Why Tashkent apartments get pricier in dollars but barely move in soums
Central Bank data: in Q4 2025 new builds in Uzbekistan rose 5.7% year on year in dollars and fell 1.3% in soums. The exchange rate explains the gap. The median Tashkent apartment costs about UZS 1.06 billion.
In short
- According to the Central Bank, in Q4 2025 new builds rose 5.7% year on year in dollars and fell 1.3% in soums. Resale apartments rose 7.9% in dollars and 0.7% in soums.
- The exchange rate explains almost all of the gap: the dollar lost 6.9% against the soum in 2025 and another 1.6% from the start of 2026 to 25 September.
- On 26 September 2026 the median Tashkent apartment cost about UZS 1.06 billion at the Central Bank rate, or UZS 16.6 million per square meter.
- Soum prices are rare: they appear in 0.7% of sale listings on uybor.uz and 1.3% of rental listings in Tashkent.
According to the Central Bank of Uzbekistan, new-build apartments in the fourth quarter of 2025 cost 5.7% (cbu.uz, 27 Sep 2026) more than a year earlier in US dollars, yet 1.3% (cbu.uz, 27 Sep 2026) less in Uzbek soums (UZS). The exchange rate made the difference: over 2025 the dollar lost 6.9% (cbu.uz, 27 Sep 2026) against the soum. Tashkent listings, meanwhile, are almost always in dollars: on the property portal uybor.uz, sale listings priced in soums make up just 9 of 1,312 (UyScan data as of 26 Sep 2026, listings: 1,312).
Why do dollar and soum prices grow at different rates?
Because a soum price is simply the dollar price times the exchange rate, and the dollar fell 6.9% against the soum in 2025. At the Central Bank rate, a dollar cost UZS 12,920.48 (cbu.uz, 27 Sep 2026) at the end of 2024 and UZS 12,025.33 (cbu.uz, 27 Sep 2026) at the end of 2025.
Take an apartment priced at a hundred thousand dollars. At the end of 2024 that was UZS 1.29 billion (cbu.uz, 27 Sep 2026). Over the year the seller raises the price by 5.7%, in line with the Central Bank's average for new builds, and now asks $105,700 (cbu.uz, 27 Sep 2026). At the end-2025 rate that comes to UZS 1.27 billion (cbu.uz, 27 Sep 2026): the apartment got more expensive in dollars and cheaper in soums.
The Central Bank explains the gap the same way. The soum strengthened in the fourth quarter, and sellers try to keep the value of their homes in dollars, even though prices and payments are gradually moving to soums (Central Bank review in Uzbek, summary on Gazeta.uz in Russian). The soum kept strengthening in 2026: from the end of 2025 to 25 September the dollar lost another 1.6% (cbu.uz, 27 Sep 2026). We do not forecast the exchange rate.
What do Central Bank figures show in dollars and soums?
Growth in dollars runs roughly 6–7 percentage points ahead of growth in soums, both in the Central Bank's review for Q4 2025 and in its review for Q1 2026. In Q4 2025 resale apartments rose 7.9% (cbu.uz, 27 Sep 2026) in dollars and only 0.7% (cbu.uz, 27 Sep 2026) in soums. In March 2026 new builds cost 8.1% (cbu.uz, 27 Sep 2026) more than a year earlier in dollars and 1.8% (cbu.uz, 27 Sep 2026) more in soums.
New builds, or novostroyki as they are called locally, are apartments in recently completed or still unfinished buildings, usually bought from the developer; resale means apartments bought from their current owners.
| What | Period | In dollars | In soums |
|---|---|---|---|
| New builds | Q4 2025 vs Q4 2024 | +5.7% | −1.3% |
| Resale | Q4 2025 vs Q4 2024 | +7.9% | +0.7% |
| New builds | March 2026 vs March 2025 | +8.1% | +1.8% |
| Resale | March 2026 vs March 2025 | +9.4% | +3% |
| Rent in Tashkent | March 2026 vs March 2025 | +6.9% | +0.6% |
Year-on-year price change nationwide, rent for Tashkent; the Central Bank indices cover apartments in multi-story buildings. Source: Central Bank real estate market reviews for Q4 2025 and Q1 2026.
From the end of March 2025 to the end of March 2026 the dollar fell 5.4% (cbu.uz, 27 Sep 2026) against the soum, which accounts for almost all of the gap between the columns. CERR, the state Center for Economic Research and Reforms, reports Tashkent figures in dollars: resale apartments averaged $1,124 (gazeta.uz, 27 Sep 2026) per m² in March 2026, 5% (gazeta.uz, 27 Sep 2026) more than a year earlier. Why official series and listings give different numbers is covered in UyScan vs official statistics, and the bigger picture in our review of Uzbekistan's housing market in 2026.
What currency are Tashkent apartments sold in?
