In recent years, a number of reforms have been implemented in Uzbekistan to diversify the economy, increase the share of the private sector, and improve the investment climate. The importance of real estate in these processes has increased significantly. This is because real estate is not only a tangible asset but also a strategic resource that stimulates economic activity, generates income for the budget, and ensures the well-being of the population [1].

Real estate objects serve as the main foundation for state institutions, private enterprises, and various social and commercial infrastructures. Therefore, their effective management not only increases the profit from assets but also realizes their full value and ensures social and economic priorities. In particular, the rational use of real estate objects is a crucial factor in urban planning, utilities, education, healthcare, and investment projects [2].

In practice, however, it is observed that many real estate objects are not managed effectively, and their potential is not fully utilized. For example, some state-owned properties remain unused, while private property owners lack sufficient knowledge and methodological guidance on the strategic use of real estate. Such situations lead to decreased resource efficiency, lost opportunities, and suppression of economic activity.

Today, due to the processes of rapid urbanization, expansion of the private sector, and reform of state property in Uzbekistan, the issue of effective management of real estate objects is gaining special importance. Rational management of real estate objects owned by both state and private sectors is crucial not only for increasing their economic benefits but also for ensuring the overall socio-economic development of society [3].

At the same time, numerous practical issues exist: the technical condition of real estate properties is not fully assessed, their operational efficiency is low, profitability levels are insufficient, and in most cases, they are not utilized for strategic purposes. The inadequate implementation of information systems and the fact that management decisions are made based on subjective approaches rather than data also limits overall effectiveness.

From this perspective, it is necessary to radically improve management quality by introducing modern approaches to real estate management, developing specific criteria for evaluating efficiency, utilizing digital technologies, as well as advancing public-private partnership mechanisms. In this process, applying a scientifically grounded, systematic, and comprehensive approach is of paramount importance [4].

The issue of real estate management has been extensively studied in global science, with research in this field encompassing legal, financial, organizational, and strategic aspects of management. However, the specific characteristics of each country's economic and legal system, as well as market environment, influence the effectiveness of these scientific approaches [5].

In their research on the formation process of the real estate economy in Uzbekistan, M.J. Yunusov and Sh.U. Ergashev emphasize the importance of correctly defining economic criteria for assessment and management. The authors acknowledge that the lack of a comprehensive and transparent information system in the real estate market and the weakness of legal and organizational mechanisms limit management effectiveness. However, their work does not sufficiently develop specific practical mechanisms for implementing innovative management technologies [6].

W. J. Poorvu, in his work “Real Estate: A Case Study Approach”, analyzes the decision-making process in real estate management and links it to changes in the business environment. In his view, any property should be fully re-evaluated based on the business objectives during its use. However, Poorvu's models do not adequately account for the complexities associated with social effectiveness and state property [7].

M. I. Badmaev emphasizes the importance of risk assessment in making management decisions related to real estate and advocates for the effective use of financial models [8]. He criticizes the inefficient use of state assets and proposes developing mechanisms for their effective transfer to the private sector.

The World Bank's report highlights global issues in the system of state property accounting, asset valuation, and effective management. It emphasizes that in many developing countries, property objects are in a state of “on the balance sheet, but not in the economy” [9]. Therefore, the state should consider real estate objects as a strategic resource and transform them into active investment instruments.

In the “Public Asset Management Framework” document prepared by the international organization IMF, transparency, accountability, and efficiency are defined as the main principles in real estate management. The document provides clear criteria for determining the legal status of assets, digitizing information, and implementing performance indicators [10].

Scientific perspectives in the field of real estate management have been rapidly evolving in recent decades, encompassing strategic, innovative, and institutional aspects of management. In this direction, a number of advanced models have been proposed in global science, and their results are being applied in practice.

In his research, F.F. Batyrshinov proposes analyzing real estate objects from the perspective of socio-economic efficiency. In his opinion, management should assess not only economic benefits but also social impact. He developed a “comprehensive evaluation index” model, which proposes taking into account investment benefits, meeting social needs, and the burden on infrastructure [11].

The study conducted by A. Pagourtzi et al. substantiates multi-criteria approaches (Multi-Criteria Decision Analysis, MCDA) in the assessment of real estate objects. The authors emphasize the need for models that simultaneously consider several factors, such as market price, location, infrastructure, environmental conditions, and purpose of use. This approach is especially important for socially significant objects located in city centers [12].

