Investors vs. homeowners: Economist defends property owners as Deputy Minister blames residents for renovation delays

“The residents of these old houses are pricing their homes above market expectations. Investors are encountering problems negotiating prices with the people, which is delaying the project,” Jorayeva noted.

However, this official statement has sparked criticism from economists and legal experts who emphasize that property owners have every right to set their asking price. From a legal and economic perspective, it is the owners’ prerogative to value their property as they see fit or refuse to sell altogether. Otabek Bakirov pointed out that in a democratic and rule-of-law state, property rights are protected by the Constitution and laws, and no government official or ministry should undermine these rights by siding with investors, who often possess far greater financial and administrative leverage than ordinary homeowners.

Bakirov argued, “If investors cannot agree on prices with property owners, then the construction simply should not proceed. The owner of a two-room house can ask for $200,000 or even $1 million if they wish — it is their property and their right.”

Highlighting the imbalance of power, the economist stressed that the ministry should support citizens rather than investors, who have access to both money and administrative resources. The president’s decree clearly states that the renovation project can only begin after all property owners sign notarized agreements, ensuring their consent.

The draft law on renovation, still under review in government offices, must prioritize the interests and rights of residents above all, according to the expert’s assessment.