Dubai Introduces ‘Own First Home’ Scheme for UAE Residents to Buy Property

By : Eva

Dubai is a city of dreams. Many people come here to work and live. For a long time, owning a home felt far away for many. Renting was common. But now, Dubai is changing this. The government has launched a new plan. It is called the ‘Own First Home’ scheme. This plan is for everyone living in the UAE. It makes buying a home easier.

Why This Plan is Important

Dubai wants more people to own homes. This helps the city in many ways. When people own homes, they feel more settled. They become a stronger part of the community. It also makes the property market stronger. This is good for Dubai’s economy. The city aims to grow. It wants more long-term residents. This plan helps attain that.The scheme line up with Dubai’s broader strategic aim to increase its population or enhance livability and strengthen its position as a global centre for living or working and investing.Shifting from a dominant rental market to a bigger homeownership rate addresses rising rental costs and offers residents with best financial security.

Who Can Join the Plan?

This new scheme is for first-time buyers. You must be a resident in the UAE. This means both UAE citizens and people from other countries living here can apply. You need to be 18 years old or older. The most important rule is that you must not own any freehold property in Dubai already. If you meet these rules, you can join. The property you want to buy must be below AED 5 million. This makes it affordable for many people.

What Are the Benefits?

The ‘Own First Home’ scheme offers many good things. These benefits make buying a home much simpler.

Early Access to New Homes: You get to see new projects first. Developers will show you new apartments and villas. This means you can choose the best units before others.
Better Prices: You might get special prices. Participating developers offer discounts. These are for properties reserved through this program. This helps you save money.
Easy Payment Plans: Paying for your home becomes easier. You can get flexible payment plans for off-plan properties. Off-plan means buying a home before it is built.
Flexible Fees: The Dubai Land Department (DLD) registration fees can be a big cost. But with this plan, you can pay these fees with interest-free installments. You can use special credit cards for this. This reduces the upfront money you need.
Better Home Loans: Banks are part of this plan too. They offer special home loans. These loans have better interest rates. They also have lower fees. This makes getting a mortgage simpler and cheaper.
Faster Approvals: Banks will also approve your home loan faster. This makes the whole process quicker.
Extra Perks: Developers and banks may offer even more benefits. These can be small discounts or other helpful things.

How to Apply

Applying for the program is easy. It is a digital process. You can apply online. Go to the Dubai Land Department (DLD) website. Or you can use the Dubai REST app. You will need to put in your information. This includes your Emirates ID details.

If you are eligible, you will get a special QR code. This code is your ticket to the benefits. You show this QR code to developers and banks. It lets them know you are part of the ‘Own First Home’ scheme. Your QR code stays valid until you buy your first home.

Who is Involved?

Many important groups are working together. The Dubai Land Department (DLD) and the Dubai Department of Economy and Tourism (DET) lead the initiative.

Developers: Many top real estate developers are participating. Businesses like Emaar or Nakheel DAMAC Azizi and others are on board. They offer their new projects and special terms.
Banks: Major banks are also involved. Emirates NBD, Mashreq, Dubai Islamic Bank, Emirates Islamic, and Commercial Bank of Dubai are some of them. They provide the special mortgage products.
Real Estate Platforms: Websites like Bayut and Property Finder are also supporting the program. They help people find eligible properties.

What This Means for Dubai’s Property Market

This new scheme is a big deal for Dubai’s property market. It will bring more buyers. Especially, it will help those who thought homeownership was out of reach. With lower upfront costs and better financing, more residents can now invest.

This will lead to more demand for homes. Developers might build more homes that fit these new buyers. It also creates more stability in the market. When people own homes, they are more likely to stay in Dubai for a long time. This helps Dubai grow as a city. It makes Dubai an even better place to live and work.

Your Chance to Own a Home

If you live in the UAE and dream of owning a home, now is a great time. The ‘Own First Home’ scheme makes that dream possible. It is a big step for Dubai. It shows the city wants to support its residents.

The process is simple. The benefits are clear. This scheme opens new doors. It helps you build a future in Dubai. It makes the city your true home.What makes it even better is its location right next to Al Maktoum International Airport. This airport is becoming one of the biggest in the world, which means huge growth and lots of opportunities for everyone in Dubai South.

Conclusion:

The ‘Own First Home’ scheme is a positive change for Dubai. It aims to help more UAE residents buy property. With its clear benefits and simple process, it makes homeownership more accessible than ever before. This initiative is set to strengthen Dubai’s real estate market and create a more settled community.Dubai South is an amazing place that gives you a unique chance to buy a home, invest your money, or simply live a great life. It’s specially designed to help you be happy and successful.