Dollars. On uybor.uz, where the price currency is part of the data, 9 of 1,312 sale listings are priced in soums, or 0.7% (UyScan data as of 26 Sep 2026, listings: 1,312). The general classifieds site OLX.uz gives us sale prices already in dollars, so its data does not show which currency the seller used, and we do not calculate a share for OLX.
That is why UyScan shows sale prices in dollars too: the citywide median is $90,000, or $1,400 per square meter. Fresh figures by district are on the apartment prices and price per square meter pages. For a buyer from abroad this means the price you negotiate will almost always be a dollar figure; how the payment itself works is covered at the end. Soums turn up more often in rentals, though still rarely, as shown below.
How much is a Tashkent apartment in soums?
About UZS 1.06 billion (UyScan data as of 26 Sep 2026, listings: 28,902): that is the median price on 26 September 2026 converted at the Central Bank rate for 25 September. A square meter costs UZS 16.6 million (UyScan data as of 26 Sep 2026, listings: 28,902).
| Apartment | Median in dollars | In soums |
|---|---|---|
| All apartments | $90,000 | UZS 1.06 billion |
| 1-room | $52,500 | UZS 621 million |
| 2-room | $76,000 | UZS 899 million |
| 3-room | $103,999 | UZS 1.23 billion |
| 4 rooms or more | $135,000 | UZS 1.6 billion |
| Per square meter | $1,400 | UZS 16.6 million |
Dollars: UyScan data as of 28 Sep 2026, apartments: 28,842. Soums: medians as of 26.09.2026 at the Central Bank rate for 25.09.2026. Rooms are counted the local way, without the kitchen: the living room counts as a room, so a 2-room apartment usually has one bedroom.
Soum prices move with the exchange rate even when sellers leave their dollar prices alone: if the rate shifts by one percent, the soum price of the same apartment shifts by the same amount. If your budget is in soums, use that column, but remember that the bargaining will be over the dollar figure in the listing.
How does the exchange rate affect rent?
The same way it affects sales. According to the Central Bank, rent in Tashkent in March 2026 was 6.9% (cbu.uz, 27 Sep 2026) higher than a year earlier in dollars and just 0.6% (cbu.uz, 27 Sep 2026) higher in soums. Nationwide, rents rose 8.3% (cbu.uz, 27 Sep 2026) in dollars over 2025.
Apartments are let in dollars too: only 255 of 19,687 (UyScan data as of 26 Sep 2026, listings: 19,687) rental listings are priced in soums, or 1.3% (UyScan data as of 26 Sep 2026, listings: 19,687). Soum listings are noticeably cheaper, with a median of UZS 5 million (UyScan data as of 26 Sep 2026, listings: 255) a month, about $423 (UyScan data as of 26 Sep 2026, listings: 255), against $750 (UyScan data as of 26 Sep 2026, listings: 19,432) for dollar listings, even though the typical apartment in both groups has two rooms.
Across all listings the median rent is $750 a month. At the Central Bank rate of 11,825.4 soums per dollar on 26 Sep 2026, that is UZS 8,869,050. For tenants paid in soums, a strong soum makes the same dollar rent cheaper and a weak one makes it dearer. If you earn in dollars, the figure in the listing is the one to budget with. District medians are on the rental prices page.
Should you count in soums or dollars?
Count in the currency you save in. For savings held in soums, new builds were 1.8% dearer in March 2026 than a year earlier and resale apartments 3% (cbu.uz, 27 Sep 2026). For savings held in dollars, the same apartments rose 8.1% and 9.4% (cbu.uz, 27 Sep 2026). If you are bringing money in from abroad, the dollar figure is your yardstick.
How many years it takes to save up for a median apartment on a local salary is worked out in How many years of salary buys an apartment in Tashkent.
When comparing prices from different years, keep both figures in the same currency. Growth in dollars and growth in soums currently differ by 6–7 points, so a headline saying "housing keeps getting pricier" and one saying "housing prices are flat" can describe the same market.
You cannot pay in cash, in dollars or in soums: since 1 April 2026 (lex.uz, 23 Sep 2026) homes must be paid for without cash, through the buyer's bank account. Check with the bank before the deal which currency the payment goes through and at what rate. How the non-cash rule works is explained in our article on paying for an apartment through a bank. The UyScan bot sends new listings for your district and budget.
How we calculated
- Currency shares: listings without duplicates in 11 Tashkent districts (all except Yangihayot) as of 26.09.2026, by the currency the seller specified. For sales, uybor.uz only: OLX.uz gives sale prices in dollars.
- Soums: UyScan medians in dollars multiplied by the Central Bank rate on 25.09.2026. Rent quoted in soums is converted to dollars at the same rate.
- Exchange rate: the Central Bank rate archive for the end of 2024 and 2025, the end of March 2025 and 2026, and 25.09.2026; the changes are our own calculation.
- Central Bank figures are nationwide price changes, while UyScan shows asking prices from listings. Our history starts on 28 August 2026, so we do not yet calculate year-on-year changes from listings. More in the methodology.
