Today, the Ministry of Economy and Finance held an open dialogue dedicated to the preliminary results of the mass valuation of real estate conducted in Tashkent.

The event was attended by representatives of the Ministry, experts and members of the mass media. Deputy Minister of Economy and Finance Ahadbek Haydarov, Director of the National Center for Mass Valuation of Real Estate under the Cadastre Agency Muhiddin Kholmurodov, and others spoke at the event and provided information on the work carried out as part of the implementation of the Decree of the President of the Republic of Uzbekistan dated March 5, 2025, “On the Introduction of a Mass Real Estate Valuation System.”

According to Deputy Minister Ahadbek Haydarov, Uzbekistan currently has more than 9 million residential and non-residential real estate properties and nearly 8 million land plots. Real estate is one of the most important economic assets of citizens and businesses. At the same time, the existing cadastral value does not fully reflect changes that have taken place in the real estate market in recent years, differences between regions, or the actual market value of properties.

“Therefore, in accordance with Presidential Decree No. PF-43 dated March 5, 2025, the gradual introduction of a mass real estate valuation system has been established. The first stage of introducing this system is being implemented on a pilot basis in Tashkent in 2025–2026. According to preliminary results, more than 600,000 apartments in Tashkent have been valued. While their existing cadastral value amounted to UZS 57.7 trillion, the value determined as a result of mass valuation amounted to UZS 426.7 trillion.”

In addition, more than 213,000 individual residential properties have been revalued. While the existing cadastral value of these properties amounted to UZS 39 trillion, their value based on mass valuation reached UZS 587 trillion. The valuation results also demonstrated significant differences in real estate values across different areas of Tashkent. In particular, the value per square metre of apartments ranged from UZS 4.6 million to UZS 36 million, while the value of one sotix of land ranged from UZS 115 million to UZS 888 million. One of the main reasons for this difference is that the value of land plots has not been fully reflected in the existing cadastral value. Under mass valuation, an individual residential property is assessed as a single real estate asset, with the land plot and the buildings and structures located on it valued together,” the Deputy Minister said.

According to experts, the valuation process involves analysing a large volume of data on the real estate market. This includes market listings, data from real estate agents and officially registered transactions. Properties are then grouped into price zones. Based on this data, valuation models are developed that take into account the specific characteristics of different areas and the individual characteristics of properties.

Muhiddin Kholmurodov, Director of the National Center for Mass Valuation of Real Estate under the Cadastre Agency, noted that the valuation methodology was developed based on international experience and recommendations from experts of the International Monetary Fund and the World Bank. More than 100,000 pieces of real estate market data were analysed during the valuation process, including more than 85,000 notarised purchase and sale transactions.

“In mass valuation, areas are divided into zones according to real estate prices, while factors such as the year of construction, area, construction material, floor, land plot and location of each property are taken into account. Since the existing cadastral value does not fully reflect the actual value of real estate, the new system considers the property's location and proximity to infrastructure as among the key value-forming factors.

The difference between demand and supply prices in the market was also taken into account in the valuation. Based on international experience, a discount of 20–30 percent was applied to asking prices. For example, an actual purchase and sale transaction for a 94-square-metre apartment in the Ahmad Yugnakiy residential area amounted to UZS 1.2 billion, while its value determined through mass valuation was UZS 1 billion. The existing cadastral value of the same property was UZS 190 million.

The results of the mass valuation are currently preliminary. Before the final values are approved, a mechanism is envisaged for publicly discussing the valuation results, reviewing the opinions and proposals of property owners, and making relevant adjustments where substantiated objections are raised. The valuation results will be available for public discussion for 60 days. Each property owner will receive an SMS notification regarding the valuation result of their real estate.

Property owners will have the right to review the valuation results and the data used in the calculations, submit an application in accordance with the established procedure if errors or inaccurate information are identified, and request a review of the results. In addition, property owners who disagree with the mass valuation may engage independent valuers.

“It should be noted that mass valuation does not determine the exact future selling price of real estate. Its primary purpose is to determine a value that is close to market conditions, based on unified criteria and allowing for comparison of real estate properties,” M. Kholmurodov said.

It was also announced at the event that the results of the mass valuation of real estate properties in Tashkent are being published on the davreestr.uz website.

Source: uza.uz