Senate approves updated law on real estate activities to curb shadow economy

The revised law, initially passed by the Legislative Chamber in July 2025, establishes five core principles for the sector: legality, objectivity, honesty, confidentiality, and the prevention of conflicts of interest.

Under these new guidelines, real estate agents and brokers are legally mandated to provide honest services and maintain the trust of their clients. A key feature of the reform is the introduction of professional public associations. These bodies will serve as a self-governing mechanism, responsible for assessing the qualifications of real estate professionals, issuing certifications, and monitoring ethical conduct within the industry.

Senators emphasized that the primary goal of the overhaul is to bring "shadow" intermediaries into the legal fold. The legislation provides a pathway for informal brokers – traditionally known as "maklers" – to legalize their status as registered real estate agents. To support this transition and ensure public oversight, a unified state register of real estate agents will be created, allowing consumers to verify the credentials of their service providers.

Technological integration also plays a central role in the new legal framework. The law envisions the creation of multi-listing systems (MLS) designed to handle electronic auctions and clearing settlements. By facilitating transactions through a "single window" model, the government aims to reduce off-bank cash turnover and ensure that financial settlements in the property market remain transparent and secure. According to the Senate press service, these measures will collectively protect consumer rights and elevate the prestige of legitimate real estate businesses in Uzbekistan.