Dubai Launches Initiative for First-Time Homebuyers
By providing exclusive benefits and easier financing options, the initiative aims to convince potential investors to buy now, rather than waiting for prices to cool off, and is expected to have a positive impact on the emirate's real estate market, promoting long-term residency and investment.
Dubai has introduced a new program to encourage residents to purchase their first homes, offering preferential pricing, flexible payment plans, and easier mortgage support, targeting properties under Dh5 million with financing rates lower than the market average.
The initiative, launched by the Dubai Land Department and the Department of Economy and Tourism, aims to boost real estate investment and promote long-term residency in the emirate, aligning with Dubai's D33 strategy and 2040 population growth goals. Participating developers include Emaar, Danube Properties, and Azizi, while partnering banks are Emirates NBD, Emirates Islamic, and Commercial Bank of Dubai.
Eligible buyers, including both locals and expats, can sign up through the Dubai Land Department website or the Dubai REST app, with benefits including priority access to new project launches, preferential pricing, interest-free registration fee, and customized property matching. The program has already seen 13 developers and 5 banks sign up, with more expected to join, and aims to attract 10,000 new investors per month.
The initiative is seen as a way to foster stability and belonging, giving residents a chance to call Dubai home in a deeper, more permanent way. With mortgage tenors extending up to 18 years and financing rates lower than the market average, the program provides an attractive opportunity for first-time homebuyers to invest in the emirate's real estate market.
The program's success is expected to contribute to Dubai's goal of reaching Dh1 trillion in property transactions by 2033, and its impact will be closely monitored as the emirate continues to evolve and grow, providing a unique opportunity for residents to own their dream homes in one of the world's most vibrant cities.