“Revolution” in the real estate market: Realtors’ activities to be brought under control

A new law “On Realtor Activities” has been adopted in Uzbekistan, regulating the real estate market and legally strengthening the activities of industry participants.

The important document establishes a number of new legal mechanisms, including making the work of realtors and real estate agents more transparent and introducing a Single Register and an innovative multilisting system.

State oversight and qualification certificates: Who can work as a realtor?

Under the new law, the Agency for Management of State Assets (Davaktiv) has been designated as the sole authorized state body in the realtor sector.

Strict and clear requirements are now being introduced for those wishing to work in the sector:

• Successfully completing a specialized training program;

• Passing a qualification examination;

• Obtaining a special barcoded qualification certificate.

Important detail: Realtor organizations and real estate agents will have the right to officially operate from the date they are entered into the Single Register. This electronic register will openly and transparently publish all information about realtors, agents, professional public associations, and their activities.

Scope of realtor services and the “single window” system

The new document defines the precise boundaries and scope of realtor services. These include brokering transactions involving real estate properties (realtor services), organizing sales, managing property in trust, as well as providing information, consulting, and advertising services.

In addition, a unified multilisting system will be established by the private sector. This modern platform will:

• Provide services based on the “single window” principle;

• Accelerate the electronic exchange of information and data;

• Significantly simplify cooperation among market participants, buyers, and sellers.

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