Dubai launches initiative to assist first-time home buyers
The First-Time Home Buyer Programme is applicable to properties less than AED 5 million and accessible to Emirati and expatriates of all nationalities and income levels, and to applicants aged 18 and above who are residents of the UAE.
Khalid Al Shaibani, Director of Rental Affairs Department at Dubai Land Department, told Dubai Eye 103.8's The Agenda that the programme offers a flexible payment plan, either from the developer or special interest rates through banks.
He added that the 4 per cent fee charged by the mainland department could be paid in interest-free installments over two years, with the aim to attract 5,000 new buyers this year.
Leading developers have reportedly already committed to the programme, promising to support first-time home buyers through priority access to units in new off-plan launches, and enhanced commercial terms, including preferential pricing.
Participating banks will provide "tailored mortgage products designed specifically for eligible buyers," as the programme reportedly continues to onboard new partners to increase the choice for buyers.
Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism (DET), said the initiative marks a "significant milestone" for the real estate sector.
It "represents a powerful economic lever - stimulating long-term demand, driving liquidity into the real estate ecosystem and accelerating the sector's contribution to GDP in line with the Dubai Economic Agenda, D33. By lowering entry barriers to homeownership for Emiratis and expatriates alike, we are enhancing investor confidence, increasing market absorption rates, and reinforcing Dubai's global positioning as a city where personal aspirations and business ambitions converge," Almarri said.
'In a global climate where housing accessibility is a structural challenge, Dubai is offering a model of sustainable urban development - one that supports talent retention, fosters community cohesion, and enhances the city's competitiveness as a place to live, work, and invest."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
an hour ago
- Arabian Post
UAE's Amazon Bazaar Brings Budget Shopping to Mobile Shoppers
Arabian Post Staff -Dubai Amazon has unveiled a new mobile‑only shopping section called Bazaar within its Amazon. ae app in the UAE, delivering value‑focused products across fashion, home and lifestyle categories. Launching initially in beta for select users, the platform offers items priced mostly under AED 25, with some starting at just AED 4, alongside tiered savings, fast delivery, and a 15‑day returns policy. Stefano Martinelli, Vice‑President of Amazon MENA, said Bazaar is meant to be 'fun and effortless to browse', offering the trusted reliability of Amazon combined with surprising value. A launch‑month promotion grants shoppers a 25 per cent discount across all Bazaar purchases in July. ADVERTISEMENT Accessible via the 'Bazaar' icon in the Amazon. ae app or by searching 'Bazaar', the platform also supports browsing on mobile web at amazon. ae/bazaar. Desktop users must scan a QR code in the browser to open the feature within the app. Bazaar has its own search, cart and checkout system, distinct from the main Amazon experience. The interface is vibrant and purpose‑built for quick deal discovery. The platform integrates reviews and star ratings to aid user decisions. Delivery is standard across Amazon Bazaar accounts: orders above AED 90 qualify for free shipping and typically arrive within 6–12 days. Returns are free within 15 days for most products. Beyond initial price advantage, Bazaar encourages bulk purchases with automatic discounts: 5 per cent off orders over AED 150, and 10 per cent off for orders over AED 300. Combined with the launch‑month 25 per cent promotion, savings can accumulate significantly. In the UAE's booming e‑commerce environment—forecast to exceed US$ 13.8 billion by 2029—Bazaar positions Amazon to capture more bargain‑seeking consumers, complementing existing daily‑need offerings. Dharmesh Mehta, Vice‑President at Amazon, referred to the local variant as Amazon Bazaa r or 'Amazon Haul' as in other markets, noting its alignment with prior launches in the US, UK, Germany and Saudi Arabia. Gulf Business, Khaleej Times, What's On, Times of India and Arabian Business all report that Bazaar has launched in the UAE over the past week, emphasising its mobile‑first approach and bargain pricing. Analysts say the platform could strengthen Amazon's value proposition in the region and give competitors like Noon, Carrefour, and Mumzworld a run for their money in the low‑cost segment. Bazaar's playful app interface—especially its 'crazy‑low' deals and under‑AED 25 'super savers' sections—appeals to price‑sensitive shoppers.
