Ten Principles of Property Ethics by Dubai Land Department (DLD)
The Dubai Land Department (DLD) has been instrumental in promoting and supporting the growth of the real estate sector in Dubai. The department recently announced ten principles of real estate business ethics to enhance and improve the sector’s overall reliability and efficiency. These principles of business ethics in real estate were communicated via a circular issued by the Real Estate Regulatory Agency (RERA), the DLD department for real estate regulations.
DLD’s Principles of Real Estate Business Ethics
The ten real estate business ethics principles lay down the foundations for real estate firms in Dubai to ensure thoughtful, professional and efficient dealings of property matters. The broader scope of these doctrines focuses on creating a real estate market that is reliable, fair and socially responsible. Let’s look at these principles.
1. Trust
There is no business dealing without trust and so the DLD begins its principles of real estate business ethics with that. It is emphasised that real estate firms in Dubai
Maintain and improve upon stakeholders’ confidence
Acquire professional conduct that builds and enhances public trust in Dubai real estate, helping it grow and excel
2. Confidentiality and Privacy
This DLD real estate business ethics principle discusses privacy and confidentiality in business information and transactions. According to this doctrine, real estate companies and agents must
NOT use or disclose any confidential information
Guard the privacy of their customer’s information
The above requirements stand ground unless disclosure of the same is required by the law. This particular doctrine translates into upholding Dubai’s real estate market’s reputation of being a popular investment haven in the world.
3. Conflict of Interest
To make real estate transactions smooth and consistent, it is important for firms and agents to duly address any conflicts of interests that may arise. The principle states that best practice in this matter amounts to taking appropriate measures including:
Full disclosure
Complete transparency
Due diligence at all times during the performance of duties
4. Honesty and Fairness
Principle number four highlights the importance of treating customers honestly and fairly. The principle requires real estate firms to
Treat all customers with respect
Be fair and honest in all their dealings
Refrain from practising bias in terms of race, religion or country of origin
This particular principle is aligned with promoting Dubai’s image as a global investment hub. Honesty and fairness in real estate dealings are inclined to attract greater foreign direct investment (FDI) in the real estate sector.
5. Integrity
The fifth principle is all about maintaining integrity in matters related to professional dealings, consultations, advice and opinions. Integrity reinforces trust and encourages a healthy partnership between the customer and the agent. Real estate agents in Dubai
Should always act with integrity and dignity
Should base all their professional advice on valid, objective and relevant evidence
6. Lawfulness and Compliance
Dubai’s real estate industry would fall apart without the implementation of proper laws and adherence to compliance. This is why lawfulness and compliance form part of the ten principles of real estate business ethics in Dubai. It goes without saying that real estate agents in Dubai are required to
Comply with ALL legal and ethical obligations for as long as they serve in the industry – including these principles of real estate business ethics
The DLD ensures this is looked after by regularly updating and modifying these requirements to match the changing market trends and customer expectations.
7. Professional Services.
The seventh doctrine dictates that the concerned parties, especially the real estate firms in Dubai provide professional services. This principle has two aspects to it, which include:
Provision of premium services banked on high-level professionalism
Ensuring complete customer satisfaction for all services rendered
To ensure the implementation of these principles, the DLD has launched a number of initiatives over the years. These initiatives include adopting the latest technologies and the development of modern applications like Dubai REST and DLD RDC.
8. Transparency
Next on this list of principles of real estate business ethics is transparency. The first principle of trust is highly contingent on the transparency in dealings. Real estate investors and agents cannot create this element of trust if they’re not entirely honest about the terms and conditions. It is, therefore, imperative for real estate companies in Dubai to ensure that
All information is open and accessible for the clients
They do not mislead or try to mislead their clients
There is no misinformation or information withheld in terms of service and/or product particulars
In the eighth Principle, RERA requires companies to commit to transparency by being open and accessible. Under no circumstances, can they mislead or attempt to mislead. They should also not misinform or withhold information regarding products or terms of service.
9. Rights and Assets Protection
Number nine of the DLD’s principles of business ethics in real estate highlights the protection of the rights and assets for clients. According to this real estate firms in Dubai should:
Strive to protect and uphold the rights and assets of their customers at all times in the line of duty
While this aspect is included in the principles, it is strictly monitored and regulated through the laws and legislations of Dubai. The DLD and its various departments also follow through on ensuring customer protection via dispute resolution facilities like the Rental Disputes Center (RDC).
10. Social Responsibility
The tenth principle listed in the circular requires real estate firms and agents to be socially responsible. According to this principle, all real estate firms should:
Actively participate in societal welfare and work to uphold the collective values of the society
Strive to ensure that they take constructive community initiatives for Dubai
Provide services that support real estate development in Dubai and guarantee customer satisfaction
The idea behind this principle is to support Dubai’s mission to become the world’s happiest city. Real estate firms taking social responsibility will also bolster the National Program for Happiness and Positivity and the greater vision of Dubai’s leadership to achieve happiness for its citizens, residents and visitors.
Dubai’s real estate sector is one of the strongest foundations of its economy. Introducing a set of principles of conduct, further helps regularise and streamline the sector in a way that nurtures the business and community as a whole.
The Dubai Land Department constantly seeks to improve property dealings and transactions in a multitude of ways. Whether it’s introducing an easier facility to register Ejari online or greater transparency for joint property ownership through Mollak Dubai – DLD ensures that all real estate stakeholders are protected and given necessary rights.
