A new system for real estate appraisal has been introduced
With the decision of the Minister of Economy and Finance, a new methodology for the mass valuation of real estate has been approved. This was reported by Zamin.uz.
Through this procedure, the value of residential properties, land plots, and other types of real estate across the country will be determined in a modern, automated manner that is in line with market conditions. The new system will be implemented by the National Center for Mass Valuation of Real Estate under the State Cadastre Agency.
This center will continuously monitor, analyze, and calculate the estimated value of each property in the state property market. The mass valuation process under the new procedure consists of several stages.
First, state officials will collect necessary information based on technical data about real estate objects, market prices, and the purchasing activity of the population. Then, the properties to be valued will be categorized, for example, apartments, service buildings, or production facilities will be considered separately.
After that, price trends will be studied, and data obtained from electronic trading platforms, notaries, and commercial banks will be analyzed. Factors such as the location of the property, its area, and its condition will be taken into account along with their impact coefficients.
Based on this information, the results of the valuation will be generated in an automated manner and entered into a single database. The mass valuation will initially be implemented as a pilot project in Tashkent city in 2025-2026, followed by Nukus and regional centers in 2026-2027, and then throughout the entire country starting from 2027.
Experts believe that the new system will help establish fair and transparent prices in the real estate market. Additionally, tax and property reporting will be conducted with greater accuracy and systematization.
This methodology aims to create a reliable and automatic valuation mechanism for home sellers, buyers, and state organizations. As a result, financial risks will decrease, collateral and taxes will be calculated accurately, and social justice will be ensured.
