Brief overview of Real Estate sector in Uzbekistan
In Uzbekistan, legislation and state policy relating to ownership and use of land is in a state of development. Primary legislation regarding ownership, use and lease of land is the Land Code of the Republic of Uzbekistan, dated 30 April 1998 (LCUz).
Land is the property of the state. Except for certain narrow exceptions related to farming, housing and diplomatic missions, neither foreign nor Uzbekistan citizens nor legal entities are permitted to own land in Uzbekistan. Thus, legal entities can possess the land plots exercising their right to permanent ownership, permanent use, temporary use, rent and ownership, and natural persons can possess the land plots exercising their right to life rent possession, permanent use, temporary use, rent and ownership.
The government can lease land plots to foreign legal entities and persons through the execution of a lease agreement with the Cabinet of Ministers. The lease agreement must stipulate the relationship between the parties, including the lease term and the due amount of rental payments. A lessee is not permitted to subsequently sub-lease all or any part of a leased land plot and the consent of Cabinet of Ministers must be obtained prior to pledging the leased land as security. The lessee has a priority right for renewal of the lease upon its expiration.
Real Estate practice provides an overview of Real Estate sector of Uzbekistan, including overviews of land regulation, land ownership, land lease, land allotment, civil construction, pledge issues, registration of property rights, etc.