DLD's real estate circular for 10 principles of business ethics
The Real Estate Regulatory Agency circular aligns with the UAE's National Happiness and Positivity Programme
The Real Estate Regulatory Agency (Rera), which is the regulatory arm of the Dubai Land Department (DLD), has issued a circular requiring real estate firms in the emirate to comply with 10 principles of business ethics.
Rera called for real estate companies to maintain high levels of trust in its first principle, necessitating proactive steps to improve the confidence of real estate stakeholders by asking firms to take accountability for their conduct, which influences public perception of Dubai’s real estate market.
The second principle proposed by Rera focuses on confidentiality and privacy. It prevents real estate firms from disclosing or using any confidential information without prior permission, unless such disclosure is required by law.
‘Conflict of interest’ was addressed as the third principle in the circular. Rera said that real estate firms should take appropriate measures, including complete transparency, before and during the performance of their duties in case of any conflict of interest.
Rera also stated that real estate firms are expected to work honestly and fairly while dealing with customers, without regard to race or religion, in its fourth principle of business ethics, which the government entity believes will create a healthier environment for foreign direct investment (FDI) in the sector and will strengthen the national economy.
Commenting on the fifth principle, chief executive officer of Rera, HE Eng Marwan bin Ghalita, emphasised the need for real estate firms to act with integrity, and base their professional advice on relevant, valid, and objective evidence.
The sixth principle called for real estate companies to be lawful and compliant with all the legal and ethical requirements applicable in Dubai and the United Arab Emirates.
Bin Ghalita pointed to the provision of high-quality services, with professionalism, as the seventh principle of business ethics. He alluded to the initiatives launched by DLD to support the performance of companies, including the development of applications and the adoption of technologies.
Rera’s eighth principle requires companies to commit to transparency by being open and accessible, without misleading, attempting to mislead, misinforming, or withholding information about products or terms of service.
The ninth principle summarised rights and assets protection, stating that real estate firms are duty-bound to protect their customers’ rights and assets. This principle is closely followed by DLD across its various sectors and departments, especially the Rental Disputes Center (RDC).
The circular concluded with the tenth principle of social responsibility, requiring real estate firms to be active members of society and respect societal values. Rera’s principles are in line with the National Programme for Happiness and Positivity.