Dubai Land Department has set out a ten-point-plan to raise the professional bar of real estate agents in the emirate.
The guidelines, which were issued through the Real Estate Regulatory Agency, aim to boost public trust in the industry and prevent agents from sharing information about their clients.
The first principle calls on real estate agents to do everything in their power to maintain and enhance confidence among stakeholders, although, according to the second principle, this should not extend to sharing confidential information of clients without prior permission.
The third surrounds conflicts of interest and calls for full disclosure and transparency before work is taken on, while the fourth demands that clients are all treated fairly and with honest, regardless of race or religion.
The fifth, six and seventh pillars surround integrity and ethical compliance and professionalism. And Marwan bin Ghalita, CEO of RERA, stressed in number eight that real estate agents “must not mislead or attempt to mislead, and shall not misinform or withhold information regarding products or terms of service”.
Protecting customers’ rights and assets formed the basis of the ninth principle. And finally, the circular concluded with social responsibility, where real estate firms are expected to be “active members of the society and work to respect the values and principles of the society”.
“This ultimately means that Dubai’s real estate market maintains its reputation as one of the best investment havens in the world,” Bin Ghalita added.
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