Property, stocks and bonds in Central Asia's fastest-growing economy, sourced and checked in person by people who work the market every week.
Send us a message →$100k at 4% in the UK earns $4,000 a year. A soum government bond pays 12.25%.
The UCI index went from 744 to 1,088 in the first half of 2026.
Tashkent street retail is offered at 11–12% yields. Prime London: 5–7%.
UzNIF raised $603m with orders over four times the offer.
We'll tell you what's worth buying, what it's really worth and what could go wrong, before you commit a penny.
Most of the upside sits onshore, behind local brokers, local banks and local paperwork. We take you through all of it.
Example shortlist layout
Let street retail in Tashkent and Samarkand, screened against our own pricing data.
Tashkent-listed banks, telecoms and the privatisation pipeline, with your broker account set up for you.
Sovereign and corporate bonds in soum and dollars, with the currency risk modelled before you commit.
UzNIF on the Tashkent exchange, and the local tranches of the state IPOs that follow it.
We spend our time in Tashkent with brokers, agents, lawyers and fund managers.
IMF, World Bank, Central Bank of Uzbekistan, Reuters
We've priced 541 Tashkent retail listings and tracked 158 days of state e-auction results, because the public data is thin.
One contact from first message to quarterly report: rent received, coupons, prices and anything that's changed on the ground.
The policy rate is 14% and inflation 6.2%, so Uzbek bonds pay real yields near 8%, in an economy growing at nearly 8%.
| Instrument | Yield |
|---|---|
| Government soum, long-datedSecondary market, 2025–26 | 16.5–18.5% |
| Sovereign soum bond, 3 years$1bn, April 2026, 4× oversubscribed | 12.25% |
| Corporate soum bondse.g. Uzum, 2 years, Tashkent exchange | up to 24% |
| Uzbek bank bonds, USDIndicative broker quote, Sep 2026 | ~7% |
| Sovereign Eurobond, USD, 7 yearsAt issue, 2025 | 6.9% |
| UK instant-access savingsFor comparison | ~4% |
Total dollar gain with coupons reinvested, before tax and fees. Illustrative only: the soum lost half its value in one day in September 2017.
In May 2026 the National Investment Fund of Uzbekistan went public. BlackRock, Franklin Resources and Redwheel committed about $300m before books opened.
“The opportunity is far greater than any type of risk in Uzbekistan.”
“The reforms have been meaningful in our view, and they are much more open towards market practices.”
Named Uzbekistan its Country of the Year in 2019, for travelling further than any other country that year. The reforms it praised now show up as growth, listings and record foreign investment.
“There is strong commitment to reform and economic liberalisation at the highest levels in Uzbekistan.”
“I firmly believe that now is the right time to be active in Uzbekistan.”
“The country was effectively closed. It was closed to investors, to visitors.” Foreign direct investment now runs at $4.4bn a year, almost double 2021.
Send a message with your ticket size, currency, timeline and appetite for risk. No cost, no obligation.
Properties, stocks or bonds that fit, with our pricing view and what could go wrong.
Site visits, seller and tenant calls, and a lawyer's review of title and structure.
Accounts, entities and signing with licensed local firms, then quarterly reports in English.
High returns come with real risks. We'd rather you invest knowing them.
Soum assets can lose value in dollars or pounds. The soum halved in a day in 2017, though it strengthened about 7% in 2025.
The Tashkent exchange is thin: turnover fell 42% in H1 2026 even as prices rose. Plan to hold, not trade.
Much reform runs on presidential decree, and land ownership by foreign-owned companies needs a lawyer's written opinion every time.
Uzbekistan is still below investment grade. Outlooks are positive, but Moody's has warned a reform slowdown would weigh on them.
Through three main routes: buying commercial property, usually via a locally registered company; buying shares on the Tashkent stock exchange through a licensed local broker; or buying government and corporate bonds in soum or dollars.
Commercial premises can be bought, usually through a company registered in Uzbekistan. Whether that company can also own the land under the building depends on how it is owned, so every deal needs a local lawyer's written opinion before signing. We arrange that opinion as part of our checks.
You open an account with a licensed Uzbek broker, which buys and holds shares for you on the Tashkent stock exchange. Typical broker fees are about 1% to buy and 1% to sell. We help you choose the broker and set up the account.
Uzbekistan's three-year international soum bond was issued at 12.25% in April 2026, and longer-dated soum government bonds have traded at about 16.5% to 18.5%. Dollar Eurobonds paid about 6.9% at issue. Soum returns can be cut by a fall in the soum against the dollar or pound.
Tell us what you're looking for and we'll reply by email within two working days. Prefer email? Write to [email protected].