Uzbekistan moves to legalize informal brokers and digitize real estate deals

Uzbekistan is set to modernize its real estate sector by introducing an electronic settlement system and formally recognizing informal brokers as “real estate agents,” according to a new draft law passed by the Legislative Chamber on July 1.

Photo: Presidential press service

The Legislative Chamber of the Oliy Majlis has approved the second and third readings of the revised Law “On Real Estate Activity,” the Parliament’s press service reported. The proposed legislation is intended to replace the current law adopted in 2010.

The key goals of the updated law include reducing the shadow economy in the real estate market, increasing transparency, and protecting the rights of property buyers.

One of the main reforms proposed is to legalize informal brokers, allowing them to operate officially as real estate agents. This is expected to increase accountability and transparency in their operations while helping prevent fraudulent schemes.

To reduce cash-based transactions outside the banking system, the law also envisions the implementation of a multiple listing service (MLS) platform that would facilitate electronic bidding and clearing for real estate deals. This digital infrastructure will support a “one-stop-shop” model for housing-related services.

Furthermore, the draft law seeks to enhance the role of professional associations in regulating the real estate industry by assigning them new responsibilities and powers. This aligns with broader efforts to shift certain regulatory functions from state authorities to professional self-regulatory bodies.

A unified public registry of real estate service providers will also be established, enabling real-time monitoring of organizations operating in the sector and offering accessible information for the general public.

During discussions on June 30, the Milliy Tiklanish (National Revival) party faction revealed plans to abolish the licensing system as a method of regulation in the real estate sector. Instead, some oversight duties will be transferred to professional associations.

Lawmakers emphasized that the adoption of the law will significantly improve the quality of real estate services and enhance the overall transparency of the sector. The bill will now be reviewed by the Senate, and if approved, will require the President’s signature to become law.

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