In Tashkent, rent has doubled due to the influx of Russians

“If for two months they worked from 300 to 450 dollars, now everyone has raised prices from 600 to 1000-1500 dollars for a one-room apartment,” said the Etazhi real estate agency (quote from Real Estate RIA Novosti ).

The company added that about eight calls are received daily asking for help in finding an apartment in Tashkent for foreigners. Another real estate agency reported more than 2,000 orders from Russians who arrived in the capital of Uzbekistan. To meet the demand, the organization was forced to cooperate with private realtors. In addition, realtors noticed a change in the structure of transactions in the secondary real estate market in Tashkent.

“Those clients who planned to sell their apartments have now changed their minds and decided to make money on rent,” said one of the realtors.

According to a report by the Institute for Forecasting and Macroeconomic Research (IPMI) under the Ministry of Economic Development and Poverty Reduction of Uzbekistan, income from rental housing in Tashkent is three times higher than the average income from bank deposits in the country: 10% versus 3.4%. At the same time, IPMI analysts believe that the residential real estate rental market in Tashkent is at the initial stage of formation.