Deposit Yields Rise Amid Waning Interest in Real Estate

Deposit Yields Rise Amid Waning Interest in Real Estate

The Institute for Macroeconomic and Regional Research (IMRR) has published new data on investment returns in Uzbekistan’s real estate market and bank deposits. According to the report, as of April 2025:

The average return on investment in multi-apartment housing in Tashkent dropped to 6.2%, compared to 27.8% in the same period last year.

Rental income declined from 10.9% to 8.1%.

The average market price of residential property fell by 2.4%.

In contrast, bank deposits — particularly those in the national currency — have demonstrated more attractive yields:

Term deposits in Uzbek soums yielded an average of 22%.

Foreign currency deposits yielded 5.1% on average.

The findings highlight a rapid narrowing of the profitability gap between real estate and foreign currency deposits. Meanwhile, deposits in the national currency are emerging as an increasingly attractive and secure savings instrument.

Amid an unstable exchange rate and stagnation in the housing market, term deposits are regaining their reputation as one of the most reliable investment options for individuals.

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Source:  Institute for Macroeconomic and Regional Research under the Cabinet of Ministers of the Republic of Uzbekistan.

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