The National
5 hours ago
- The National
Global stocks dip as Trump's tariff deals deadline looms
Global stocks mostly retreated on Friday as countries pushed to secure trade deals with the Trump administration ahead of a July 9 deadline for US tariffs to take effect. Markets also weighed the possible impact of US President Donald Trump's sweeping spending bill set to add an estimated $3.4 trillion to the national debt. He signed the bill into law on Friday. Uncertainty around US tariffs will probably 'remain severe' until late 2025, irrespective of what happens on July 9 when the Trump administration's 90-day pause on 'reciprocal' tariffs comes to an end, S&P Global Market Intelligence said in a report on Friday. 'Within the likely scenarios, the most plausible outcome is a pragmatic mix of tariff pauses for countries that are undertaking positively viewed negotiations, alongside tariff increases for those countries where the administration believes trade negotiations have stalled,' the report said. While Mr Trump has warned new tariffs are likely, S&P said it expects 'some form of negotiation-based pause for most trade partners, based on prior policy backtrack'. Although the US has reached tariff deals with the UK, mainland China and Vietnam, other pending arrangements, including those with the EU, Japan and India, 'remain complicated' by country-specific political issues, it added. Mr Trump on Friday said he had signed 12 trade letters to be sent out next week ahead of the impending July 9 deadline for his tariffs to be implemented. Europe's Stoxx 600 closed 0.48 per cent lower on Friday, London's FTSE 100 ended flat as tariff worries kept trading enthusiasm to a minimum. The index lost just 0.29 points at 8,822.91. In Paris, the CAC 40 ended down 0.8 per cent, while Frankfurt's DAX fell 0.6 per cent. Asian markets closed out the week mixed. Hong Kong's Hang Seng index was down 0.64 per cent, while the Shanghai composite was up 0.32 per cent and Japan's Nikkei inched 0.06 per cent higher. Wall Street was closed on Friday for the US Independence Day holiday. Gold rose 0.3 per cent as investors sought safe havens and the dollar dipped. Brent, the benchmark for two-thirds of the world's oil, fell 0.73 per cent to $68.3 a barrel at close of market on Friday, while West Texas Intermediate, the gauge that tracks US crude, dropped 0.75 per cent to $66.5 a barrel. Brent settled about 0.8 per cent higher than last Friday's close and WTI was about 1.5 per cent higher.
Sharjah 24
6 hours ago
- Sharjah 24
Hamdan bin Zayed reviews Abu Dhabi Heritage Authority strategy
The meeting came within the framework of the wise leadership's continued support for national efforts to preserve heritage and strengthen its presence in society. During the meeting, the strategic framework of the Abu Dhabi Heritage Authority was reviewed. The framework encompasses over 62 projects and 231 activities, reflecting the Authority's vision to solidify and promote national identity values rooted in heritage across generations. The strategy aims to nurture talent in heritage and poetry, empower the heritage economy through the support of traditional crafts and industries, and enhance the global presence of Emirati heritage. Sheikh Hamdan stressed that safeguarding authentic Emirati heritage and passing it on to future generations is a national and societal responsibility. He said this responsibility reflects the vision of the UAE's leadership and deep-rooted identity, affirming that Emirati heritage will remain a vital and inspiring presence in the lives of the country's youth. He highlighted that this interest stems from the directives and continued support of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, who places great emphasis on Emirati heritage as a fundamental pillar of national identity and a source of inspiration for future generations. Sheikh Hamdan praised the efforts of the Authority and its personnel, commending the initiatives that align with community aspirations and preserve the nation's collective memory. He instructed the expansion of activities and the enhancement of outreach and public communication tools to boost the UAE's cultural presence locally and globally. He was also briefed on the details of the festival and event plans for the Al Dhafra Region, which annually attract more than 450,000 visitors. Among the key events is the 21st edition of the Liwa Dates Festival, which draws over 116,000 visitors and is supported by a budget exceeding AED14 million. The festival supports farmers and productive farms while stimulating economic and tourism activity in the region. It also reinforces the status of the palm tree as a symbol of the UAE's rich heritage. The event features 23 competitions, including contests for dates and summer fruits, among others, with total prize money exceeding AED8 million. The festival includes dedicated areas for participating entities, traditional markets, productive families and heritage crafts, thereby enhancing community participation and encouraging future generations to uphold traditional customs and values.
