Significant changes are being made in the real estate sector in Uzbekistan. This was reported by Upl.uz.
These reforms are aimed at combating the activities of the black market, increasing market transparency, and strengthening consumer rights. One of the main innovations is the abolition of licensing in real estate activities and the recognition of brokers as official real estate agents.
On July 1, the Legislative Chamber adopted the law "On Real Estate Activities" in its new edition in the second and third readings. This document was developed to update the old legislation from 2010.
Granting unofficial intermediaries the opportunity to work as official agents will help to make their activities more transparent and reduce the risk of fraud. In order to reduce the turnover outside of banks in the real estate market, many registration systems are planned to be implemented.
These platforms will facilitate electronic trading and settlements and provide housing-related services based on a "one-stop" system. Thus, all operations, from searching to concluding transactions, will be carried out in one place, creating convenience for the participants in the process.
The new legislation gives a significant role to professional public associations of realtors. They will be entrusted with new powers and responsibilities, ensuring their active participation in regulating the sector.
Additionally, a single open register of real estate entities will be established, through which the activities of organizations will be monitored and reliable information will be provided to the public. The initiative to abolish licensing and transfer some regulatory functions to professional associations was proposed by the "National Revival" party faction during the discussion of the draft law on June 30.
Deputies emphasized that the adoption of this law will significantly improve the quality of real estate services and enhance the transparency of the activities of all organizations in the sector. Currently, the draft law is under consideration by the Senate and is expected to be signed by the President afterwards.
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