Tashkent Mass Valuation Covers More Than 800,000 Properties

Tashkent, Uzbekistan (UzDaily.uz) — A pilot mass valuation project in Tashkent has assessed more than 600,000 apartments and over 213,000 private homes.

Preliminary results showed that the estimated value of apartments was almost 7.4 times higher than their current cadastral value, while the estimated value of private homes was almost 15 times higher. The figures were presented at an open dialogue at the Ministry of Economy and Finance.

The current cadastral value of more than 600,000 apartments in the capital is estimated at 57.7 trillion soums. Following the mass valuation, their combined estimated value reached 426.7 trillion soums.

For more than 213,000 private homes, the current cadastral value stands at 39 trillion soums, while their combined value under the mass valuation reached 587 trillion soums.

The materials cited differences in valuation methods as one of the reasons for the substantial gap. The current cadastral value does not fully reflect the value of the land plot. Under the mass valuation, a private home is treated as a single real estate property comprising the land plot, buildings and structures.

The calculations take into account the location of the property, the area of the land and buildings, the year of construction, the number of floors, construction materials, as well as transport and social infrastructure. Specialists also analyse market listings, information from real estate agents and data from notarized transactions.

Properties are divided into price zones, after which valuation models are developed based on the characteristics of specific areas and properties.

Preliminary results also showed significant differences in property values across Tashkent’s districts. The price of one square metre of an apartment ranged from 4.6 million to 36 million soums, while the value of one sotik of land ranged from 115 million to 888 million soums.

The Ministry of Economy and Finance stressed that the figures are preliminary and do not determine the price at which a property will be sold in the future. The purpose of mass valuation is to determine a value as close as possible to market conditions, based on uniform criteria, and to ensure comparability between properties.

The valuation results are planned to be submitted for a 60-day public discussion. Property owners will receive SMS notifications and will be able to review the valuation results for their properties and the data used in the calculations.

If errors or inaccurate information are identified, owners will be able to report them, receive explanations and request a review of the results.

Owners who disagree with the mass valuation results will also be able to engage an appraisal organization to conduct an independent valuation.

The mass property valuation system is being introduced in Uzbekistan in stages under a presidential decree dated 5 March 2025. In 2025-2026, the pilot project is being implemented in Tashkent. The system is planned to be introduced in Nukus and regional centres in 2026-2027, and in the remaining regions from 2027.

According to the Ministry of Economy and Finance, the phased rollout will allow the methodology to be tested in practice, identified shortcomings to be addressed and the system to be adapted to the specific characteristics of different regions.

The mass valuation results are expected to be used to create property value maps, compare regional development levels, assess the effectiveness of public capital investment, determine infrastructure development priorities and build an information base for the mortgage market.