In their works, D. Geltner and N. Miller illuminate real estate investments and the management process from the perspective of portfolio theory. They propose assessing the future revenue potential of each object using cash flow-based valuation models. This approach involves managing real estate as an active asset [13].

A. Aluko, using Nigeria as an example, studied the consequences of ineffective management of state real estate assets and identified institutional shortcomings (lack of information, legal ambiguity, corruption risks) as the primary causes. His findings indicate clear reform directions for transforming state property into profitable assets [14].

M.M. Toshpulatov, in his research, substantiated the necessity of inventorying, evaluating, and transferring state assets to automated information systems. In his view, in current conditions, making information-based management decisions is the main guarantee of efficiency [15].

These sources do not fully cover certain aspects - particularly the role of digital technologies, indicators of social effectiveness, and issues of minimizing management risks in public-private partnerships. For this reason, there is a significant need for new methodological approaches adapted to the context, filling these gaps in national practice.

Such a study refers to a multi-dimensional approach to analyzing the efficiency of real estate management in Uzbekistan, which incorporates both the methods of qualitative and quantitative research. A national statistical data 20182024 is provided as the major source of data and a propensity to use data to analyze property exploitation, digitalization, inclusion of information systems, and attracting investment. The framework of the comparative analysis is utilized to retrieve current performance indicators and contrast them with the recognized best-practice benchmarks. The raw data were obtained based on the professional analysis and industry investigation compiled into the form of comprehensive tables and correlative charts. The formulation of a forecast model predicts the trends of investments until 2030, whereas the correlation coefficients will be used to determine the interdependence of some essential variables, e.g., state and property use ratios, or the rates of the investment life. The research also incorporates the textual analysis of the government action plans on reforms in the legislature, and thus offers a contextual information about the institutional changes which have an impact on the effectiveness of management. The role of digital technologies, strategic planning, and mechanisms of the partnership between the state and businesses in real estate governance is given, in particular. The approach is free of stepwise sub-sectioning and adopts a coherent narrative that connects issues identification, analyze the data, and a model solution. The study fulfils local credibility and international standardizability given that it links empirical findings to global templates such as Public Asset Management Framework developed by IMF, and the advice issued by the World Bank. This combined approach to methodology provides strong support in terms of determining inefficiencies in the field of real estate management, making recommendations that are actionable, and consequently directing further research and policy directions within it.

The issue of effective management of real estate assets is one of the pressing topics both globally and in Uzbekistan. Against the backdrop of increasing economic growth rates, the expansion of urbanization processes, the optimization of state assets, and the intensification of privatization policies, the strategic importance of real estate is further increasing.

In recent years, economic reforms implemented in Uzbekistan, political initiatives aimed at effective management of state property, public-private partnership (PPP) projects, and measures to improve the investment climate have necessitated increasing the management efficiency of real estate properties. The government's decisions “On Improving the Management of State Property” and the laws “On Land and Real Estate” indicate the need for a systematic approach in this area.

A real estate property is not just a tangible asset, but an asset that can be transformed into active economic activity. If managed effectively, it can generate higher incomes for both public and private sectors, create new jobs, increase tax revenues, and improve the quality of social services. If neglected, however, it loses its value, brings no profit, and can become a source of excessive expenses (Table 1).

Effective management of real estate is not merely the utilization of assets, but a crucial direction for developing the national economy, ensuring financial stability, improving citizens' quality of life, and increasing the level of regional development.

This research and analysis have shown that during 2018-2024, a number of positive changes were implemented in the real estate management system. Specifically: the processes of informatization and digitalization have accelerated; the indicator of investment attraction has increased sharply; optimization in the use of state property has been observed; and cases of ineffective management and legal disputes have decreased.

However, at the same time, the problems revealed by the analysis necessitate a new stage of reforms in this area. That is, existing infrastructural and institutional problems cannot be solved with short-term reforms. This process requires a systematic, scientifically-based, and multi-stage approach.

Real estate management should be considered not only as an economic resource for the national economy today but also as a key to state stability, investment attractiveness, and social development. If the analysis and proposals presented in this article are implemented in practice, the real estate management system in Uzbekistan will reach a level that meets not only the needs of the domestic market but also international investment standards.