Tashkent, Uzbekistan (UzDaily.com) — A draft law on "Real Estate Activities" was discussed in its first reading at a session of the Legislative Chamber of the Oliy Majlis.

In recent years, real estate services have been actively developing in Uzbekistan to meet the growing demand in the real estate market. However, there is a need to revise existing regulations in light of new trends and changes in legislation, as well as to develop a practical law that can be directly applied in this area.

The draft law proposes granting individual entrepreneurs and self-employed individuals the right to engage in real estate activities, a measure aimed at bringing informal intermediaries (brokers) into the legal framework.

Additionally, to combat the shadow economy and improve the quality of real estate services, the creation of an electronic trading system for real estate properties and the introduction of electronic settlements (clearing) are planned, along with the establishment of multiple listing systems (electronic trading platforms).

The proposal also aims to expand the role of professional public associations in the real estate sector by granting them new functions and powers. Moreover, an information system called the "Unified Register" of real estate entities will be introduced, accessible to the public, to more effectively account for and monitor the activities of real estate agents.

During the session, deputies emphasized the importance of the draft law and discussed its specific provisions. The initiators of the draft law provided detailed explanations and promised to consider the suggestions made during the discussion when refining the document.

The adoption of the draft law is aimed at improving the quality of real estate services, increasing transparency in the activities of real estate agents, and reducing hidden practices in the sector.

The draft law was approved by the deputies in the first reading.