Deputy Director of the State Assets Management Agency, Alisher Miraliyev, presented details on the revised law "On Realtor Activity" at a Senate meeting on April 7, highlighting efforts to legalize Uzbekistan's real estate market. He noted that while the number of formal market participants is significant, a substantial portion of brokerage activity remains in the "shadow" economy, posing challenges to economic transparency and growth.
Official statistics show 285 realtor organizations and 684 licensed realtors operating in Uzbekistan, with service volumes reaching 50 billion soums in 2024. However, the informal segment remains large: only 129 companies (45%) are registered in the "Personal Cabinet" system, and 108 unofficial intermediaries ("brokers") participated in 19,000 transactions worth 3.9 trillion soums. Last year alone, 473 such brokers formalized 650 real estate deals valued at 136 billion soums, underscoring the persistence of unregulated practices.
Miraliyev attributed this situation partly to the complexity of current regulatory requirements, including certification and membership in professional associations, which deter many intermediaries from formalizing their operations. To address this, the new legal draft introduces a "real estate agent" framework—a simplified legal status designed to bring informal brokers into the regulated economy without stringent qualification mandates.
Under this mechanism, real estate agents would focus on advertising and client matching under contracts with property owners or realtor firms, while formal transaction processing would remain with licensed realtors. This approach aims to reduce administrative burdens on small entrepreneurs, facilitate tax compliance, and ease the transition of brokers into the formal sector. The government claims it will enhance market efficiency, though its implementation amid bureaucratic hurdles remains to be seen.
Additionally, the law envisions a unified digital registry managed by the State Assets Management Agency, listing all realtor organizations, licensed realtors, and real estate agents. This online registry, updated in real-time, would allow consumers to verify the legitimacy of intermediaries before engaging in transactions, purportedly boosting client trust and professional standards. Critics, however, question whether such measures can fully eradicate deep-rooted informal practices in the sector.
Source: www.gazeta.uz