How is property value determined? New procedure approved

By order of the Minister of Economy and Finance, a clear and unified methodology for mass property appraisal has been officially approved. This will launch a modern, automated, and market-based system for determining the value of housing, land plots, and other types of real estate nationwide, reported Norma.

The new system will be implemented by the National Center for Mass Real Estate Valuation under the Cadastre Agency. This center is responsible for monitoring, analyzing the actual state of the property market, and estimating the value of each object.

According to the new procedure, mass appraisal includes the following stages:

Firstly, government authorities collect important information about real estate. This includes technical data on houses, buildings, and land, market prices, and purchase activity statistics.

Secondly, properties subject to mass appraisal are grouped by specific characteristics. For instance, residential houses, service buildings, or industrial facilities are accounted for separately.

Thirdly, the government analyzes price trends in the real estate market. Data is collected from electronic trading platforms, notarized contracts, and collateral evaluations from commercial banks.

Fourthly, price-forming factors and their influence coefficients on the value of each object are determined. Factors such as location, size, renovation status, and other aspects are taken into account.

Fifthly, based on this data, results are generated using automated methods and entered into the central database.

The mass valuation process will be implemented in stages:

- In 2025–2026 – as a pilot in the city of Tashkent;
- In 2026–2027 – in the city of Nukus and all regional centers;
- From 2027 onward – across the entire country.

Experts believe that this system will lay the foundation for fair and transparent pricing in the national real estate market. It will also provide a more accurate and systematic approach in tax and property reporting.

The new method aims to create a single, reliable, and automated valuation mechanism for sellers, buyers, and government institutions. This is expected to reduce financial risks, ensure proper calculation of collateral and taxes, and contribute to social equity. Read 'Zamin' on Telegram!