Development of a Strategy for Managing Real Estate Facilities

Abstract

Real estate management is one of the defining factors of economic growth, defining investment tendencies, affecting the efficiency of infrastructure, and enabling urban sustainability. The process of urbanization in Uzbekistan is gaining momentum, private property sales are increasing, and the demand in the property leasing services is growing, which explains the need to provide technology-intensive, data-driven, and strategic intervention. Despite the current reforms aimed at making the market more efficient, most properties are still under poor management and this situation reduces revenues, increases costs of operations and adds to the loss of tenants. Although international scholars provide powerful theoretical frameworks to practice in real estate management, it will hardly be possible to fit their strategies into the socio-economic, legal, and technological background in Uzbekistan. This lag is further compounded by the lack of a natural national system and by the fact that using PropTech has not become popular in the local practice. This paper completes a rigorous investigation of the strategic aspects of real estate management in Uzbekistan through studying the trends in the sphere of investment, digitalization rates, the functions of management companies, and the effectiveness of the established rental and maintenance systems. Real estate investment increased by 64 % between 2020 and 2024; lease contract increased by 61 %, and the proportion of digitalization coverage increased to 45 % in the same period. The professionally managed properties produced 37 %higher rental income than unmanaged ones and enjoyed the better tenancy retentions and stability of operations. This paper frames international examples into national limitations and suggests practical solutions, such as licensing management firms, the growth of digital platforms and human capital development. On this basis, the paper highlights the need to adopt a locally based, all encompassing approach that integrates legal, technological as well as social infrastructure with economical results to enhance sustainability and competitiveness of the real estate sector in the country of Uzbekistan.