The Dubai Land Department has taken a significant move towards reshaping the real estate landscape in Dubai. Surprisingly, the authority has rolled out the first home initiative that aims to help the residents and citizens of the United Arab Emirates (UAE).
As per the source from the developers who have signed up for the program. The initial of the property under the “Dubai first home” program is expected to be listed as early as next week. Moreover, you could also enjoy the exclusive benefits by enrolling in this scheme to purchase your own house.
A Collaborative Industry-Led Effort in First Home Initiative
13 leading real estate developers, like Emaar, Azizi, Nakheel, etc, are going to support this program. It shows a powerful private sector back to this program. Furthermore, some of these developers are giving a discount of 10 percent on units, especially for this initiative. You can purchase a property worth Dh5 million. However, the 10% discount is expected to be standard. So, developers need to find out the actual pricing benefit.
An expert in property said that we can ensure that property buyers in Dubai get equal opportunities in terms of pricing and location that regular investors enjoy by keeping aside some percentage in each new launch.
This approach shows Dubai’s earlier mid-2000s freehold property boom. The mid-income buyers were offered discounted properties to hold a position in the market.
Affordable Housing with Real Savings
A discounted pricing structure is one of the benefits of the First Home initiative in Dubai. For example, a 10% discount on a ready-to-move-in home in a famous freehold zone could provide buyers with hundreds of thousands in savings.
A popular real estate agent said, “If there is a 10 percent discount on a ready unit in a fairly well-developed residential location, it could provide buyers with bigger benefits. Clearly, the benefit would be bigger the price of the property that anyone has selected. It can have a big say for first-time buyers choosing a luxurious and expensive location. However, the buyer has been priced out previously.”
This approach is focused on the buyers’ confidence and rebalancing the landscape of the real estate market to help long-term residents who want to live in Dubai for an indefinite period.
Impact on the Financial Sector: Mortgage Demand Set to Rise
The first time initiative is expected to encourage a significant growth in mortgage applications. Moreover, it could develop a win-win for buyers and financial institutions. Since first-time buyers are likely to apply for the loan, the UAE banks are expected to see a rise in demand for the home loans.
The minimum age to get a home loan is 18 years. It will provide you with more financial flexibility. Moreover, these initiatives match the ongoing effort of the first-time initiative to make homeownership more accessible and sustainable for residents in the emirates.
Backed by Dubai Land Department and Digital Integration
The Dubai Land Department (DLD) is actively reviewing the implementation of the initiative. In addition, it will provide you with transparency and ease of access through the official channel. Moreover, you can register via the DLD website or Dubai REST mobile app, where you are going to find the listed property options from the registered developers.
You are able to explore many ready-to-move-in properties. In addition, it will allow you to choose a property based on your immediate or short-term needs. This feature of attractive units or properties gives value and flexibility to those who need instant occupancy. However, there are a few eligibility criteria that you must meet to enroll in it.
Read More:
Dubai First Home Intiative to convert residents into homeowners
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