You know that moment when you’re paying your rent again, and you realise you’ve basically funded your landlord’s third holiday this year while still fighting your leaking tap? Well, Dubai has finally had a moment of clarity and just like that, a new property scheme called The First Time Home Buyer Program has entered the chat. This shiny scheme is just for UAE residents and Emiratis who’ve never owned a freehold home in Dubai (so yes, your cousin’s studio in Sharjah doesn’t count). It’s Dubai’s way of saying, “Hey, let’s give our peeps a fair shot before foreign investors swoop in with their six passports and buy 12 apartments before breakfast.”
So What’s The ‘First Time Home Buyer’ Scheme In Dubai All About?
Well, kinda glad you asked. First-timers get:
- Early access to brand-new launches (read: no more sulking after brokers grab all the good units)
- Discounts on off-plan prices
- Flexible payment plans
- Mortgage deals that won’t give you more grey hair – better rates, quicker approvals, lower fees
- Plus, the Dubai Land Department registration fee? You can pay that via bank or credit card at zero interest. Like instalments on a handbag, but… real estate.
And here’s the BEST PART: You don’t need to earn a certain salary. No fancy titles required. If you’ve got an Emirates ID and decent credit, you’re good to go.
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What Can You Actually Buy?
Anything up to AED 5 million (around USD 1.36 million). Which means you can eye that dreamy 2-bedroom without selling your soul. And yes, this includes both shiny new off-plan units and ready properties from the secondary market.
You get to choose from developers like: Emaar, Nakheel, Damac, Meraas, Danube, Azizi and more – basically the Avengers of Dubai real estate. Even Binghatti is setting aside 10% of its launches just for first-time buyers. Early bird, meet worm.
But There Could Be A Catch Here, Right?
Not much, honestly. You sign up on the Dubai Rest app or DLD website. If you’re eligible, you get a first-time buyer QR code. That’s your golden ticket to deals, discounts and developers sliding into your DMs (okay, inbox).
Just know: once you buy, you’re out. The scheme is a one-time only kind of love.
Where To Look For For Your First Home In Dubai
While there’s no official zone list, experts expect hot action in places like:
- Dubai Land Residential Complex
- Silicon Oasis
- Liwan
- Al Warsan
- Marjan
These areas are still budget-friendly (for now), and the scheme might just give them the glow-up they’ve been waiting for.
Will Banks Play Nice?
They kinda have to. The risk is low since the loan is backed by the property itself. Some banks are expected to roll out sub-4% mortgage rates *dramatic gasp*, and five big players are already on board – Emirates NBD, Dubai Islamic Bank, Mashreq, CBD and Emirates Islamic Bank.
Of course, banks will still peek at your credit score, so maybe don’t default on that car loan just yet.
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Words From Those In The Know
The experts reckon this could genuinely help balance the market, especially for people who’ve been quietly priced out over the past few years while nodding politely and pretending to “wait for the right opportunity.” (Ahem us.)
So yes. It’s a scheme. But a surprisingly decent one. If you’ve been teetering on the edge of buying, this might just be the velvet push you needed. Or in other words, your moment to step onto the property ladder, without falling off the financial cliff.
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