The Dubai Land Department, in partnership with the Department of Tourism and Commerce Marketing, has launched an initiative called “First Property Ownership” aimed at increasing home ownership rates in Dubai.
This program will work in collaboration with various real estate developers and local banks, which will offer applicants eligible benefits and conveniences. These include early access to new real estate projects, reduced or waived down payments, interest-free installment options for land department fees, along with mortgage solutions and flexible payment plans.
The program requires that applicants be at least 18 years old, and it is open to both citizens and residents. Furthermore, applicants must not currently own any property within the freehold areas of the emirate, and the property in question must have a value of less than 5 million dirhams. This initiative encompasses both ready-made homes and those under construction in freehold zones in Dubai.