The Dubai Real Estate Regulatory Agency (RERA) has announced 10 fundamental ethical principles that real estate companies must follow when operating in Dubai.
The list of principles issued by RERA, part of the Dubai Land Department (DLD), will help maintain Dubai’s status as a global investment haven, according to a statement.
The real estate principles include:
– Trust: Real estate companies must maintain trust to maintain the trust of key stakeholders in the Dubai property market
– Confidentiality and privacy: Companies must not disclose/use confidential information without prior consent, unless the laws stipulate such disclosure
– Conflict of interest: Companies must take the necessary measures, including disclosure and transparency, in the event of a conflict of interest
– Honesty and fairness: Businesses must operate with fairness, regardless of race or religion, supporting Dubai’s drive to attract Foreign Direct Investment (FDI)
– Integrity: Firms must operate with integrity and offer professional advice based on objective evidence
– Legality and compliance: Real estate companies must comply with the legal and moral requirements applicable in Dubai / UAE
– Provide professional service: The companies concerned must provide real estate services of quality and professionalism to ensure customer satisfaction
– Transparency: Businesses must be fully open and accessible, taking care not to mislead or attempt to, misinform or withhold information
– Protection of rights and assets: Real estate companies must strive to protect the rights and assets of their clients in relation to the tasks performed
– Social responsibility: Real estate companies must work in accordance with societal norms and ensure that their community initiatives support Dubai’s real estate growth.