Dubai Launches ‘Own First Home’ Initiative to Turn Residents into Homeowners
New programme offers preferential pricing, low mortgage rates, and long tenors for properties under Dh5 million.
Dubai has unveiled a groundbreaking initiative aimed at helping residents transition from renters to homeowners, offering attractive financial terms and exclusive access to new property launches across the emirate.
Launched jointly by the Dubai Land Department (DLD) and the Department of Economy & Tourism, the ‘Own First Home’ initiative provides eligible buyers with preferential pricing, accessible mortgage support, and financing rates below market average.
Key Features of the Initiative:
- Eligible Properties: Homes priced under Dh5 million.
- Mortgage Tenors: Extended up to 18 years, making monthly payments more manageable.
- Financing Rates: Among the lowest available, significantly improving affordability.
- Exclusive Access: Participants will receive early access to new property launches at competitive prices.
A DLD official emphasized the inclusive vision behind the programme: “We want both locals and expats to become homeowners in Dubai. In a second phase, we could even open this up to overseas buyers.”
Salary Criteria and Bank Participation
The initiative will be delivered in partnership with select banks, which will determine salary requirements and other financial eligibility criteria for mortgage applicants.
While specific thresholds have not been disclosed, officials noted that the programme is designed to make homeownership more accessible to a broader segment of the population.
Supporting a Growing Investor Base
Dubai’s real estate sector continues to expand, with more than 110,000 new property investors recorded recently. The Own First Home programme is expected to accelerate this trend, offering long-term residents a chance to invest in their future within the city.
