DUBAI 5 November 2019: The Dubai Land Department (DLD), through its Real Estate Regulatory Agency, (Rera), issued a circular to real estate companies asking them to abide by the 10 principles of business ethics in real estate.
In the first principle, Rera emphasised the trust that real estate firms should uphold to maintain and enhance the confidence of real estate stakeholders, while the second principle discusses confidentiality and privacy, where real estate firms shall not disclose or use any confidential information without prior permission unless such disclosure is required by laws.
The third principle was about the conflict of interests, meaning real estate firms shall take appropriate measures, including disclosure and transparency, before and during the performance of their duties in case of any conflict of interest. Firms are also expected to work with the highest levels of honesty and fairness in treating their customers, regardless of race or religion, as dictated in the fourth principle.
Marwan bin Ghalita, CEO of Rera, stressed that the fifth principle requires real estate firms to act with integrity and base their professional advice on relevant, valid, and objective evidence. The sixth principle is lawfulness and compliance, where real estate firms shall comply with all the legal and ethical requirements applied in Dubai and the UAE to ensure customer satisfaction.
He said that providing professional service was the seventh principle to ensure that the companies concerned provide high-quality real estate services and professionalism to ensure customer satisfaction. In this regard, he highlighted the initiatives launched by the DLD to continuously support the performance of companies, including the development of the latest applications and the adoption of the latest modern technologies.
In the eighth principle, Rera required companies to commit to transparency by being open and accessible, not mislead or attempt to mislead, and not misinform or withhold information regarding products or terms of service.
The ninth principle summarised the rights and assets protection, where real estate firms shall strive to protect their customers’ rights and assets related to the duties performed.
The circular concluded with the tenth principle, social responsibility, whereby real estate firms shall be active members of society and work to respect the values and principles of society. This supports making Dubai the happiest city in the world in pursuance of the vision of Dubai’s wise leadership and the National Programme for Happiness and Positivity, which aims to ensure the happiness of all the citizens, visitors, and residents.