Tashkent has completed a mass appraisal of more than 600,000 apartments and over 213,000 private homes, the Ministry of Economy and Finance announced.
Preliminary results of the property valuation were presented on August 14 at an open dialogue hosted by the ministry, attended by media representatives, members of the Tashkent City Council of People's Representatives, and industry specialists.
Apartments valued at 426.7 trillion soums
According to the ministry, the current cadastral value of more than 600,000 apartments in Tashkent stands at 57.8 trillion soums. Under the new mass appraisal, that figure has been revised to 426.7 trillion soums — roughly 7.4 times higher.
More than 213,000 private homes were also assessed. Their current cadastral value totals 39.1 trillion soums, while the preliminary mass appraisal puts their worth at 548.4 trillion soums — about 14 times higher.
Materials presented at the meeting attributed much of the gap to the fact that existing cadastral valuations do not fully account for the value of the underlying land. Under the new methodology, a private home is treated as a single real estate unit — the plot of land together with any buildings and structures on it.
The calculations take into account a property's location, the size of the land plot and buildings, year of construction, number of floors, building materials, and access to transport and social infrastructure. Officials also factor in market listings, data from real estate agents, and notarized transactions. Properties are grouped into price zones, after which models accounting for both territorial and individual characteristics are applied.
The preliminary appraisal revealed wide variation in property values across different parts of Tashkent. The cost per square meter of apartment space ranged from 4.6 million to 35.8 million soums, while the price of one "sotka" (100 square meters) of land ranged from 115 million to 890 million soums.
The Ministry of Economy and Finance stressed that these are preliminary figures. The mass appraisal does not set a fixed price at which an owner must sell their property; rather, its purpose is to establish a value that closely reflects market conditions, based on uniform criteria, and to make the value of different properties comparable.
Owners will be able to challenge their valuations
The preliminary results will be opened to public discussion for 60 days. Property owners will be able to review not only the assessed value of their property but also the underlying data used in the calculation. They will have the right to request clarification, report inaccurate or erroneous information, and demand a review of the results.
Owners who disagree with the mass appraisal will also be able to hire a licensed appraisal firm to conduct an independent valuation. Officials said they also plan to notify owners of their property's assessed value via SMS.
How the rollout will proceed
The mass property appraisal system is being introduced in phases under a presidential decree signed on March 5, 2025.
In the first phase, covering 2025-2026, the mechanism is being piloted on an experimental basis in Tashkent. It is expected to expand to Nukus and provincial capitals in 2026-2027, before being rolled out to the rest of Uzbekistan starting in 2027.
Officials say the appraisal data will be used to build property value maps, analyze territorial development, assess the effectiveness of state capital investment, set infrastructure development priorities, and create an information base to support the mortgage market.
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