More than 800,000 properties were assessed en masse in Tashkent.

A large-scale appraisal of over 800,000 properties has been conducted in Tashkent.

As part of a pilot project in the capital of Uzbekistan, a mass appraisal was conducted of over 600,000 apartments and over 213,000 private homes.

Preliminary data show that the estimated value of apartments was almost 7.4 times higher than the current cadastral value, while for private homes it was almost 15 times higher. This information was presented during an open dialogue at the Ministry of Economy and Finance.

The total current cadastral value of over 600,000 apartments in Tashkent is 57.7 trillion soums. Following the mass appraisal, their total value reached 426.7 trillion soums.

For over 213,000 private homes, the current cadastral value is estimated at 39 trillion soums, while following the mass appraisal, it increased to 587 trillion soums.

The significant discrepancy in valuations is due to differences in methodologies. The current cadastral value does not fully account for the value of the land plot. In mass valuations, a private home is considered a single property, including the land plot and all buildings and structures on it.

When calculating the value, factors such as the property's location, the area of the land plot and buildings, the year of construction, the number of floors, the building materials used, and the availability of transportation and social infrastructure are taken into account. In addition, specialists analyze market offers, information from realtors, and data from notarized transactions.

Property properties are categorized into price zones, after which valuation models are developed that take into account the specific characteristics of specific areas and the characteristics of the properties themselves.

Preliminary results also revealed significant differences in property values across Tashkent's districts. The price of one square meter of an apartment ranged from 4.6 million to 36 million soums, while the price of one hundred square meters of land ranged from 115 million to 888 million soums.

The Ministry of Economy and Finance emphasized that the obtained figures are preliminary and do not determine the future market price of the property. The purpose of mass appraisal is to establish a value as close as possible to market conditions, based on uniform criteria, and to ensure comparability of properties.

The appraisal results are planned to be submitted for public discussion for 60 days. Owners will receive SMS notifications and will be able to view the appraisal results for their property, as well as the data used in the calculations.

If errors or inaccuracies are discovered, owners will be able to report them, receive clarification, and request a review of the results.

Furthermore, owners who disagree with the mass appraisal results will have the opportunity to engage an appraisal organization to conduct an independent assessment.

The mass real estate appraisal system is being implemented in Uzbekistan in stages in accordance with the presidential decree of March 5, 2025. A pilot project will be implemented in Tashkent in 2025–2026. The system is planned to be implemented in Nukus and regional centers in 2026–2027, and in the rest of the country starting in 2027.

According to the Ministry of Economy and Finance, the phased implementation will allow for practical testing of the methodology, addressing identified shortcomings, and adapting the system to the specific needs of various regions.

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