RERA's new circular contributes to elevating the sector to the highest international standards
Dubai, UAE, 4 November 2019: Dubai Land Department (DLD), through its Real Estate Regulatory Agency (RERA), issued a circular to real estate companies requiring of them to abide by the ten 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 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.
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. This ultimately means that Dubai's real estate market maintains its reputation as one of the best investment havens in the world.
The third principle in the circular was about the conflict of interests, meaning 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 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. 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.
HE Eng. Marwan bin Ghalita, CEO of RERA, stressed that the fifth principle focuses on integrity, where real estate firms shall 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 legal and ethical requirements applied in Dubai and the UAE to ensure customer satisfaction. Bin Ghalita affirmed the crucial role played by DLD in this field as well as keeping pace with market changes and constantly monitoring customer expectations and needs.
Bin Ghalita stressed that providing professional service came as the seventh principle to ensure that the concerned companies provide high-quality real estate services and professionalism to ensure customer satisfaction. In this regard, he 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. In the eighth Principle, RERA required 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.
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. This is the aspect that 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).
The circular concluded with the tenth principle, social responsibility, whereby real estate firms shall be active members of the society and work to respect the values and principles of the society. Firms shall strive to make sure that their community initiatives help making Dubai and their services will 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 pursuance to the vision of Dubai’s wise leadership and the National Program for Happiness and Positivity which aims to ensure the happiness of all citizens, visitors, and residents.