In a bid to support Dubai’s First-Time Home Buyer Program, DAMAC Properties announced on Monday the signing of a landmark Memorandum of Cooperation (MoC) with the Dubai Land Department (DLD) and the Dubai Department of Economy and Tourism (DET) to facilitate homeownership for UAE residents purchasing property for the first time.
“This collaboration underscores DAMAC’s commitment to enabling aspirational lifestyles through inclusive and forward-thinking solutions. By working alongside DLD and DET, we aim to help residents take the meaningful step toward owning their first home. This move supports creating stability, community and a sense of belonging for Dubai’s diverse population,” said Amira Sajwani, managing director at DAMAC Properties.
Reinforcing Dubai’s position as a long-term residential destination
Under the eligibility framework, the First-Time Home Buyer Program is open to UAE residents, both nationals and expatriates, who are 18 years or older, have not previously owned a freehold residential property in Dubai, and are seeking to purchase a home valued under AED5 million. The initiative is inclusive of all income levels and is set to roll out across upcoming residential launches, including DAMAC’s.
The agreement positions DAMAC as a key participant in the First-Time Home Buyer Program, launched earlier this month and designed to address the core challenges faced by first-time buyers – affordability, accessibility and financing through prioritized access to new property launches, preferential pricing, flexible payment plans and enhanced mortgage options.
It also allows eligible buyers to pay DLD registration fees in interest-free instalments, further easing the path to ownership.
In line with the goals of the Dubai Economic Agenda, D33, and the Dubai Real Estate Strategy 2033, the program seeks to reinforce Dubai’s position as a long-term residential destination. By offering financial incentives and relaxed lending conditions including better mortgage rates, the initiative empowers residents to build equity in a dynamic and fast-growing city.
Read: Dubai launches new initiative to support first-time homeownership for Emiratis and expats
DAMAC to offer buyers exclusive access to portfolio
DAMAC Properties, with its extensive track record of delivering quality residential communities, will support the First-Time Home Buyer Program by offering first-time buyers exclusive access to a curated portfolio of homes across prime locations in Dubai. The company will also help facilitate access to enhanced mortgage products and streamlined financing options tailored to the unique needs of first-time buyers.
With this milestone agreement, DAMAC reaffirms its long-standing role in shaping Dubai’s urban landscape while supporting the city’s vision of creating a more inclusive, liveable and future-ready housing ecosystem.
