The First Property Ownership Program is an initiative designed to support individuals wishing to purchase their first home in Dubai by offering a range of exclusive benefits that facilitate their entry into the property market.
These benefits include: priority access to new real estate units from real estate developers and preferential rates on units reserved by program customers, easy payment plans for registration fees through selected credit cards, and competitive mortgage financing offers from banks. The program also provides additional benefits to UAE nationals, enhancing ownership opportunities and expanding the beneficiary base of the real estate market.
Frequently Asked Questions About Owning Your First Property in Dubai:
First: What is the First Property Ownership Program?
The First Property Ownership Program is a unique initiative that aims to simplify and streamline the process of owning your first home in Dubai. The program provides access to new off-plan real estate projects, offers preferential rates on new units from selected developers, and provides carefully designed financing options in collaboration with leading real estate developers, brokers, and local banks.
Second: Who is eligible to apply for this program?
To apply for this program, applicants must meet the following criteria: The applicant must be a UAE resident, and it is open to all nationalities. The applicant must not currently own any freehold residential property in Dubai. The applicant must be 18 years of age or older, and the property must be valued at less than AED 5 million.
Third: What benefits does the program offer?
Eligible buyers will receive preferential rates on new residential units from selected developers, exclusive discounts on off-plan residential units, and flexible payment plans for off-plan properties. They will also receive easy payment plans for Dubai Land Department registration fees via approved credit cards, with interest-free installment plans, enhanced access to home financing options at competitive interest rates and preferential fees from participating banks, and additional special offers from participating real estate developers and banks.
Fourth: How do I apply to the program?
Register for the program through the Dubai Land Department website or through the Dubai REST app, submit the required information, and upon qualifying to participate in the program, you will receive a confirmation email from the Dubai Land Department containing the program’s QR code. This QR code is used to access the program’s benefits through participating real estate developers and banks.
Fifth: What if I apply and am not eligible?
If you are not eligible upon application, the Dubai Land Department will inform you of the reason, and you can reapply when your circumstances change and you meet all eligibility criteria.
Sixth: Are there any fees for applying or participating in the program?
There are no additional fees for applying or participating in the program. The Dubai Land Department registration fees apply, in addition to the developer or bank fees, unless otherwise stated in the program’s special offers.
Seventh: How long is my QR code valid for the First Property Ownership Program?
The QR code remains valid until the property is purchased and registered with the Dubai Land Department.
Eighth: Who are the real estate developers participating in the program?
Participating developers include: Azizi Developments, Binghatti Developers, Beyond, Damac, Danube, Dubai Properties, Ellington, Emaar Properties, Majid Al Futtaim, Meraso, Nakheel, Palma, and Wasl.
Ninth: What are the banks participating in the program?
These include Commercial Bank of Dubai, Dubai Islamic Bank, Emirates NBD, Emirates Islamic, and Mashreq Bank.
Tenth: Can I participate in the program if I own a property in another emirate?
Yes, you can participate as long as you do not currently own a freehold property in Dubai.
Eleventh: Can I participate in the program if I own a property in a non-freehold location?
Yes, you can participate as long as you do not currently own any freehold property in Dubai.
12: Can you choose any property on the market?
The First Property Ownership Program offers a variety of benefits to those looking for off-plan properties with participating developers as well as ready properties with participating banks.
13: Is the program limited to off-plan properties?
No, first-time buyers can benefit from preferential interest rates and faster approval processes with participating banks.
14: Do I need a mortgage to participate in the program?
No, but special mortgage loans with preferential interest rates and faster approval processes will be available to first-time buyers through participating banks.
15: How will developers communicate with eligible registrants in the program?
After successful registration, selected developers will begin communicating with eligible buyers before launching each real estate project.
16: How can I benefit from the opportunity to obtain mortgage loans through the program?
After registering and receiving confirmation of your eligibility for the program, you can contact participating banks directly to take advantage of the program’s mortgage offers.
Seventeen: What happens if I register for the program and don’t find the property I like?
Your registration will remain valid, and you will continue to receive priority notifications of new properties throughout your participation in the program.
Eighteen: Will I be eligible to benefit from the program again after selling the property I purchased through it?
No, once you purchase a property under this program, you will lose your “first property owner” status and will not be eligible to participate in the program again, even if the property is sold later.
Nineteen: Does the program allow me to jointly purchase a property with someone who is not eligible for the program?
No, joint property purchases under this program are only permitted between eligible individuals.
Twenty: Can I choose more than one bank or real estate developer to work with?
Yes, after registering and receiving confirmation of your eligibility, you can contact any of the participating banks or developers. Please note that offers may vary from partner to partner, but benefits can only be availed with one partner real estate developer and one participating bank.