Dubai announces 10 “ethical” principles for real estate companies

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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.

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