Dubai has officially introduced the Dubai First Home Initiative with the motive to let residents become property owners in the emirate. Moreover, this move is focused to homeownership more accessible and affordable for the residents in the United Arab Emirates (UAE).
This program is also poised to reshape Dubai’s real estate market by motivating long-term residency and investment. Moreover, the salaried is developed to take a step towards the ownership of a home in the city. Keep reading to know more about this transforming initiative.
Dubai First Home Initiative: Turning Tenants into Homeowners
Dubai has launched a new initiative called “Own a First Home” to allow residents in the UAE to own their first home in Dubai. Suppose you sign up for this program. In that case, you could get special prices, early access to the new launches, and easier mortgage support.
The properties are going to be worth Dh5 million to be eligible for the preferential treatment. Moreover, you could get one of the lowest financial rates to purchase the properties. In addition, the mortgage term will be up to 18 years under this scheme.
You could get better rates than what’s available in the market for the properties through this program. DLD Officials said that the aim is to get both locals and foreigners to own a house. He also said that we could open this program for the overseas programs.
This initiative has brought the Dubai Land Department, along with the Dubai Department of Economy & Tourism, together. Buyers who have signed up for this program will get flexible payment plans from the banks participating in the program and support from the developers.
Salary Requirement
The salary eligibility to purchase a property through this initiative depends on the bank involved because it will decide what salary level is eligible for the potential owners. 13 developers (Emaar, Nakheel, Damac Azizi, etc.) and 5 banks (Emirates NBD, Mashreq, Emirates Islamic, Dubai Islamic Bank, and Commercial Bank of Dubai) have joined to offer preferential terms to those who enroll in this program.
It is expected that more developers are going to join the program as this initiative provides them with another way to reach a wider audience. Many online property platforms, like Dubizzle, Bayut, and brokers, have already signed up for this program. According to the source of the property market, the initiative has opened up a “completely new window” of purchasing opportunities for properties.
Easy Sign-Up Process and Strong Investor Push
You can conveniently join the Dubai First Home Initiative through the official portal of the Dubai Land Department. However, you can also sign up for this program with the help of the Dubai REST App.
The motive is to encourage potential investors who think that they should wait longer to cool off the price of the Dubai property. This scheme could be a tipping point for undecided buyers because of flexible payment plans that go beyond what most developers are currently offering.
The top officials from the Dubai Department of Economy & Tourism mentioned, “We are taking this move to convert the dream of having a property in Dubai into a reality. Furthermore, they said that “Now is the time to buy a property in Dubai. We are creating a more resilient and stronger Dubai.”
Who can apply for the Dubai Department of Economy & Tourism?
As we mentioned above, the initiative aimed to make the UAE property owners by offering affordable housing options. Still, you need to follow some other requirements. So, read the top eligibility criteria to own your home in Dubai:
- You must be either a UAE resident or a National.
- It would be good if your age is more than 18 years old.
- You must not own a property in the UAE before because the scheme is only for those who want to purchase their first property.
If you meet these requirements, you can move forward to join this scheme. Moreover, you can also pay using crypto. However, the DLD official said that it depends on banks whether they want to accept crypto as a mode of payment.
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