Dubai has introduced a strategic initiative to support first-time home buyers, offering them exclusive benefits on property purchases valued up to AED 5 million (approximately $1.36 million). The new First-Time Home Buyer Programme includes privileged access to off-plan developments, competitive pricing, and specially tailored mortgage options.
Strategic Collaboration to Boost Real Estate Investment
The programme is a joint effort by the Dubai Land Department (DLD) and the Dubai Department of Economy and Tourism (DET). It is part of a broader vision to drive real estate investments in line with the Dubai Economic Agenda D33 and the Dubai Real Estate Strategy 2033, which aim to double the city’s economic output and elevate the sector’s GDP contribution over the next ten years.
Open to UAE Residents of All Nationalities
Targeting both Emirati nationals and expatriates, the initiative is available to residents of the UAE aged 18 and above who currently do not own a freehold residential property in Dubai. It is inclusive of all income brackets and nationalities, reflecting Dubai’s commitment to building an accessible and diversified property market.
Supporting Market Liquidity and Investor Confidence
Helal Saeed Almarri, Director General of DET, emphasized the programme’s economic significance: “This initiative acts as a catalyst for long-term market demand by injecting liquidity into the real estate ecosystem. It aligns with our economic agenda by supporting sustainable growth, boosting investor trust, and enhancing Dubai’s international appeal as a city where personal and professional aspirations can thrive.”
He further noted that Dubai is setting a global example in addressing housing accessibility challenges by encouraging urban development that retains talent, builds stronger communities, and strengthens the city’s competitiveness.
Access to Top Developers and Customized Financing Options
Eligible buyers will gain early access to residential units from some of Dubai’s most prominent real estate developers, including:
- Emaar Properties
- Nakheel
- Meraas
- DAMAC Properties
- Dubai Properties
- Azizi Developments
- Ellington
- Binghatti
- Majid Al Futtaim
To complement these incentives, participating financial institutions such as Emirates NBD, Mashreq, Dubai Islamic Bank, Emirates Islamic, and the Commercial Bank of Dubai will provide tailored mortgage products aligned with the programme’s requirements.
Enhancing Real Estate Transparency and Market Inclusion
Omar Bu Shehab, Director General of DLD, highlighted the initiative’s alignment with Dubai’s broader vision: “The First-Time Home Buyer Programme marks a significant step toward a more transparent and inclusive real estate landscape. It empowers individuals and families to secure their future while reinforcing our commitment to sustainable urban planning and economic diversification.” He underscored that this initiative strengthens market resilience and positions Dubai as a global leader in forward-thinking real estate development.
Source: https://www.arabianbusiness.com/industries/real-estate/dubai-launches-first-time-home-buyer-programme-with-priority-access-prices-on-properties-up-to-1-36m
