President of Uzbekistan Shavkat Mirziyoyev issued an instruction to prepare comprehensive measures aimed at improving the business climate, stimulating exports, and accelerating the process of privatizing state assets. These issues were designated as priorities at the video selection meeting held following the first half of the year.
Currently, 51 ministries and agencies have the authority to impose financial sanctions across 322 different areas, with the total amount of fines imposed in the period 2024–2026 approaching three trillion soums. The head of state emphasized that supervisory bodies should support entrepreneurs in eliminating violations rather than relying solely on punitive measures. All agencies have been instructed to provide proposals for reducing administrative barriers, including cutting fees, fines, and bureaucratic procedures.
Particular attention was paid to the state of the industrial sector. Annual losses in the textile industry due to production downtime are estimated at five trillion soums, depriving the country of the opportunity to export products worth $400 million. Responsible individuals have been tasked with taking measures to resume operations at non-functioning enterprises. Concurrently, under a new privatization program, state real estate, land plots, and shares totaling 100 trillion soums will be put up for open auction. Favorable payment terms are provided for participants acquiring state assets.
Export development issues also received significant coverage. Despite the commissioning of 509 export-oriented production facilities valued at $11 billion, 208 of them have not yet begun supplying goods abroad. If these enterprises can export even 30–40% of their products, it will provide additional foreign currency income of up to two billion dollars annually. It was found that export operations had not taken place in 29 out of 47 special economic zones since the beginning of the current year. To overcome this problem, special operational groups will be formed to address logistics, financing, certification, and the search for new sales markets.
Among other directives from the president are the development of a plan to promote national brands internationally, attracting $200 million from the World Bank for modernizing railway infrastructure, and tightening supervision over the implementation of investment projects agreed upon during international visits.
The new construction market in Uzbekistan is showing rapid growth; however, this is accompanied by an increase in cases where buyers' expectations diverge from reality. Social media often features reports of construction suspensions or multiple postponements of completion dates.
According to data from the Center for Economic Research and Reforms (CERR), approximately 295 thousand real estate sales were registered in the country in 2025, which is a 15% increase over the previous year. Tashkent is the center of this activity, accounting for nearly a third of all transactions nationwide. In March 2026, the market reached a new record, registering 43.6 thousand deals, double that of March 2025. This growth is partly linked to the abolition of the registration system in 2020.
Parallel to the increase in transactions, prices are rising: new buildings in Tashkent have increased by an average of 9% over the year, and in the Mirabad and Mirzo-Ulubek districts—by 17–18%. Rental costs in the capital have also risen by more than 9% year-on-year. Despite state efforts to strengthen control and increase market transparency, housing shortages persist, as there are only 73 housing units for every 100 families.
Despite regulatory changes, social media remains a platform for discussing primary market issues related to work quality and the fulfillment of obligations by developers. Delays in completion dates are a common problem, although participation agreements stipulate penalties, the size of which is often small—only 3–5% of the apartment cost, which reduces the developer's financial liability.
Andrey Sadykov notes that cases of complete non-completion are rare; more often, there is a significant increase in waiting times. On the other hand, the market is becoming more mature: large developers are emerging, and the residential complexes themselves are improving, offering developed infrastructure. However, competition forces developers to compete not only on price but also on quality.
Experts advise starting the selection process not with the floor plan, but with defining the purpose of the purchase (investment or personal use), assessing the actual budget, and the comfort level of monthly payments. The budget can be formed in three ways: full payment, installment plan from the developer (usually with a down payment of about 30% and repayment period of 18–30 months), or a mortgage.
Andrey Sadykov emphasizes that choosing the developer must precede choosing the district, as the location must match the buyer's financial capabilities. Andrey Kuznetsov points out that the manager sells the apartment, but the contract defines the buyer's rights.
The first step in verification is studying the construction permit, which confirms the legality of attracting participants' funds. Nevertheless, formally flawless documents do not preclude delays. It is important to evaluate not only the company as a whole but also the specific residential complex. The best source of information is already completed projects by this developer: a personal inspection and communication with residents provide a fuller picture than promotional materials.
Warning signs may include peeling facades of neighboring buildings or a lack of visible progress at the construction site during regular visits. Furthermore, one should carefully study the project itself: transport accessibility, building density, and the ratio of apartments per floor to the number of elevators, as this affects living comfort.
When reviewing the participation agreement, buyers often focus only on price and area, ignoring legal details. Crucially important are the exact completion dates, the procedure and amount of penalty for delay (which should be around 5% of the property value), and the rules for recalculating the cost if the actual area changes. Andrey Sadykov warns that the most expensive signatures are often placed on supplementary agreements that the buyer has not had time to read, and signing such documents may deprive them of the right to claim a penalty.
Buying at the foundation stage allows you to get the lowest price and choose desired layouts, but it entails long waiting periods and an increased risk of delays. For investors, the developer's reputation is important, not just the initial price. Regarding financing, the developer's installment plan is usually cheaper in the end than a mortgage, although the latter offers longer terms. Andrey Kuznetsov believes that bank approval of a mortgage is a positive sign because it indicates a preliminary review of the project.
For an investor, the key factor for profitability is not so much the entry price as the actual completion timeline. A delay in object completion significantly reduces expected profit. Although territories of major state projects are considered promising in Tashkent, there is a risk of future competition that could lead to price reductions. Andrey Sadykov concludes that the main mistake of an investor is not overpaying, but making a mistake in assessing the developer's construction timelines.
