new build would be $12,980. For the monthly cost of a mortgage on a median flat, see our guide to mortgage rates and payments. If you are not a resident, ask banks early whether they will lend to you at all before you weigh a plan against a mortgage.

What do listings with both prices show?

That a plan with “no overpayment” still costs money. Only 11 (UyScan data as of 26 Sep 2026, listings: 16,345) new-build listings give both prices, and the gap between them runs from 2.2% to 38–57%.

UyScan new-build listings as of 26 September 2026 where the seller gives both the price for paying in full and the instalment price, listings: 11. The rate is calculated as for a loan with equal monthly payments. In Tashkent listings the living room counts as a room, and a korobka is a shell with no finishing.

The first two rows say the most. One agency charges either about 21% or about 46% a year for the same one-year plan, and in the same listings claims there is no overpayment. The private seller asks roughly a bank rate for 12 months and noticeably more for 18. So work out each version of the schedule on its own.

Instalment plan or full-payment discount: what should you compare?

They are the same gap seen from two sides. One listing in Yakkasaray promises a discount of up to 28% (UyScan data as of 26 Sep 2026, listings: 1) for paying in full and up to 17% (UyScan data as of 26 Sep 2026, listings: 1) on instalments, so the instalment plan there costs about 15% (UyScan data as of 26 Sep 2026, listings: 1) more.

A discount always looks smaller than the markup it hides: if paying in full takes a tenth off the price, the instalment plan costs a ninth more. Then work out the rate as above and compare it with what your money would earn elsewhere, for example on a deposit at your bank.

Paying in full does carry a cost that no percentage shows, though. All the money goes at once into a building that is still going up: if construction stops, your whole payment is at risk, while on instalments only the part you have paid so far is. The earlier the stage, the more it matters to check the company before you pay. We explain how in how to check a developer.

What should an instalment contract include?

The price for paying in full, the instalment price, and a schedule with every date and amount, the final payment included. Pay only by bank transfer: since 1 April 2026 (lex.uz, 23 Sep 2026), homes in Uzbekistan are paid for through a bank, and the money goes to the company account named in the contract, not into the hands of a sales manager.

Then check five things.

• Currency. Payments are made in soums (UZS), while prices are often quoted in dollars. Is the soum amount fixed, or recalculated at the Central Bank rate? Some listings state openly that the price will be converted at the official rate, and then your payment in soums rises with the dollar. On 26 Sep 2026 the Central Bank rate was 11,825.4 soums to the dollar.
• Late payment. What penalties and fines apply, after how many missed payments the contract is cancelled, and how much of what you have paid comes back, and when.
• Early repayment. Whether you can clear the balance early, and whether the price then goes down.
• Documents. When the flat is registered in your name, before the last payment or only after it, and which document proves your rights until then.
• Resale before the end. Whether you can sell the flat before you finish paying. Listings do include flats with an unpaid instalment balance: the remaining debt to the developer either passes to the buyer or is paid off from the buyer's money at the sale.

If you are not a citizen of Uzbekistan, separate rules decide which flats you can buy at all: see can a foreigner buy an apartment in Uzbekistan.

What changes with the new instalment rules in 2027?

For a developer's own instalment plan, almost nothing. A presidential resolution of 14 August 2026 sets requirements for operators of instalment services, that is, buy-now-pay-later platforms, which apply from 1 January 2027 (gazeta.uz, 27 Sep 2026). A seller selling its own goods with staged payment, however, falls outside the definition of such a service.

So a developer selling its own flats on instalments can carry on. The restriction is on intermediaries: real estate cannot be the subject of an instalment operator's service, which means you cannot buy a flat through such a platform the way people buy phones or appliances.

All the city's new builds are on the Tashkent new builds page, the difference from resale flats is on new build or resale, and you can filter flats by budget in search. The UyScan bot sends new listings that match your filter. UyScan is not an agency: we bring together apartment listings in Tashkent from the largest sites, we do not sell flats and we do not rate developers.

How we counted. UyScan new-build listings as of 26 September 2026, duplicates removed, 11 Tashkent districts excluding Yangihayot; these are asking prices, not transaction prices. Shares are calculated from listings with a price that passes our rules, while terms, down payments and dual prices were searched for in all new-build listings, including those without a price, in Russian and Uzbek word forms, and each match was checked by hand. The annual rate is the rate of a loan with equal monthly payments at which all the scheduled payments equal the price for paying in full; the median new-build example is hypothetical. More in our methodology.