Dubai real estate realtors must now follow a new set of ethical standards
aimed at making them more professional and accountable while protecting
investors in a fast-growing industry.
The circular issued to companies by the Dubai Land Department through the
real estate Regulatory Agency on Monday includes 10 comprehensive guidelines
among other things that help maintain public confidence and prevent
intermediaries from disclosing any information about their
clients. According to "gulf news".
The guidelines come at a time when the performance of the real estate sector
in the first five months of 2019 indicates a significant improvement in the
value of transactions and investments. DLD helped UAE achieve 7th globally
in real estate registration index.
1- The first principle requires real estate companies to do what is
necessary to maintain and strengthen the confidence of all stakeholders.
2- The second principle prevents real estate companies from sharing customer
data without prior approval of government agencies or prohibiting such cases
when the data is required delivery under local laws.
3- The third principle identifies potential conflicts of interest and
requires real estate companies to take all appropriate measures including
disclosure before and during the performance of their duties in the event of
such a situation.
4- The fourth principle includes the need to play on level ground with
clients with race or religion and not mind in any circumstances
5- Principle 5 affects total integrity as real estate companies must base
their professional advice on relevant and objective evidence.
6- Principle 6 also addresses the issue of managing customer expectations.
All companies must comply with regulatory compliance to ensure that these
requirements are met.
7- Principle 7 provides real professional services by ensuring that
developers and all other industry stakeholders provide optimal customer
satisfaction.
8- Principle 8 requires companies to be transparent and not to mislead or
attempt to mislead. They should not mislead or withhold information about
products or terms of service.
9- Principle 9 revolves around customer rights and asset protection. The
statement states that this is an aspect of the laws and regulations issued
by the Government of Dubai and closely followed by Land Department across
its various sectors and departments, particularly the Center for Leasing
Disputes.
10- All real estate companies in Dubai should aim to achieve greater
interest and work to respect the values and principles of society.
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