Dubai Housing Initiative for Affordable Properties

Dubai's new "first-home" initiative is set to launch next week, offering eligible residents and UAE Nationals, who haven't previously owned property, access to select units. Developers, including major names like Emaar, Nakheel, Damac, and Azizi, will allocate up to 10% of units in new projects for this program. These properties will be priced up to Dh5 million, with developers offering discounts, typically around 10%.

The initiative aims to provide first-time buyers with diverse location and price options, similar to those available to other investors. Interested buyers can register through the Dubai Land Department website or the Dubai REST app. The program includes nearly-ready or ready units, potentially offering significant price benefits, especially in established freehold areas.

This initiative is expected to boost mortgage demand, as many buyers will require home financing for up to 18 years. The program mirrors past efforts in Dubai to make homeownership more accessible.