Homeownership Initiative for Dubai Residents

Dubai has launched a new initiative to help UAE residents purchase their first homes in the emirate. The program offers preferential pricing, access to new property launches, and more accessible mortgage support for properties priced under Dh5 million. Homebuyers will benefit from potentially lower financing rates and mortgage tenors extending up to 18 years. The initiative aims to encourage both locals and expats to invest in Dubai's real estate market.

The "own a first home" program involves collaboration between the Dubai Land Department and the Dubai Department of Economy & Tourism. Participating banks will provide flexible payment plans, and developers will offer support. Currently, 13 developers and 5 banks have joined the initiative, with more expected to sign up. Online property platforms and brokers are also participating, creating new buying opportunities.

Eligibility requires UAE nationality or residency, no prior homeownership in the country, and being over 18 years old. Investors can register through the Dubai Land Department website or the Dubai REST app. The program seeks to attract potential investors who may be hesitant due to market conditions, offering flexible payment options.

Key developers like Emaar, Nakheel, Damac, and Azizi, along with banks such as Emirates NBD, Mashreq, and Dubai Islamic Bank, are already participating. The initiative aims to make homeownership a reality and strengthen Dubai's real estate market.