Dubai real estate new rules and regulations for realtors

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.