The Dubai Land Department (DLD) has launched the “First Property Ownership” programme aimed at supporting UAE citizens and residents interested in purchasing property for the first time. This initiative, announced on Wednesday, is a collaboration with local real estate development companies and various banking institutions. The programme aims to assist more than 5,000 beneficiaries by the end of 2025.

The new programme provides several advantages, including credit facilities that extend up to 18 years. Additionally, participants have the option to pay the 4 percent registration fee to the DLD in instalments. Real estate development companies involved in the programme are offering significant benefits, including discounts on property prices that can be as much as 10 percent lower than the market rate, regardless of whether the property is ready or off-plan.

To qualify for the programme, applicants must be residents of the UAE, must not currently own any freehold residential property in Dubai, and must be at least 18 years old. The property they wish to purchase should not exceed a value of Dhs5 million. The programme is designed for one-time use, which means that the property purchased will not be subject to rental restrictions, making it suitable for long-term investment.

Khalid Al Shaibani, Director of the Rental Affairs Department at the Dubai Land Department, highlighted that the programme offers numerous benefits. These include priority access to view and reserve residential units in new projects, preferential rates for new properties, flexible payment plans for registration fees, and competitive real estate financing offers from banks that feature reduced interest rates and fees.

Applications for the programme can be submitted through a link provided by the DLD, the Dubai Real Estate app, or the DLD website. Once submitted, applications will be reviewed, and eligible residents will be included on the beneficiary list, which will be shared with developers.