The Dubai Land Department (DLD) and the Department of Economy and Tourism in Dubai (DET) announced the launch of the First Property Ownership Program, a significant initiative aimed at enhancing the emirate’s real estate landscape. The program aims to make home ownership more accessible to a wider segment of citizens and expatriates, offering them financial incentives and priority access to new projects, preferential rates, and customized mortgage solutions. The initiative aligns with the objectives of the Dubai Real Estate Strategy 2033, which aims to increase home ownership and double the sector’s contribution to the emirate’s GDP.
The program was officially launched during a press conference on Wednesday at the DLD, attended by Majid Al Marri, CEO of the Real Estate Registration Sector at DDT; Hadi Badri, CEO of Dubai Economic Development Agency (DED), the economic development arm of DET; and the program’s strategic partners, including a prominent group of banks and real estate developers. The new initiative supports the Dubai Economic Agenda D33 and the Dubai Real Estate Strategy 2033, which aims to double the size of the emirate’s economy. It also contributes to achieving the objectives of the UAE’s Year of Community initiative by enhancing social cohesion and economic resilience.
The initiative highlights the importance of public-private sector collaboration in Dubai, which has become a hallmark of the city’s economic strategy. The list of real estate developers participating in the First Home Ownership Program includes Azizi Developments, Beyond Developments, Binghatti Holding Group, Damac Properties, Danube Properties, Dubai Properties, Ellington Properties, Emaar Properties, Majid Al Futtaim Group, Meraas, Nakheel, Palma Holding, and Wasl.
Participating banks include Commercial Bank of Dubai, Dubai Islamic Bank, Emirates NBD, Emirates Islamic, and Mashreq Bank, which will offer a range of tailored mortgage solutions to qualified buyers. The partners provide unprecedented support to first-time homebuyers, providing priority access to new projects from the planning stage and other benefits for home ownership. They also offer enhanced commercial terms to facilitate the ownership process, including preferential rates on units valued up to AED 5 million. The program is available to all eligible categories of nationalities and income levels. Applicants must meet a set of criteria and conditions, most notably being at least 18 years old, residing in the UAE, and not currently owning any freehold properties in Dubai.
Helal Saeed Al Marri, Director General of the Dubai Department of Economy and Tourism, said: “The launch of the First Property Ownership Program reflects the vision of the wise leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him. It is an important step that contributes to the development of the city’s real estate sector and confirms our commitment to continued growth.”
He explained that this initiative will boost the economy by stimulating long-term demand, attracting liquidity to the real estate sector, and accelerating the sector’s contribution to the GDP, in line with the objectives of the Dubai Economic Agenda D33. By simplifying the procedures to enable citizens and residents to own real estate for the first time in Dubai, we are working to enhance investor confidence, stimulate the market, and consolidate Dubai’s global position as a city that fulfills personal aspirations and business ambitions. He added: “At a time when the world is facing challenges in real estate ownership, Dubai presents a model of sustainable urban development that supports the attraction of talent and competencies, enhances community cohesion, and strengthens the city’s competitiveness as the best place to live, work, and invest.”
Omar Bushahab, Director General of Dubai Land Department, said: “The First Property Ownership Program embodies Dubai’s strategic vision to establish a more inclusive, transparent, and accessible real estate market. By facilitating the process of home ownership, we are empowering individuals and families to invest in their futures, while simultaneously supporting the objectives of the Dubai Real Estate Sector Strategy 2033 and the Dubai Economic Agenda D3. This initiative is a fundamental pillar of market resilience and reinforces Dubai’s position as a global model for sustainable urban development.”
Benefits
The program offers numerous benefits to beneficiaries, including credit facilities of up to 18 years, along with the possibility of paying the 4% Dubai Land Department registration fee in installments. Participating real estate development companies also offer discounts and preferential rates on property prices, which may be up to 10% lower than the market price, whether ready or off-plan.
The program applies a one-time use policy, freeing properties from rental restrictions for long-term investment purposes.
Regarding the program’s benefits, Khalid Al Shaibani, Director of the Rental Affairs Department at Dubai Land Department, said: “The program offers several benefits, the most important of which are priority access to view and reserve residential units in new projects from real estate developers, preferential rates for new residential units, a flexible payment plan for the department’s registration fees (4%), interest-free credit cards, and competitive mortgage financing offers from banks with reduced interest rates and fees.” Applications for the program can be submitted via an electronic link provided by Dubai Land Department, the Dubai REST app, or the department’s website. Applications will then be reviewed to include eligible residents on the program’s beneficiary list, and developers will be notified of this list.
Key features of the First Property Ownership System:
* Priority access to and reservation of residential units in new projects
* Preferential pricing for new residential units
* Flexible payment plan for registration fees (4%) or via interest-free credit cards
* Competitive financing offers from banks with reduced interest rates and fees