20 Questions and Answers on Participating in Dubai's 'First Property Ownership' Program

Dedicated to helping people buy their first house in the city, Dubai's 'First Property Ownership' program provides a number of special advantages to make it easier for them to enter the real estate market.

Preferential pricing on units reserved by program members, flexible payment plans for registration fees via specific credit cards, discounted mortgage offers from banks, and priority access to new property units from developers are some of these advantages. Furthermore, the program offers additional benefits to Emirati nationals, increasing ownership prospects and broadening the market's beneficiary base.

Frequently Asked Questions about Acquiring Your First Property in Dubai:

1. What is the 'First Property Ownership' program?

This unique initiative aims to simplify and facilitate the process of acquiring a first home in Dubai. The program allows access to view off-plan real estate projects and provides preferential pricing on new units from selected developers, along with carefully designed financing options in collaboration with top local developers, brokers, and banks.

2. Who is eligible to apply for this program?

Applicants must meet the following criteria: be residents of the UAE, applicable to all nationalities, must not currently own any residential property under freehold in Dubai, be aged 18 or over, and the property’s value should be less than 5 million AED.

3. What benefits does the program offer?

Eligible buyers will receive preferential pricing on new residential units from selected developers, exclusive discounts on off-plan property prices, and flexible payment plans for off-plan properties. Moreover, they are offered simplified registration fee payment plans through approved credit cards as interest-free installments, enhanced opportunities for obtaining home financing options with competitive interest rates, and special offers from participating developers and banks.

4. How do I apply to participate in the program?

Applications can be submitted via the Dubai Land Department’s website or through the 'Dubai REST' app. After submitting the required information, qualified participants will receive a confirmation email from the Dubai Land Department containing a QR code, used to access the program's benefits with developers and participating banks.

5. What if my application is rejected?

If ineligible, the Dubai Land Department will inform you of the reason, and you may reapply if your situation changes and you meet the eligibility criteria.

6. Are there any fees for applying or participating?

No additional fees are charged for application or participation in the program. Standard registration fees applicable by the Dubai Land Department and any fees from developers or banks apply unless otherwise stated in the program offers.

7. How long is my QR code valid under the program?

The QR code remains valid until the purchase and registration of the property with the Dubai Land Department are completed.

8. Who are the participating developers in the program?

Participating developers include Azizi Developments, Binghatti Developers, Beyond Properties, DAMAC Properties, Danube Properties, Dubai Properties, Ellington, Emaar Properties, Majid Al Futtaim, Meraas, Nakheel, Palma Holding, and Wasl.

9. What banks are participating in the program?

The participating banks include Commercial Bank of Dubai, Dubai Islamic Bank, Emirates NBD, Emirates Islamic, and Mashreq Bank.

10. Can I participate if I own a property in another emirate?

Yes, participation is allowed as long as you do not currently own any freehold property in Dubai.

11. Can I participate if I own a leasehold property?

Yes, you can participate as long as you do not currently own any freehold property in Dubai.

12. Can I choose any property in the market?

The program offers a variety of advantages for those seeking off-plan properties from partner developers and finished properties through participating banks.

13. Is the program limited to off-plan properties?

No, those interested in purchasing a ready property for the first time can benefit from preferential interest rates and faster approval procedures with participating banks.

14. Do I need a mortgage to participate?

No, but special mortgages with preferential interest rates and faster approval processes are available to first-time buyers through participating banks.

15. How will developers contact registered eligible participants?

After successful registration, selected developers will begin contacting eligible buyers before the launch of each real estate project.

16. How can I benefit from mortgage opportunities through the program?

After registering and receiving confirmation of your eligibility, you can directly engage with participating banks to explore the program's special mortgage offers.

17. What if I don't find a property I like after registering?

Your registration remains active, and you will continue to receive priority notifications for new properties throughout your participation in the program.

18. Can I reapply for the program after selling a property I purchased through it?

No, once you purchase a property under this program, you lose the "first-time buyer" status and cannot participate again, even if you subsequently sell the property.

19. Can I purchase a property jointly with someone ineligible for the program?

No, properties under this program can only be jointly purchased by individuals eligible for the program.

20. Can I work with more than one bank or developer?

Yes, once registered and confirmed eligible, you may approach any of the participating banks or developers. Note that offers vary between partners, but benefits can only be utilized with a single developer partner and a single participating bank.