Tashkent, Uzbekistan (UzDaily.com) — At a session of the Legislative Chamber of the Oliy Majlis, the draft law “On Realtor Activity” was reviewed in its second reading.

It was noted that in recent years, Uzbekistan has been carrying out extensive work to develop realtor activities aimed at meeting the demand in the real estate services market and improving their quality.

At the same time, there is a need to regulate this activity more effectively, bring existing regulatory legal acts in line with modern trends and legislative changes, and develop a law with direct effect governing this sphere.

Accordingly, the draft law proposes measures to reduce the shadow market of unofficial intermediaries (brokers), ensure transparency and good faith in their activities, and limit realtor activity exclusively to the status of “real estate agent.” This is expected to foster a competitive environment, increase consumer trust in realtors, and prevent cases of fraud against citizens.

Moreover, to reduce the shadow economy, enhance transaction transparency, and introduce the principle of a “single window” in providing realtor services, the draft suggests organizing electronic trading of real estate objects and conducting payments in electronic form (clearing) through multi-listing systems.

The draft also proposes expanding the role of professional public associations in the realtor sector by granting them new functions and authorities. It provides for the introduction of an information system called the “Unified Register” of realtor entities, which will be publicly accessible to ensure accurate record-keeping, provide access to information about realtor organizations, and enable effective monitoring.

During the session, deputies emphasized the significance and necessity of the draft law, raising questions about certain provisions. For example, Zafar Khudoyberdiev, a member of the UzLiDeP faction, focused on Article 19, which requires realtor organizations to be members of one of the professional public associations. He asked whether this requirement contradicts existing laws “On Non-Governmental Non-Profit Organizations” and “On Public Associations in the Republic of Uzbekistan.”

Deputies also sought clarifications regarding the definitions of “realtor,” “realtor organization,” “basic principles of realtor activity,” and the main directions of state policy in this area.

The bill’s initiators provided detailed explanations addressing all raised questions.

Following the discussion, the draft law was approved by the deputies in the third reading and forwarded to the Senate.