Dubai Land Department (DLD ) has advised the real estate companies in Dubai, by issuing a circular through Real Estate Regulatory Agency (RERA), to follow 10 principles of business ethics in doing real estate business in Dubai.
According to circular real estate companies must follow these 10 business ethics principles.
10 Principles of Real Estate Business Ethics
RERA emphasized the trust that real estate agencies in Dubai should uphold to keep and improve the confidence of real estate stakeholders as well as understand that their behavior bears upon the maintenance of public trust in Dubai’s real estate business, helping it expand to the highest global levels.
2: Privacy & Confidentiality
Dubai Real estate companies shall not use reveal any confidential information without prior approval unless such revelation is required by laws. This primarily means that Dubai’s real estate market continues its reputation as one of the best investment paradise in the world.
3: Dispute of Interests
The 3rd principle of business ethics in the DLD’s circular is about the conflict of interests.
Real estate companies shall take proper steps, including disclosure and transparency before and during the performance of their services in case of any conflict of interest.
4: Honesty & Fairness
Real estate agencies are also required to work with the highest levels of honesty and fairness in serving their clients, regardless of race or religion.
This guarantees and maintains Dubai’s real estate sector in attracting foreign direct investment (FDI) to strengthen the national economy for the interest of all economic sectors.
Real estate firms shall act with integrity and base their professional advice on relevant, correct, and objective proof.
6: Lawfulness & Compliance
Real estate companies shall follow with all legal and moral requirements applied in Dubai and the UAE to make sure client satisfaction.
7: High-Quality Services
Concerned real estate companies must provide professional real estate services and professionalism to guarantee client satisfaction.
8: Perform Transparency
RERA expected companies to perform transparency by being open and available, not mislead or attempt to mislead, and shall not misguide or withhold data regarding products or terms of service.
This came in line with the general climate prevailing in the UAE in general, and Dubai in particular.
9: Rights & Assets Protection
According to eight principles of real estate business ethic, real estate firms in Dubai shall endeavor to protect their clients’ rights and assets related to the duties offered.
10: Social Responsibility
Real estate agencies shall be active parts of society and work to uphold the values and principles of the society.
Firms shall endeavor to ensure that their community actions help to make Dubai and their services will help the growth of real estate development of the Emirate and ensure client satisfaction.
This helps to make Dubai the happiest city in the world in pursuing the vision of Dubai’s wise leadership and the National Program for Happiness and Positivity which aims to ensure the happiness of all citizens, visitors, and residents.
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