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Economy 21/11/2023 The market value of real estate in Uzbekistan could reach US$350 billion
The market value of real estate in Uzbekistan could reach US$350 billion

Tashkent, Uzbekistan (UzDaily.com) - The President of Uzbekistan Shavkat Mirziyoyev instructed to speed up work on aerial photography and land cadastral registration.

The head of state noted that the market value has not yet been calculated for a significant part of real estate in Uzbekistan. We are talking about more than 8 million buildings and structures.

The total cadastral value of real estate is US$70 billion, but the market minimum is 4-5 times higher (US$280-350 million), the president said. “Imagine how many assets the population and entrepreneurs will have if we add the market value of the land,” he added.

At the moment, cadastral services have registered about 40 million hectares or 90% of all lands in Uzbekistan, including thanks to digitalization.

The President instructed to speed up work on cadastration of the remaining problem lands.

For this purpose it is planned to use modern aircraft and laboratories. By the end of the year, it has been ordered to conduct a complete aerial photograph of Tashkent, the capital region and regions of the Fergana Valley, and in 2024 - the remaining regions.

Problems with the legal status of agricultural land were also noted. For plots with a total area of 286 thousand hectares, there is no complete set of documents confirming land rights.

The areas, the area of which varies according to documents and in reality, amount to 159 thousand hectares. For another 460 thousand hectares, previously allocated for permanent use, the legal status has not yet been determined.

In total, over 900 thousand hectares of land do not have valid cadastral registration and are located in the “gray zone”. This means that there is no official possibility of subletting them - for example, for secondary seeding.

 

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