In the era of the revival of state power, the improvement of Turkmenistan's legal framework is consistent and systematic.
All state and socially significant initiatives in the country are implemented on a scientific and legal basis, contributing to the further development of various sectors. One of the key regulatory acts governing the construction industry is Turkmenistan’s Law "On Shared Construction of Residential Buildings and Other Real Estate Objects." To update legal norms, amendments were made to the document on March 23, 2023.
The law, adopted on March 31, 2012, at the initiative of the National Leader of the Turkmen people, Chairman of the Halk Maslahaty Gurbanguly Berdimuhamedov, establishes principles of interaction between equity holders and developers. Article 3 of the document states that its provisions apply to legal relations arising from the conclusion of shared participation agreements and other agreements related to this field.
The amendments also affected Article 11 of the law. In particular, the second paragraph of the article has been significantly expanded and now states: "Under a shared participation agreement, if the object under construction is an apartment, the equity holder can only be a citizen of Turkmenistan. If the object under construction is a separate part of social, cultural, administrative, household, commercial, or industrial facilities, as well as an object located in a residential building that does not serve its primary purpose, equity holders can only be individuals engaged in entrepreneurial activities without forming a legal entity, or legal entities established in accordance with the legislation of Turkmenistan."
Rahym Kemalov,
State Notary of the State Notary Office of Kaka District, Ahal Velayat.
The article was originally published on the Türkmenistan: Altyn Asyr website on April 1, 2025.
