The real estate industry of Dubai is one of the fastest growing in the world. Investors from all across the globe prefer Dubai because of the higher ROI, the lawfulness of the land and their trust in the industry related individuals. To cater to this rapidly increasing industry, the Dubai government forms different legal organisations, including Dubai Land Department (DLD). The DLD is responsible for dealing with all the real estate-related issues in Dubai.
Recently, DLD has announced business ethics for the industry to ensure that all the agents and organisations work according to it. These ethical guidelines work as a principal boundary in which all the related individuals should operate. The core purpose is to make real estate-related processes hassle-free.
Let’s take a closer look at the principles of business ethics in the real estate industry provided by DLD in more detail.
10 Principles of Real Estate Business Ethics
DLD, in collaboration with the RERA, forwarded ten principles for ethical real estate business practices. These principles remind real estate agents and related organisations to mould their working process as per business ethics. This also ensures that investors can avail themselves of all the benefits of hiring a real estate agent.
Here are the complete details and explanation of real estate business ethics principles.
Trust
Trust is the key ingredient in establishing a business profile in the market and also for weaving strong relationships with customers. Apart from the personal benefits, building trust will also create a positive image of Dubai’s global real estate market and aid in gaining stakeholders’ confidence.
Confidentiality and Privacy
Confidentiality and privacy are to secure the personal and transactional information of the clientele. That said, organisations and real estate agents in Dubai should make sure that all sorts of client-related information are shared with limited people. This will exclude any potential chance of information misuse by any means.
Conflict of Interest
For making real estate transactions and processes hassle-free, addressing conflict of interest is necessary. It is suggested to address these issues prior to initiating the professional process with the client. In this manner, the collateral damage is minimal for both parties.
To cater to this, agents and firms should provide clients with full disclosure, opt for a complete transparency policy and maintain diligence during the whole process.
Honesty and Fairness
Moving forward, the DLD highlights the significance of honesty and fairness in the business for a successful real estate investment. That said, the business should remain completely fair while dealing with customers and honest when elaborating on terms and conditions.
Fairness also inhibits any sort of biased or discriminatory behaviour with the clientele on the basis of their colour, race or country of origin.
Successful implementation of honesty and fairness will promote the positive and inclusive image of Dubai in the world. Moreover, this will also help in increasing the Foreign Direct Investment (FDI) in the Emirate.
Integrity
Integrity is all about maintaining your morals and professionalism when providing consultation, advice or opinion to customers. That said, agents should provide relevant information and assistance to the customers. Moreover, while providing assistance to the customers, agents should maintain professionalism and decorum.
Even in case of a conflict of interest, the agent should be fair and honest with the customers and provide the best possible solution.
Lawfulness and Compliance
The real estate industry of Dubai is expanding at a rapid pace, to manage it the government drafted rules and regulations. This set of rules ensures that all the practices conducted within the industry comply with the mission and vision of the Emirate. Moreover, it also makes sure that no investor should be treated unequally.
This makes lawfulness and compliance a major postulate of the real estate code of ethics. Whether it is Dubai’s law for unfinished properties or a legal notice for property eviction, agents and firms should cater to all of it as per the law.
Professional Service
The DLD guides real estate agents and organisations to provide top-tier services to their clientele. In simple words, all the individuals and firms working in the industry should ensure complete customer satisfaction. This includes the provision of premium-level services and high-level professionalism when dealing with investors.
Customer service also affects the reputation of agents in the market. DLD has launched the Dubai Rest app that provides complete information about a real estate agent, including the number of satisfied customers. Therefore, even a single unsatisfied customer can significantly affect your business and market reputation.
Transparency
It is necessary for real estate agents and firms to provide complete and real-time details regarding property transactions, terms and conditions to maintain process transparency. That said, there should not be any subtle conditions in the legal contracts that might negatively affect the customers in the present or future. The transparency principle gains more significance when discussing the investment in off-plan properties in Dubai. This is because in an off-plan property the investor only relies on the floor plan provided by the developer.
Therefore, all the real estate companies in the region should make sure that:
- Clients should not be misled by any means.
- All the information should be elaborated to them in a simple and understandable manner.
- All information related to the handing over, completion of the project or any sort of terms of services should be briefed to the client.
Right and Assets Protection
The right and asset protection are the liability of the developer or the broker. All investors should be provided with an equal and fair share of rights and their assets should be protected till the process is completed.
Apart from ethics, the provision of rights and asset protection is a serious concern. The government has strict policies against the investor’s rights and the protection of their assets. In fact, there are separate government bodies in Dubai like DLD and RERA Dubai that ensure that all the investors are provided with their rights.
Social Responsibility
The social responsibility of brokers and real estate firms are also a part of real estate business ethics. Real estate brokers and organisations should actively participate in social welfare programs and fulfil their corporate social responsibilities. Furthermore, they should ensure that their practices aid in the development of society and especially in achieving Dubai’s vision.
These were all the principles of business ethics in the real estate industry provided by the DLD. This initiative of DLD is to maintain the trust of investors in the Dubai real estate industry. Furthermore, it also aids in Dubai’s vision of becoming the world’s happiest city. Apart from these principles, the government also takes multiple initiatives to ensure customer satisfaction and trust in the industry. Therefore, if you are looking for profitable real estate investment opportunities, browse through these villas for sale in Dubai and leverage the ROI and other benefits.
Stay tuned to UAE’s top property blog for more information on the code of ethics in real estate.
