Which Is Better Value: an Apartment Under Construction or in a Completed Building?

An apartment under construction is almost always cheaper than a completed one — this is the usual argument for buying early. Yet the gap in the price list does not show which option will cost less for a particular buyer.

If the buyer must rent for another eighteen months while making payments and saving for renovations, part of the initial saving disappears. A more expensive completed apartment may immediately reduce rental costs or begin generating income. The useful comparison is therefore not between two asking prices, but between two scenarios from the first payment to moving day.

Calculate the cost of waiting first

For an apartment under construction, add every cost incurred before handover to the contract price: rent for the current home, loan interest, compulsory payments and a possible increase in renovation costs. With an instalment plan, look beyond the deposit and monthly payment. Include any remaining balance due on a specified date.

The calculation for a completed apartment is different. The buyer receives the keys sooner, but may face a higher price, a larger initial payment and immediate renovation costs. In return, the moving date is clearer. If the property is intended for letting, the buyer can estimate when the first rental income will arrive instead of waiting for construction to finish.

Write the two sets of expenses against the same date — for example, the expected handover date of the building under construction. The first line should contain the price of the apartment under construction and the cost of waiting. The second should contain the completed apartment’s price, renovation and financing costs over the same period. This quickly shows whether the early discount actually covers rent and waiting.

What the buyer gains by entering early

The main practical advantage of buying early is choice. At the beginning of sales, more floors, layouts and positions within the building are usually available. Buyers can compare window orientation, distance from the lift and what will stand opposite the building after later phases are completed. The options best suited to a particular buyer may already be sold by the time the project approaches handover.

A lower starting price can produce a saving, but appreciation is not automatic. According to the Central Bank of Uzbekistan, primary-market apartment prices in the national currency fell by 1.3% in 2025, while secondary-market prices rose by 0.7% [1]. In January 2026, the Centre for Economic Research and Reforms reported that the average price of new housing in Tashkent was more than 9% higher year on year [2]. These figures cover different periods and market segments, but they demonstrate the same point: the market does not move uniformly.

Expected appreciation should therefore not be treated as guaranteed income. The purchase needs to work without that assumption: the budget can meet the payment schedule, the waiting period suits the household, and the chosen apartment remains a sound option even without a quick resale.

A completed building offers more than speed

A completed building allows buyers to examine what exists only on paper at the excavation stage. Walk from the vehicle entrance to the lobby, assess noise at different times, check the distance to the neighbouring building and see whether the chosen apartment receives enough daylight. The layout is also easier to judge when the actual dimensions of rooms, windows and passages are visible.

This option is more practical when the move cannot be delayed, the household is already paying high rent or the buyer would struggle to carry several financial commitments at once. In that situation, the premium does not buy an abstract state of “completion”; it shortens the period of uncertainty and allows the home to be used sooner.

A completed building still requires due diligence. Check the property’s legal status, compare the actual layout with the documents, estimate the renovation work and ask about compulsory charges. My.gov.uz provides a service for checking the extract and cadastral passport of a registered property [3].

What to check while the building is still under construction

Construction progress is only one part of the check. A project registered with the territorial inspectorate receives a QR passport linking to its initial information in the Shaffof Qurilish system; the passport must be displayed in a visible place on the construction site [4]. If clear official information is unavailable, postpone payment until the situation has been clarified.

The contract should state the property and its characteristics, the parties, payment schedule and procedure, construction deadline, handover terms and refund conditions unambiguously. Presidential Decree No. UP-11 provides for further regulation of shared-equity construction and the introduction of an escrow system [5]. Ask the seller which payment arrangement applies to the chosen project, which bank holds the funds and when the developer can access them.

Before signing, complete one short check:

find the project in official systems and compare the address, developer and construction stage;
compare the promised deadline with the wording in the contract and the conditions for changing it;

request the full payment schedule, including any large final instalment and additional fees;
clarify the refund procedure and each party’s liability;
confirm that the chosen apartment matches the floor plan, building and window orientation.

Checking official records independently does not replace a legal review of the contract. If the payment procedure or deadlines allow more than one interpretation, ask a specialist property lawyer to review the document before paying.

How to choose between the two scenarios

Buying during construction suits a buyer who does not need to move urgently, has a financial reserve for the waiting period and gains a real advantage from the wider choice. It can be particularly attractive when the buyer finds a practical layout or position within the building that may no longer be available near completion.

A completed apartment is often the better choice when the home is needed within a foreseeable period, rent adds substantially to costs or the buyer wants to inspect the building and surroundings in person. The same principle applies to investment purchases: calculate the date when letting or resale can begin, all expenses up to that date and demand for the specific apartment rather than average market growth.

The Dreamland Development website presents projects and published floor plans [6]. To compare the two scenarios, ask the sales manager for the current price, payment schedule, construction stage and completion date, full floor plan and available apartments in completed or unfinished buildings.

The decision becomes easier when two total costs and two moving dates are placed side by side instead of price per square metre. The better-value option is the one that fits the budget and meets the buyer’s needs within the required timeframe without relying on unconfirmed price growth.

Sources

[1] Central Bank of the Republic of Uzbekistan — “Real Estate Market Analysis for Q4 2025.”
[2] Centre for Economic Research and Reforms / Review.uz — “Uzbekistan Real Estate Market Review for January 2026.”
[3] Unified Portal of Interactive Public Services My.gov.uz — “Checking a Property Extract and Cadastral Passport in the State Cadastral Register.”
[4] Digital Government Portal of Uzbekistan — “Procedure for Displaying a QR Passport at Construction Sites.”
[5] National Database of Legislation of Uzbekistan Lex.uz — Decree of the President of the Republic of Uzbekistan No. UP-11.
[6] Dreamland Development — “Project Map.”