Rumors are circulating in Uzbekistan that, starting January 1, the purchase of apartments in new buildings will allegedly be carried out exclusively through the escrow system. The Ministry of Justice of the country has denied these reports, emphasizing that there is no legal basis for the mandatory use of such a system yet.
According to the Presidential Decree No. PF-11 of January 27, 2025, a set of measures to improve housing construction has been approved in the country. As part of these initiatives, a draft law "On the construction of apartment buildings and other real estate based on equity participation" has been developed, which provides for the introduction of an escrow system. The final launch date will be determined only after the official adoption of the law.
The Minister of Construction and Housing and Communal Services, Sherzod Khidoyatov, noted that the escrow account technology is already ready for use, but its application is impossible without amendments to the legislation. The new system will exclusively concern objects being built from scratch and will not affect projects that are already under construction, providing buyers with additional protection and transparency of financial settlements.
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