Dubai Launches Groundbreaking Initiative to Boost First-Time Homeownership

In a bold move to make homeownership more accessible, Dubai has unveiled the First-Time Home Buyer Programme, a landmark initiative aimed at helping both Emirati nationals and expatriate residents purchase their first homes. Spearheaded by the Dubai Land Department (DLD), this programme is a key component of the Dubai Real Estate Strategy 2033, which seeks to increase homeownership rates and double the real estate sector’s contribution to the emirate’s GDP. A Game-Changer for First-Time Buyers The First-Time Home Buyer Programme offers a suite of benefits designed to ease the financial and logistical challenges of buying a home. Properties valued up to Dh5 million ($1.36 million) are eligible, providing a wide range of options for potential homeowners. To qualify, individuals must be 18 years or older, hold a valid Emirates ID, and have no prior experience of owning a freehold property in Dubai. Importantly, there are no strict salary requirements, with financing decisions left to the discretion of participating banks. The initiative has garnered strong support from 13 leading real estate developers, including Emaar, Nakheel, Azizi, Wasl, Dubai Properties, Damac, Danube, Binghatti, Meraas,