As we all know, Dubai has a vast and thriving real estate market, offering various discounts throughout the property-buying process. Now, Dubai’s real estate sector has introduced a major new program for first-time property buyers that is both significant and highly beneficial for buyers.
Once you learn about it, you’ll be excited to buy property in Dubai—if you’re a first-time buyer aged 18 or above.
Right now, no matter where you’re from, if you’re looking to buy your first home in Dubai, this is the ideal time. Attractive discounts are currently available, making it a great opportunity to invest in property.
What is the new program for first-time property buyers in Dubai?
Introduced on July 2nd, this program offers dedicated services to make buying property in Dubai easier and more accessible.
The First-Time Buyer Program in Dubai is a strategic initiative aligned with the goals of the D33 Economic Agenda. Whether directly or indirectly, the program supports the objectives of D33 by aiming to double the city’s economic output and contribute to Dubai’s GDP growth through increased real estate activity.
Which developers and banks are supporting the first-time buyer program in Dubai?
Here is the list of developers participating in this program:
Leading developers in Dubai are supporting this initiative by the government. Here is the list.
Here is the list of banks participating in this program.
- Emirates NBD
- Mashreq
- Dubai Islamic Bank
- Emirates Islamic
- Commercial Bank of Dubai
All of these banks are offering special mortgage packages and flexible repayment plans tailored for first-time homebuyers.
Do you qualify for the first-time property buyers program?
The primary goal of the First-Time Buyer Program is to assist every first-time buyer who wants to own a home in Dubai.
Eligibility criteria for the first-time home buyer program:
- Applicants must be at least 18 years old.
- The program is open to all nationalities residing in Dubai.
- Individuals from all income levels who live in Dubai are eligible to apply.
- Applicants must not own any residential property in Dubai’s freehold areas.
- Ownership of property in non-freehold areas is allowed and does not affect eligibility.
- The total value of the property must be less than AED 5 million.
- Joint ownership is permitted, as long as all co-owners individually meet the eligibility criteria.
Maximizing benefits for those entering the property market.
This program is specifically designed to ensure first-time buyers face minimal challenges when purchasing their first home in Dubai. It offers a range of benefits, including the following:
Personalised property matching
Through the DLD website or the Dubai REST app, users can submit their preferences, such as property type, budget, and preferred contact method. This information is instantly shared with developers and banks, helping to streamline the home-buying process. Buyers who choose to work with real estate brokers can also fully benefit from the program.
Exclusive developer offers
Developers participating in the program are offering special discounts of up to 10% below market value on both ready-to-move-in and off-plan properties. These limited-time offers are designed to reduce upfront investment costs, making it easier for first-time buyers to enter Dubai’s dynamic real estate market with confidence.
Early access to premier property launches
First-time buyers are allowed to preview and reserve units in high-demand off-plan projects from Dubai’s leading developers before they are released to the general market. This early access offers a significant advantage in the competitive real estate landscape.
Adaptable payment options
The program provides flexible financial solutions, including extended mortgage terms of up to 18 years. Additionally, buyers can pay the 4% DLD registration fee in interest-free installments through participating banks or eligible credit cards, making homeownership more affordable and manageable.
Driving Dubai’s long-term vision forward
This initiative is closely aligned with the objectives of Dubai’s Economic Agenda D33 and the Dubai Real Estate Strategy 2033, both of which aim to boost the real estate sector’s contribution to GDP and double the city’s overall economic output over the next decade. It reflects a broader commitment to enhancing quality of life, encouraging long-term residency, and fostering vibrant communities through increased property ownership.
Conclusion
If you’re a UAE resident looking to purchase your first home in Dubai, now is the ideal time to act. The First-Time Home Buyer Program marks a major milestone in the city’s real estate development, offering valuable incentives, early access to new property launches, and a simplified path to long-term homeownership.
