Uzbekistan Senate Approves New Real Estate Law

Tashkent, Uzbekistan (UzDaily.com) — The Senate of Uzbekistan has reviewed and approved the Law “On Real Estate Activities” during a plenary session.

During the discussion, it was noted that in recent years the real estate market in Uzbekistan has experienced rapid growth: residential complexes are being actively built, mortgage lending is expanding, and investment activity is increasing.

At the same time, negative phenomena persist, including the rise in unofficial intermediaries, the existence of a shadow sector, and isolated cases of citizens’ rights violations.

Senators emphasized the need to update the legal and regulatory framework governing real estate activities, taking into account modern trends and legislative changes.

The law establishes fundamental principles for operating in the real estate market, including legality, objectivity, honesty, confidentiality of information, and prevention of conflicts of interest. According to the document, realtors and property agents are required to provide clients with conscientious services and act in their best interests.

One of the key innovations is the formal recognition of professional public associations of realtors. They are seen as an important mechanism for industry self-regulation: they will issue certifications, assess specialists’ qualifications, and monitor compliance with professional standards.

According to senators, the law aims to bring the market out of the “shadow,” ensure transparency of transactions, enhance the prestige of legal business, and involve the public in combating the shadow economy.

It was also noted that the document contributes to protecting the rights and lawful interests of market participants and strengthens consumer protection.

Following the discussion, the law was approved by the Senate.