The Ministry of Economy and Finance has announced the preliminary results of a mass valuation of real estate in Tashkent. On August 14, an open dialogue was held at the ministry with the participation of media representatives, deputies of the Tashkent City Council, and industry experts.
According to the ministry, the current cadastral value of over 600,000 apartments in Tashkent is 57.8 trillion soums. Following the mass valuation, their value has been set at 426.7 trillion soums, an increase of approximately 7.4 times.
Additionally, more than 213,000 private houses were assessed. Their current cadastral value was 39.1 trillion soums, while the preliminary value after mass valuation reached 548.4 trillion soums — about 14 times higher.
The materials presented at the open dialogue indicate that one of the reasons for the significant discrepancy is that the current cadastral value did not fully account for the value of the land plot. In the mass valuation, a private house is considered as a single real estate object — the land plot and the buildings and structures located on it.
According to Spot, the calculations take into account the location of the property, the area of the land plot and structures, the year of construction, the floor, building materials, as well as the availability of transport and social infrastructure. In addition, offers on the real estate market, data from realtors, and notarized transactions are analyzed.
The preliminary assessment showed a significant difference in property values depending on the districts of Tashkent. The cost of one square meter of apartments ranges from 4.6 million to 35.8 million soums, and one sotka (0.01 hectare) of land — from 115 million to 890 million soums.
The Ministry of Economy and Finance emphasized that these are preliminary results. The mass valuation does not determine the exact price at which an owner should sell their property. Its purpose is to determine a value as close as possible to market conditions based on unified criteria and to bring the value of various objects to a comparable form.
The preliminary results of the mass valuation will be open for public discussion for 60 days. Property owners will be able to familiarize themselves not only with the established value of the object but also with the data used in the calculations. They have the right to receive explanations, report errors or inaccuracies, and demand a review of the result.
Furthermore, owners who disagree with the mass valuation can engage an appraisal organization to conduct an independent assessment of the property. According to information presented at the event, it is also planned to send SMS notifications to owners with the results of the valuation of their objects.
The mass valuation system is being implemented gradually in accordance with the presidential decree of March 5, 2025. In the first stage, in 2025–2026, this mechanism will be piloted in Tashkent. In 2026–2027, it is planned to expand it to Nukus city and regional centers, and from 2027 — to other regions of Uzbekistan.
The mass valuation data is intended to be used for creating property value maps, analyzing territorial development, assessing the efficiency of state capital investments, determining infrastructure development priorities, and forming an information base for the mortgage market.
Source: www.gazeta.uz