Sources
- 5.7%: rise in new-build prices in dollars, Q4 2025 vs Q4 2024, Central Bank. cbu.uz, checked
- 1.3%: fall in new-build prices in soums, Q4 2025 vs Q4 2024, Central Bank. cbu.uz, checked
- 7.9%: rise in resale housing prices in dollars, Q4 2025 vs Q4 2024, Central Bank. cbu.uz, checked
- 0.7%: rise in resale housing prices in soums, Q4 2025 vs Q4 2024, Central Bank. cbu.uz, checked
- 8.3%: rise in housing rents nationwide in dollars over 2025, Central Bank. cbu.uz, checked
- 8.1%: rise in new-build prices in dollars, March 2026 vs March 2025, Central Bank. cbu.uz, checked
- 1.8%: rise in new-build prices in soums, March 2026 vs March 2025, Central Bank. cbu.uz, checked
- 9.4%: rise in resale housing prices in dollars, March 2026 vs March 2025, Central Bank. cbu.uz, checked
- 3%: rise in resale housing prices in soums, March 2026 vs March 2025, Central Bank. cbu.uz, checked
- 6.9%: rise in apartment rents in Tashkent in dollars, March 2026 vs March 2025, Central Bank. cbu.uz, checked
- 0.6%: rise in apartment rents in Tashkent in soums, March 2026 vs March 2025, Central Bank. cbu.uz, checked
- $1,124: average price per m² on Tashkent's resale market in March 2026, Center for Economic Research and Reforms (CERR). gazeta.uz, checked
- 5%: year-on-year rise in the price per m² on Tashkent's resale market, March 2026, CERR. gazeta.uz, checked
- UZS 12,920.48: Central Bank dollar rate as of 31 December 2024 (set on 27 December 2024). cbu.uz, checked
- UZS 12,025.33: Central Bank dollar rate as of 31 December 2025 (set on 30 December 2025). cbu.uz, checked
- 6.9%: how much the dollar fell against the soum over 2025: UyScan calculation from Central Bank rates of 12,920.48 and 12,025.33. cbu.uz, checked
- 5.4%: how much the dollar fell against the soum from end-March 2025 to end-March 2026: UyScan calculation from Central Bank rates of 12,913.19 on 28.03.2025 and 12,210.71 on 31.03.2026. cbu.uz, checked
- 1.6%: how much the dollar fell against the soum from 31.12.2025 to 25.09.2026: UyScan calculation from Central Bank rates of 12,025.33 and 11,830.87. cbu.uz, checked
- UZS 1.29 billion: an apartment priced at $100,000 at the Central Bank rate at the end of 2024, UyScan calculation. cbu.uz, checked
- $105,700: $100,000 plus 5.7%, the rise in new-build prices in dollars according to the Central Bank, UyScan calculation. cbu.uz, checked
- UZS 1.27 billion: $105,700 at the Central Bank rate at the end of 2025, UyScan calculation. cbu.uz, checked
- since 1 April 2026: real estate can be paid for only by non-cash means. lex.uz, checked
Where the numbers come from
UyScan data as of 28 September 2026: 28,842 apartments for sale without duplicates, from OLX and uybor listings. These are asking prices, not transaction prices.
Numbers with a dotted underline are filled in from this data on every site update.
How to cite
One click selects the whole line. Please link to this page.
UyScan (uyscan.uz), asking prices of apartments in Tashkent, data as of 28 Sep 2026
Questions and answers
How much does an apartment in Tashkent cost in soums?
According to UyScan data as of 26 September 2026, the median apartment price is about UZS 1.06 billion at the Central Bank rate, or UZS 16.6 million per square meter. A 1-room apartment is about UZS 621 million, a 2-room one UZS 899 million and a 3-room one UZS 1.23 billion. These are asking prices from listings, not transaction prices.
Why are apartments in Tashkent sold in dollars?
Sellers try to keep the value of their homes in dollars even as payments gradually move to soums: that is how the Central Bank explains the gap between dollar and soum prices. On uybor.uz, only 9 of 1,312 apartment sale listings in Tashkent are priced in soums.
Are apartment prices rising in soums?
Slowly. According to the Central Bank, in March 2026 new builds cost 1.8% more than a year earlier in soums and 8.1% more in dollars; for resale the figures were 3% and 9.4%. In Q4 2025 new builds even fell 1.3% in soums.
What exchange rate does UyScan use?
The official Central Bank of Uzbekistan rate on the collection date: currently 11,825.4 soums per dollar as of 26 Sep 2026. We show sale prices in dollars, as in the listings, and rent in soums as well: the median is $750 a month, about UZS 8,869,050.
Can I pay for an apartment in Uzbekistan in cash dollars?
No, cash is not allowed, in dollars or in soums: since 1 April 2026 homes must be paid for without cash, through the buyer's bank account. Check with the bank before the deal which currency the payment goes through and at what rate.
Apartments by district
Median price per m² and every listing in the district without duplicates.