More long-term Dubai residents than ever before are purchasing their homes with an easy Dubai First-Time Home Buyer Programme. The push is meant to make renting something closer to home ownership, and will be backed by Dubai Land Department and Dubai Department of Economy and Tourism with better financing options, lower property price and top priority when it comes to new buys.
The scheme has already assisted the sale and purchase of over AED 5 billion in homes, and helped over 3200 residents to buy their first homes since its launch. With a total of 22 prominent developers and five partner banks, the program offers a learning curve to expats interested in investing in Dubai’s booming real estate market.
Who Can Apply?
This program is made for first-time home buyers, and not a second time investor or a property speculator.
Applicants must also satisfy the following criteria: A minimum age of 18, holding a valid Emirates ID and be legal UAE residents of any nationality. The property chosen under the scheme should cost max AED 5 million.
To be eligible applicants are not allowed to have any freehold residential property in Dubai. But it doesn’t matter whether you own a property in another emirate or non-freehold property.
Benefits of the First-Time Home Buyer Scheme
One of the most enticing perks of the program is special pricing along with the privilege of exclusive developer discount. Developer Cyberjin also offers registrants up to 10% off the price of any eligible off-plan or ready-to-occupy units, and retains units for them in certain instances.
Purchasers are additionally given the main advantage of new project launches and they in turn get to reserve units before they’re released to the common market. It is this that can make this a great benefit in communities in which projects are very popular, selling soon.
The scheme will also lower the upfront costs through 0% interest installments on the required Dubai Land Department Registration Fees that stands at 4%, using the relevant credit cards associated with the scheme.
The customized mortgage solutions offered by 5 partner banks are Emirates NBD, Mashreq Bank, Dubai Islamic Bank, Emirates Islamic Bank and Commercial Bank of Dubai (CBD) at lower processing fee, fast approvals and Loan-to-Value (LTV) as high as 80% for expatriates.
Participating Developers
The widened eco-system now boasts 22 developers and has become accessible to customers to buy apartments, townhouses, villas from across Dubai.
The big developers include Emaar Properties, Nakheel, DAMAC, Dubai Properties, Meraas, Majid Al Futtaim, Danube, Binghatti and Azizi.
In addition, new projects like Dubai World Trade Centre, Qube Development, 4Direction Developments, Manam, Reportage Properties, and SAMANA Developers together offer even more choices in communities like JVC, Arjan, Dubai South or in emerging locations, such as IRTH Group or Dubai Sky View.
Step-by-Step Application Process
All applications for the scheme are made online and are easy to complete.
Step 1: On the official Dubai Land Department website, or by downloading the Dubai REST App, click on the “First-Time Home Buyer Programme“.
Step 2: Fill in details about yourself, then upload your Emirates ID (Medina Card). It will automatically verify the registration of your Dubai properties with the Dubai Property Registry, ensuring that you do not have any freehold residential properties.
Step 3: If approved, you’ll be given a special First-Time Home Buyer QR Code for special mortgage offers and pricing benefits that are only available for first-time home buyers.
Step 4: When choosing your property, present your partner bank with the QR code that is created during and it is possible to apply for specific financing terms and apply them in priority order.
FAQs
Is the First-Time Home Buyer Scheme Dubai Only open for first-time buyers?
Anyone living in the UAE over 18 years of age with a valid UAE ID and who is not the owner of a freehold residential property in Dubai is eligible for the application, provided that the value of the property is up to AED 5 Million.
What is the highest amount of property that can be valued?
The scheme is only applicable to residential properties that sell for AED 5 million and under.
How do I get my First-Time Home Buyer QR Code?
On successful registration and ownership verification on DLD website/ DLD REST app, your unique QR code is automatically generated.
Don’t Miss These Stories
What are smart expat saving tips?
Explore practical money-saving strategies that help expats reduce daily expenses and survive rising costs in Gulf countries.
Why are Gulf workers facing rising costs?
Discover how increasing living expenses are impacting South Asian workers and reshaping financial stability across the Gulf.
Which GCC country is cheapest now?
Check out the most affordable GCC destination where expats can enjoy a lower cost of living without compromising lifestyle.
Where are budget-friendly GCC cities located?
Explore the top cities offering affordable living options for Indian and Asian expats across the Gulf region.
How is global inflation affecting Gulf life?
Discover how rising global inflation is influencing everyday expenses and reshaping expat lifestyles in the Gulf.
News1 week ago
News1 week ago
Dubai1 week ago
News1 week ago
