DAMAC Properties has signed a Memorandum of Cooperation (MoC) with the Dubai Land Department (DLD) and the Dubai Department of Economy and Tourism (DET) to support UAE residents buying their first homes in Dubai.
Programme details
The initiative targets UAE residents—nationals and expatriates — aged 18 and above who have not previously owned freehold residential property in Dubai. Eligible buyers can purchase homes valued below Dhs5 million.
The programme covers all income levels and will be implemented across upcoming residential projects, including those launched by DAMAC.
Support for buyers
The agreement aims to address affordability and financing challenges for first-time buyers by providing benefits such as prioritised access to new property launches, preferential pricing, flexible payment plans, and improved mortgage options.
Buyers can also pay DLD registration fees in interest-free instalments, easing the ownership process.
Amira Sajwani, Managing Director at DAMAC Properties, said: “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.”
Strategic goals
The programme supports Dubai’s Economic Agenda D33 and the Dubai Real Estate Strategy 2033, reinforcing the city’s status as a long-term residential destination. It offers financial incentives and relaxed lending terms, including better mortgage rates, to help residents build equity in a fast-growing market.
DAMAC will offer exclusive access to a selected portfolio of homes in prime Dubai locations and assist buyers in obtaining tailored mortgage products and financing solutions.
This agreement strengthens DAMAC’s role in Dubai’s real estate sector while aligning with the city’s vision for a more inclusive and liveable housing environment.
tanvir@dubainewsweek.com
