Today, at the 14th plenary session of the Senate of the Oliy Majlis, the Law “On Realtor Activity” was discussed and approved.

As noted, in recent years, population growth and accelerating urbanization processes have contributed to the development of the real estate market. At the same time, there is a need to improve the existing mechanisms for regulating realtor activities.

Currently, in some cases, realtor activities are carried out informally, which negatively affects market transparency and openness. As a result, elements of the shadow economy persist, and there are instances of violations of citizens’ rights.

The Law provides for:

• improvement of the legal framework for realtor activities;
• clarification of state regulation mechanisms in this field;
• definition of the rights and obligations of real estate market participants;
• introduction of norms aimed at ensuring transparency and openness of the realtor services market;
• strengthening guarantees for the protection of citizens’ property rights.

The adoption of the Law is aimed at regulating the realtor services market, strengthening legality in the sector, and reducing the shadow economy.