Dubai launches 'own first home' initiative to get residents turn property owners on 'preferential' terms

Dubai: Dubai has launched a new initiative to have residents in the UAE own their first homes in the emirate. Those signing up will get 'preferential pricing and access to new launches', along with more accessible mortgage support.

The properties will be under Dh5 million to be eligible for the preferential treatment. These home owners get to have one of the lowest financing rates to buy the properties.

Mortgage tenors will extend up to 18 years.

The properties available through the programme will have 'better rates that what's available in the market'.

The target is to get 'both locals and expats to own a home', said Majid Al Marri, CEO of Real Estate Registration Sector at Dubai Land Department. "In a second phase, we could open this programme to overseas buyers."

Dubai property recorded 110,000 new property investors, based on its latest data.

It's up to the banks involved to decide what salary levels are eligible for the potential owners.

The 'own a first home' initiative brings together Dubai Land Department, Dubai Department of Economy & Tourism. Buyers who sign up for the programme will get flexible payment plans from banks participating in the project as well as support from developers.

So far, 13 developers and 5 banks have signed up to offer the preferential terms to home buyers wanting to go through the programme. It's a given that more developers who will sign up for this, offering as it does another avenue for them to find buyers.

The likes of online property platforms Bayut, Property Finder and dubizzle as well as brokers too have signed up.

According to property market sources, this opens a 'whole new window' of buying opportunities for investors. The first-time ones, of course.

Investors can sign up through the Dubai Land Department website or through the Dubai REST app.

The intent is to convince those potential investors who feel they should wait longer for the Dubai property market prices cool off. This is where the flexible payment options - over and above what's available in the market from developers - could pay off for the new launch.

"We are taking this step to make the dream of owning a home reality," said a top official from Dubai Department of Economy & Tourism. "The time to buy a property in Dubai is now...

"We are building a stronger, more resilient Dubai..."

* Every UAE National and resident can qualify for the programme.

* They must not own a home earlier in the country.

* They must be over 18 years.

On whether crypto payment option will be available, a DLD official said it's up to the 'participating banks'.

There are Emaar, Nakheel, Damac and Azizi, as well as wasl properties, Meraas and Majid Al Futtaim.

Participating banks include Emirates NBD, Mashreq, Emirates Islamic, Dubai Islamic Bank and Commercial Bank of Dubai.