Dubai Land Department (DLD) has issued a circular through its Real Estate Regulatory Agency (RERA) warning real estate companies to abide by the 10 principles of business ethics in real estate sector in the emirate.
Marwan Bin Ghalita, CEO of RERA, affirmed the significant role played by DLD in regulating the real estate industry while keeping pace with market changes and consistently monitoring customer expectations and needs.
Here are the 10 principles of business ethics real estate companies must strictly follow:
Real estate firms should uphold to maintain and enhance the confidence of real estate stakeholders as well as recognise that their conduct bears upon the maintenance of public trust in Dubai’s real estate market, helping it rise to the highest global levels.
Confidentiality and privacy: Real estate firms shall not disclose or use any confidential information without prior permission, unless such disclosure is required by laws.
This ultimately means that Dubai’s real estate market maintains its reputation as one of the best investment havens in the world.
3. Conflict of interests
Real estate firms shall take appropriate measures, including the disclosure and transparency before and during the performance of their duties in case of any conflict of interest.
Firms are expected to work with the highest levels of honesty and fairness in treating their customers, regardless of race or religion.
This ensures and supports Dubai’s real estate sector in attracting foreign direct investment (FDI) to strengthen the national economy for the benefit of all economic sectors.
Real estate firms shall act with integrity and base their professional advice on relevant, valid, and objective evidence.
Lawfulness and compliance: Real estate firms shall comply with all legal and ethical requirements applied in Dubai and the UAE to ensure customer satisfaction.
7. Professional service
Concerned companies must provide high-quality real estate services and professionalism to ensure customer satisfaction.
In this regard, Bin Ghalita mentioned the initiatives launched by DLD to continuously support the performance of companies, including the development of the latest applications and the adoption of the latest modern technologies.
RERA requires companies to commit to transparency by being open and accessible, not mislead or attempt to mislead, and shall not misinform or withhold information 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. Protect customers’ rights
Rights and assets protection: Real estate firms shall strive to protect their customers’ rights and assets related to the duties performed.
This aspect is ensured by the laws and legislations issued by the Government of Dubai, and closely followed by DLD across its various sectors and departments, especially the Rental Disputes Center (RDC).
10. Community initiatives
Social responsibility: Real estate firms shall be active members of the society and work to respect the values and principles of the society.
Real estate firms shall strive to make sure that their community initiatives help Dubai and their services support the growth of real estate development of the Emirate and ensure customer satisfaction.
This supports making Dubai the happiest city in the world in pursuit to the vision of Dubai’s wise leadership and the National Program for Happiness and Positivity, which seeks happiness of all citizens, visitors, and residents.