Dubaiโs First-Time Home Buyer Programme
The Dubai First-Time Home Buyer Programme is a landmark initiative that heralds new possibilities for home ownership. In other words, with this scheme, home ownership will be commoditized for Emiratis and expatriates alike. As a strategy, the First-Time Home Buyer Programme is set to boost the Dubai property market, thereby the mechanism supporting the great ambitions for economic and real estate growth under the Dubai Economic Agenda D33 and the Dubai Real Estate Strategy 2033.
Who is Eligible for the Programme?
The programme is open to all. To apply, you must meet the following criteria:
- Be a UAE resident of any nationality.
- Be at least 18 years old.
- Not own any freehold residential property in Dubai. (Note: If you own property in a non-freehold location, you are still eligible).
- Be purchasing a property valued at less than AED 5 million (approximately $1.36 million).
How to Apply: Your QR Code to Homeownership ?
Getting started is very easy. The process is designed to connect you with participating developers and banks seamlessly.
- Register Online: Go to the DLD website or use the Dubai REST mobile app to register for the programme.
- Submit Your Information: You will need to provide your details, such as your Emirates ID.
- Get Your QR Code: Once your eligibility is confirmed, you will receive an email with your First-Time Home Buyer QR code. This code is your key to all the programmeโs benefits and is valid until you buy your first property.
Priority Access for Eligible Buyers
Priority access to fresh launches by leading developers of Dubai is at the core of the homeownership programme. Eligible buyers will be offered a choice from a minute selection of off-plan properties in Dubai, giving them practically the first moversโ advantage before the offers are laid upon the general market.
Participating developers include
- Danube Properties
- Azizi Developments
- Emaar
- Wasl
- Beyond Developments
- Nakheel
- DAMAC
- Palma Holding
- Majid Al Futtaim
- Dubai Properties
- Meraas
- Binghatti Properties
- Ellington Properties
Partner Banks
- Emirates NBD
- Emirates Islamic
- Dubai Islamic Bank (DIB)
- Mashreq Bank
- Commercial Bank of Dubai (CBD)
This very special perk enables first-time buyers to claim in-demand units, and it also bestows early-bird prices and payment plans upon them.
Price Caps and Property Options Up to $1.36M
Properties that go up to AED 5 million (equivalent to around $1.36 million) are under coverage for this programme, spoiling aspiring homeowners for choice. This ceiling is set up to encompass both affordable and mid-luxury segments and thereby keep the initiative relevant for even the wider spectrum of buyers.
Key financial benefits
1. Priority Access and Preferential Pricing: At its core, the initiative gives you a first-mover advantage. You get priority access to new property launches from Dubaiโs top developers before they are offered to the general public. This often comes with special โearly-birdโ pricing and discounts. For example, Binghatti Properties is offering 5% discount across all its projects for programme participants.
2. Financial Perks:
- Flexible Payment Plans: Get tailored payment schedules for off-plan properties.
- Interest-Free DLD Fees: Pay the 4% Dubai Land Department registration fee in interest-free installments using eligible credit cards.
- Competitive Mortgages: Partner banks offer special mortgage products with lower interest rates, lower fees and faster approval process.
3. Wide Range of Properties: With a price cap of AED 5 million, the programme covers a huge selection of properties, from affordable apartments to mid-luxury villas and townhouses, so thereโs something for everyone.
Impact on Dubaiโs Real Estate Market
The Dubai first-time home buyer initiative is creating great anticipation about a game-changing impact on the Dubai property market.
- Lowering the barriers to entry into the real estate ecosystem:
- Stimulating long-term demand and providing liquidity in real estate
- Accelerating absorption in the market, particularly for off-plan properties in Dubai
- Building investor confidence and advancing further in Dubaiโs ranking as a prime destination for living, working, and investment
Officials highlight how significant the programme is towards resilience of the markets and toward positioning Dubai as an international benchmark for sustainable urban development.
โBy easing entry into homeownership, we allow persons and families to invest in their futures while supporting the broader objectives of the Dubai Real Estate Strategy 2033 and Dubai Economic Agenda D33.โ
Omar Bu Shehab, Director General of the Dubai Land Department
The initiative is additionally thought to foster talent retention, the fostering of community cohesion, and the perpetuation of inter-country competitive capabilities of Dubai.