What are the main principles of Dubai’s real estate regulatory code?
The set of principles applicable to the real estate business in Dubai is relatively well-developed and primarily focuses on the principles of transparency and fairness as well as the principles that would support sustainability. These principles are intended for the benefit of all the parties involved and to preserve the image of Dubai as the premiere investment destination. Here are the main principles of Dubai’s real estate regulatory code:
Trust
Real estate companies therefore need to observe trust so that stakeholders in Dubai’s real estate market have confidence. This entails the aspect of being dependable and responsible in every business transaction that is made.
Confidentiality and Privacy
It forbids companies from revealing or utilising any information defined as confidential without the permission of the other party unless otherwise as mandated by the law. It helps to establish and maintain the principle of the protection of clients’ private information.
Conflict of Interest
Business entities need to act in a responsible manner by addressing COIs as well as the proper way of releasing this information. This principle helps in eliminating any bias in all the dealings that are ever made.
Honesty and Fairness
Companies should act with integrity especially while dealing with the clients by offering the same services to everyone without regard to their race, religion, or origin. This principle helps to further Dubai’s FDI strategy since it guarantees that the market is fair.
Integrity
It has been anticipated that real estate firms will adhere to high standards of professionalism and professionalism to provide professional advice based upon valid and objective data. This promotes the reliability required in the profession whereby clients are assured of the advice to be given to them by the real estate practitioners.
Lawfulness and Compliance
All the legal and ethical requirements relevant to the companies operating in Dubai and other areas of UAE have to be taken into consideration. This means that all real estate activities are in compliance with the provision of the law hence affording the market with adequate security.
Professional Service
Real estate services require delivering quality, and making sure that professional conduct is adhered to. This principle helps in delivery of the best service to the clients and in return customers develop more confidence in the market.
Transparency
Real estate firms have to be accurate, receptive and available. They should not manipulate or deceive clients, should not give out scurrilous information, and should not fail to provide material information that might be expected of them. The market needs transparency as it helps in creating trust and checking integrity.
Rights and Assets Protection
As shall be unraveled in the following sections, safeguarding of the clients ’ interests and property constitutes one of the core responsibilities of real estate firms. It makes sure that the client’s investment is safeguarded and that the clients’ interest is protected on the transaction.
Social Responsibility
Real estate companies should take up their corporate social responsibility and be involved in community projects that will enhance the development of the real estate market in Dubai generally, and development of the community at large.
They are amongst principles that Dubai has taken in a bid to developed a complete framework that would make the real estate sector more reliable in terms of the services that it renders. They have a unique significance maintaining the market attraction of Dubai being one of the most preferred locations for property investment.
Participant | Contact Details & Address |
---|---|
Dubai Land Department (DLD) |
Phone: +971 4 222 2253 Email: info@dld.gov.ae Address: Baniyas Road, Deira, Dubai, UAE |
Real Estate Regulatory Agency (RERA) |
Phone: +971 4 222 2253 Email: info@rera.gov.ae Address: Baniyas Road, Deira, Dubai, UAE |
Dubai Municipality |
Phone: +971 4 206 4888 Email: info@dm.gov.ae Address: Baniyas Road, Al Rigga, Dubai, UAE |
Dubai Courts |
Phone: +971 4 334 7777 Email: info@dc.gov.ae Address: Al Rifa’a Street, Dubai, UAE |
Dubai Real Estate Regulatory Code Quiz
Quiz based on information from 95dubai.com