Uzbekistan, Tashkent – Podrobno.uz. Starting April 1, 2026, Uzbekistan's real estate market will transition to new rules. According to a presidential decree, the purchase and sale of housing will now be conducted exclusively in cashless form. The implications of these changes and the introduction of an escrow account system to protect citizens and formalize the construction sector were discussed at a press conference in Tashkent on March 5.

Sherzod Kudbiyev, Chairman of the Urbanization Committee, noted that the shift to cashless payments will have a positive impact on the development of the construction sector. The new rules aim to reduce the shadow economy and increase tax revenues. In addition to real estate, cashless procedures will become mandatory for any goods and services valued over 25 million Uzbek som.

Mandatory cashless payments will also be introduced for: government services and utility payments; purchases of alcohol and tobacco products; services at fuel and charging stations; and the purchase and sale of vehicles (categories M, N, O, and G) manufactured less than 10 years ago.

A key reform will be the mandatory implementation of an escrow system in residential construction. Sherzod Hidoyatov, Minister of Construction and Housing and Communal Services, reported that the relevant draft law has already been developed and is in the process of being submitted to the Oliy Majlis. The essence of the system is that when purchasing housing under construction, the buyer's money is transferred not to the developer but to a special bank account (escrow). The developer can only access these funds after the object is fully completed and documented. This eliminates risks of fraud and situations where people cannot receive paid-for housing for years.

Sherzod Kudbiyev emphasized that the law will establish clear boundaries of responsibility. Specifically, it will regulate issues such as what percentage of funds a developer can take, who is responsible for delays, and what happens in case of developer bankruptcy. Currently, the escrow system operates on a voluntary basis, but after the law is adopted, it will become mandatory nationwide. The government plans to ensure the adoption of the document by July 1 to fully protect citizens' interests and minimize risks in the construction sector.

Source: podrobno.uz