Why is this important
The real estate market in Uzbekistan is growing rapidly, but at the same time, risks for buyers and sellers are also increasing. The presence of “shadow” intermediaries and weak regulation pose threats to transactions and citizens’ rights. The new law is intended to systematically regulate the activities of realtors and enhance market transparency. This directly affects trust in the industry and the security of real estate transactions.
What happened
- The Senate of the Oliy Majlis of the Republic of Uzbekistan reviewed and approved the Law “On Realtor Activity”.
- The document is aimed at updating the regulation of the real estate market, taking into account its rapid growth and existing challenges.
- The law establishes the core principles governing realtors’ work and introduces mechanisms for professional self-regulation.
- It also aims to increase market transparency and protect the rights of transaction participants.
Numbers and facts
- The law defines the principles of realtor activity, including legality, objectivity, integrity, confidentiality, and the prevention of conflicts of interest.
- It establishes that realtors and agents must provide services in good faith and act in the best interests of their clients.
- The involvement of professional public associations of realtors is introduced as a mechanism for market self-regulation.
- These associations are granted the authority to issue certificates, assess the qualifications of specialists, and oversee their activities.
- The law is aimed at reducing the “shadow economy” and increasing transparency in real estate market operations.
- Special emphasis is placed on protecting the rights and legitimate interests of consumers and market participants.
Context
- For realtors, this means stricter requirements and the need to operate within formalized rules and professional standards.
- Buyers and sellers gain stronger guarantees for transaction security and the protection of their rights.
- Для рынка в целом это шаг к снижению доли неофициальных посредников и повышению прозрачности операций.
- The state is strengthening oversight through self-regulation mechanisms, redistributing part of its functions to professional associations.
