Uzbekistan regulates real estate services market

Uzbekistan has streamlined the real estate market.

Tashkent, Uzbekistan – Podrobno.uz.

On August 7, Uzbekistan adopted the Law "On Real Estate Activity," designed to regulate relations in this sector. The State Assets Management Agency has been designated as the authorized state body for real estate activities.

According to the new law, realtors must work as part of a real estate organization and possess a qualification certificate with a barcode. This certificate is issued by a professional public association after completing a training program and successfully passing an exam. A real estate organization and real estate agent are authorized to provide services from the moment their information is entered into the Unified Register.

The law establishes the following types of real estate services:

mediation in real estate transactions and rights thereto;

organization of real estate auctions and rights thereto;

trust management of real estate;

provision of information, consulting, and advertising services in the real estate market. Furthermore, a multi-listing system is planned for this sector. It will be developed by the private sector and will enable the provision of real estate services under fixed-term contracts using a one-stop shop principle, ensuring reliable electronic data exchange.