On April 7, the Senate passed the newly revised edition of the Realtor Activities Law, forwarding the bill to the President of Uzbekistan for final signature.
Official data highlights a stark divide in the national real estate market. Currently, Uzbekistan counts 285 registered real estate firms and 684 certified realtors, with the volume of formal services reaching 50 billion soums in 2024—up from 43 billion the previous year. However, a massive portion of the industry remains in the shadows. Only 45% of registered firms (129 companies) utilize the official "Personal Cabinet" monitoring system. More strikingly, over 100 unofficial brokers—locally known as maklers—facilitated 19,000 transactions valued at a staggering 3.9 trillion soums outside the formal economy.
The revised law aims to pull the market out of the shadows and instill a new standard of transparency. A core shift in the document is the abolition of traditional licensing in favor of a phased transition, where oversight functions will be transferred to self-regulatory professional organizations.
The bill has also proposed external quality controls involving both state authorities and professional associations. Crucially, this oversight is designed to ensure service standards without interfering in the private financial or business operations of the firms.
Ultimately, the bill solidifies mechanisms to combat "shadow" schemes, enforces stricter financial discipline, and bolsters property rights protections for all parties involved in real estate transactions. It also establishes a clear legal framework for direct interactions between real estate agencies, regulatory bodies, and their clients.
The bill has proposed to introduce national standards for real estate services and paves the way for Multi-Listing Systems (MLS). These platforms are designed to function as a "one-stop shop," enabling seamless property searches and secure electronic settlements.
To ensure ethical boundaries, the law explicitly prohibits realtors and agents from executing property transactions in their own name while acting under a client service contract.
During the bill’s review in the lower house, it was noted that informal intermediaries (known as "maklers") will be given the opportunity to formalize their status as "real estate agents."
The adoption of this bill is expected to strengthen efforts against the legalization of criminal proceeds, expand cooperation between the state and professional associations, and improve the quality and competitiveness of real estate services.
Furthermore, the abolition of licensing and the publication of a registry of real estate organizations on the authorized body's website are intended to promote market liberalization, systematize legislation, and reduce the number of subordinate acts.
The new law is designed to bring "maklers" out of the shadows, according to Alisher Miraliyev, Deputy Head of the Agency for State Assets Management. They will be offered the chance to legalize their status as real estate agents without mandatory certification or membership in professional associations. However, transactions must still be processed through established real estate companies.
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