Dubai Launches New Program to Help Residents Become First-Time Homeowners
Dubai has introduced a new program to assist residents, both Emiratis and expatriates, in becoming first-time homeowners. The "First-Time Home Buyer Programme" was announced on July 2 by the Dubai Land Department and the Department of Economy and Tourism.
The program's objective is straightforward: to offer priority access to new real estate projects, preferential prices, and tailored financing solutions. Major Dubai real estate developers, such as Emaar, DAMAC, Nakheel, and Azizi Developments, have committed to reserving units worth up to AED 5 million for beneficiaries, with advantageous commercial terms.
Local banks, including Emirates NBD, Dubai Islamic Bank, and Mashreq, are offering specially designed mortgage loans for these first-time buyers. To be eligible, applicants must be at least 18 years old, reside in the United Arab Emirates, and not already own a residential property in Dubai.
This initiative is part of the Real Estate Strategy 2033, which aims to double the sector's contribution to the GDP and promote social cohesion. According to Helal Saeed Almarri, Director General of the Department of Economy and Tourism, this program lowers the barriers to accessing housing and stimulates long-term demand, while reinforcing Dubai's position as an attractive city to live and invest in.
