Looking forward to buying your first property in the UAE? This is the perfect time to start your investment! Recently, the Department of Economy and Tourism (DET) and the Dubai Land Department (DLD) made an announcement for the Dubai First Time Home Buyer Initiative,which is designed to make homeownership more accessible and affordable for first-time buyers in the emirate.
In this article, we will explore the key features of the program and how it helps you take that first step towards owning your first home in Dubai.
Dubai first time home buyer initiative represents a significant step forward in Dubai's commitment to supporting residents in achieving their homeownership dreams. The program introduces a range of benefits and incentives specifically tailored to ease the financial burden on first-time buyers.
The first question that should have come to your mind now is, what are the First time buyer requirements? Well, the Initiative has been designed specially to be accessible to a broad range of residents across different income levels and nationalities, ensuring that genuine first-time buyers can have the most benefit from this program.
To qualify for the Dubai First Time Home Buyer Initiative, applicants must meet the following criteria:
The registration process couldn’t be easier; all you need to do is follow this step-by-step guide below:
Please note that Dubai's new first-time home buyer scheme is completely free; however, a standard fee of 4% has to be paid to the Dubai Land Department on the property’s purchase price.
The Initiative is set to transform countless lives across the emirate. Imagine someone who works as a marketing professional who has been saving for years while watching property prices climb beyond his reach; this program finally makes her homeownership dreams achievable.
Consider a young couple who have been planning their future together but couldn't find an affordable path to owning their first home. The initiative provides them with the opportunity to start their married life in their own space.
It will also be beneficial for a family that has been moving from one rental apartment to another for the past five years, never been able to establish roots or create lasting memories in a permanent home. Through this program, they can finally provide their children with stability and a place to truly call home, ending years of temporary living situations.
The Dubai First Time Home Buyer Initiative offers significant advantages over traditional property purchases to create a more accessible path to homeownership. Under the traditional buying process, buyers typically face higher upfront costs, limited payment flexibility, and fewer incentives to support their investment journey.
On the other hand, Buyers who will benefit from the initiative will have lower upfront costs, higher payment flexibility, and support from different institutions, resulting in a simplified documentation process.
As part of our commitment to making homeownership more accessible and being a partner in this initiative, Binghatti is proud to dedicate a minimum of 10% of our newly launched and existing residential inventory to first-time buyers with no limitation of projects.
Also, if you are eligible, you will have priority and early access to a carefully selected range of units before they’re released to the public . This ensures that new homeowners get a fair opportunity in today’s competitive market.
Moreover, eligible first time home buyers from UAE Nationals will get 10% discount on residential units sales prices, while expats can get a discount of 8% on residential sales prices (Direct Sale).
Binghatti has successfully delivered over 40 landmark projects across the UAE, each crafted with a distinctive architectural style and attention to detail. Our portfolio includes a wide range of contemporary apartments, all designed to meet different homeowners needs. Also, we take into consideration smart home technologies and sustainable building practices that ensure long-term value and environmental responsibility.
Our commitment to excellence extends beyond construction to comprehensive after-sales support, providing homeowners with dedicated customer service and maintenance assistance throughout their ownership journey.
It's also worth mentioning that we have redefined modern living through strong collaborations with global luxury brands like Bugatti and Mercedes-Benz, which have allowed us to set new benchmarks for design and luxury in the real estate industry.
Taking the first step towards owning a home for the first time is simpler than you might imagine, and with Binghatti by your side, the journey becomes even more seamless. Our dedicated team already understands the unique challenges and concerns that new homeowners face, and they will provide personalized guidance throughout the entire process.
Don't let this lifetime opportunity slip away. Once you receive your confirmation QR code, which means that you are eligible for the program, reach out to our team, who will guide you through our carefully curated selection of properties, ensuring you find the unit that perfectly matches your lifestyle and budget so you can plan your investment with complete confidence.
You can contact us through our hotline +971 800 15 or by filling out the form with your email and contact information, and one of our professional sales team members will contact you as soon as possible and will guide you through the process.
