Dubai announces 10 ‘ethical’ principles for real estate companies

Dubai’s Real Estate Regulatory Agency (RERA) announced 10 core ethics, real estate companies must follow while operating in Dubai.

The list of principles released by RERA, part of Dubai Land Department (DLD), will help maintain Dubai’s status as a global investment haven, a statement said.

The real estate principles include:

– Trust: Real estate companies must maintain trust to uphold the confidence of key stakeholders in Dubai’s real estate market

– Confidentiality and privacy: Firms must not disclose/use any confidential information without prior consent unless laws stipulate such disclosure

– Conflict of interest: Companies must take due measures, including disclosure and transparency, in case of any conflict of interest

– Honesty and fairness: Firms must function with fairness, notwithstanding 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

– Lawfulness and compliance: Real estate companies must comply with legal and moral requirements as applicable in Dubai/ UAE

– Offer professional service: Concerned companies must provide quality real estate services and professionalism to ensure customer satisfaction

– Transparency: Firms must be entirely open and accessible, ensuring they don’t mislead or attempt to, neither misinform nor withhold information

– Rights and assets’ protection: Real estate firms must strive to protect their customers’ rights and assets pertinent to the accomplished tasks

– Social responsibility: Real estate firms must work in accordance with societal norms and ensure that their community initiatives support Dubai’s real estate growth.