President Shavkat Mirziyoyev at the government meeting on September 23 announced new system of real estate sales using escrow accounts in Uzbekistan, his spokesman Sherzod Asadov said.
Reportedly, the number of disputes is growing between the developer who promised to build real estate and individuals who invested money in it. People deceived by dishonest builders are being left homeless and without money.
Therefore, on the instructions of the president, a working group led by the Minister of Construction studied foreign experience. Now a system of "guaranteed escrow" will be adopted when buying housing.
In particular, developers will enter into an agreement with banks to organize the sale of houses they are building, and the money of buyers of these apartments will be transferred directly to the bank, and not to the developer.
Banks will reportedly give the collected money to developers as a resource. Then they will act as a middle-entity between the developer and the buyer, guaranteeing timely and high-quality construction of real estate and its delivery to owners.
The new system will be tested for a year in Samarkand, as well as the Yangihayot and Sergeli districts of Tashkent.
