Property for sale in Uzbekistan
Uzbekistan is a Central Asian country, a former Soviet republic. It is known for the mosques, mausoleums and places linked to the Silk Road, the ancient trade route that connected China to the Mediterranean Sea. Samarkand, the most important city along the Way, houses Registan: an important example of Islamic architecture. It borders to the north and west with Kazakhstan, to the east with Kyrgyzstan and Tajikistan, to the south with Afghanistan and Turkmenistan; together with Liechtenstein it is the only country in the world doubly landlocked on the sea, that is that it has no outlet on the sea and borders with states also all landlocked. Toshkent is the capital of Uzbekistan.
If you want to buy property for sale in Uzbekistan the capital of Uzbekistan is investing in one of the largest real estate and urban redevelopment projects in the world. The Tashkent City International Business Centre, approved by the Uzbek Government in July 2017. It covers an area of 80 hectares in the centre of the largest Uzbek city. The great urban project has aroused the interest of international companies and real estate investors and it can also be an important driving force for tourism. The master plan of Tashkent City includes the construction of modern buildings for offices, hotels, residential areas, conference rooms, hypermarkets, shopping centres and pedestrian areas.
The real estate market in Uzbekistan has been largely stagnant during the last decade, influenced by the worsening economic situation and the business climate in the country. It should be noted that the situation is changing rapidly at the moment and with the liberalization of the entire economy, the real estate market is expected to start reborn in the near future.
Foreign investors have encountered difficulties to buy property for sale in Uzbekistan because it is difficult to receive authorization to convert Uzbekistani so’m into US dollars in the amounts required for repatriation. In Uzbekistan there was no alternative legal market for investors wishing to transfer funds abroad. This was particularly aggravated by the total lack of foreign investors on the market.
The lack of foreign investment meant that market trends were driven by local and seasonal factors. Small local investors remain the only players left on the market who seek to store value in property rather than in a risky and inefficient banking system.
Expectation is that continued economic reforms, improved economic climate and the liberalization of currency exchanges will ensure that the real estate market will be among the first asset classes to be recovered. The market is characterized by an insufficient historical offer of adequate residential and commercial properties for sale in Uzbekistan. After a substantial price correction, the real estate market has solid fundamentals for growth and attractive valuations. Foreigners and citizens of other regions of the country who purchase property for sale in Tashkent can obtain a residence permit after purchasing property for sale worth not less than $ 100,000. This became possible after recent legislative changes.