Latest news with #Homeownership
Al Bawaba
04-07-2025
- Business
- Al Bawaba
Dubai Launches Landmark Initiative Further Enabling First-Time Homeownership
In a landmark initiative set to transform Dubai's real estate landscape, Dubai Land Department (DLD) and the Dubai Department of Economy and Tourism (DET) have launched the First-Time Home Buyer Programme. Designed to make homeownership more accessible and financially affordable for Emiratis and expatriates, the programme offers priority access to new launches, preferential pricing, and tailored mortgage solutions. It aligns with the Dubai Real Estate Strategy 2033 objectives to raise homeownership rates and double the sector's contribution to Dubai's First-Time Home Buyer Programme was officially launched on 2 July during a press conference at Dubai Land Department attended by Majid Al Marri, CEO of Real Estate Registration Sector at Dubai Land Department, and Hadi Badri, CEO of the Dubai Economic Development Corporation (DEDC), the economic development arm of DET, as well as other senior officials from DLD, DET, and key strategic partners, including prominent banks and real estate developers. Supporting the Dubai Economic Agenda D33, and Dubai Real Estate Strategy 2033, which aims to double the size of Dubai's economy, the initiative further contributes to the goals of UAE's Year of Community by strengthening social cohesion and economic resilience. The First-Time Home Buyer programme showcases the power of collaborative partnerships between Dubai's public and private sectors, which has become a defining characteristic of the city's economic strategy. Leading developers already committed to the programme include Azizi Developments, Beyond developments, Binghatti Holding, DAMAC Properties, Danube properties, Dubai Properties, Ellington Properties, Emaar Properties, Majid Al Futtaim Group, Meraas, Nakheel, Palma Holding, and Wasl. These partners are offering unprecedented support to first-time home buyers through priority access to units in new off-plan launches, and enhanced commercial terms, including preferential pricing on units up to AED 5 banks include Commercial Bank of Dubai, Dubai Islamic Bank, Emirates NBD, Emirates Islamic and Mashreq bank will provide tailored mortgage products designed specifically for eligible buyers. The programme will continue to onboard new partners post the launch to increase the choice for first time home buyers. Created for all nationalities and income levels, the programme is open to applicants aged 18 and above who are residents of the UAE, and who do not currently own a freehold residential property in Excellency Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism (DET), said: 'The launch of the First-Time Home Buyer Programme is a testament to the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, marking a significant milestone for the real estate sector and highlighting our commitment to broad-based growth.'This initiative 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.'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. His Excellency Omar Bu Shehab, Director General of Dubai Land Department (DLD), said: 'The First-Time Home Buyer programme embodies Dubai's strategic vision for a more inclusive, transparent, and accessible real estate market. By easing entry into homeownership, we empower individuals and families to invest in their futures while supporting the Dubai Real Estate Strategy 2033's broader objectives and Dubai Economic Agenda D33. This initiative is a key driver of market resilience and positions Dubai as a global benchmark for sustainable urban development.'
Zawya
02-07-2025
- Business
- Zawya
Dubai launches landmark initiative enabling first-time homeownership
The Dubai Land Department (DLD) and the Dubai Department of Economy and Tourism (DET) have jointly launched the First-Time Home Buyer Programme, a major initiative aimed at making homeownership more accessible for Emiratis and expatriates. The programme offers priority access to new real estate launches, preferential pricing, and tailored mortgage products. It aligns with the Dubai Real Estate Strategy 2033 and the Dubai Economic Agenda D33, aiming to double the real estate sector's contribution to Dubai's GDP and support long-term economic growth. Announced during a press conference at DLD, the launch was attended by Majid Al Marri, CEO of the Real Estate Registration Sector at DLD, and Hadi Badri, CEO of the Dubai Economic Development Corporation at DET, along with senior representatives from leading banks and developers. Developers supporting the initiative include Emaar, Nakheel, Meraas, DAMAC, Azizi, Dubai Properties, Binghatti, and others. Units valued up to AED5 million will be offered at preferential rates. Participating banks—Commercial Bank of Dubai, Dubai Islamic Bank, Emirates NBD, Emirates Islamic and Mashreq—will provide customised mortgage solutions. Open to all UAE residents aged 18 and above who do not currently own a freehold residential property in Dubai, the programme aims to promote social inclusion, encourage long-term investment and contribute to community resilience. Helal Saeed Almarri, Director-General of DET, said the programme would stimulate demand and liquidity in the real estate sector, enhancing Dubai's global competitiveness and offering a sustainable model for urban development. Omar Bu Shehab, Director-General of DLD, said the initiative reflects Dubai's commitment to a transparent and inclusive property market and marks a strategic step in enabling more residents to invest in their futures.
Zawya
02-07-2025
- Business
- Zawya
Dubai launches landmark initiative further enabling first-time homeownership
First-Time Home Buyer programme offers aspiring Emirati and expatriate homeowners priority access to new launches, preferential prices, and tailored mortgage solutions The initiative aligns with the Dubai Economic Agenda, D33, the Dubai Real Estate Strategy 2033, and the UAE's Year of Community Dubai, United Arab Emirates: In a landmark initiative set to transform Dubai's real estate landscape, Dubai Land Department (DLD) and the Dubai Department of Economy and Tourism (DET) have launched the First-Time Home Buyer Programme. Designed to make homeownership more accessible and financially affordable for Emiratis and expatriates, the programme offers priority access to new launches, preferential pricing, and tailored mortgage solutions. It aligns with the Dubai Real Estate Strategy 2033 objectives to raise homeownership rates and double the sector's contribution to Dubai's GDP. The First-Time Home Buyer Programme was officially launched on 2 July during a press conference at Dubai Land Department attended by Majid Al Marri, CEO of Real Estate Registration Sector at Dubai Land Department, and Hadi Badri, CEO of the Dubai Economic Development Corporation (DEDC), the economic development arm of DET, as well as other senior officials from DLD, DET, and key strategic partners, including prominent banks and real estate developers. Supporting the Dubai Economic Agenda D33, and Dubai Real Estate Strategy 2033, which aims to double the size of Dubai's economy, the initiative further contributes to the goals of UAE's Year of Community by strengthening social cohesion and economic resilience. The First-Time Home Buyer programme showcases the power of collaborative partnerships between Dubai's public and private sectors, which has become a defining characteristic of the city's economic strategy. Leading developers already committed to the programme include Azizi Developments, Beyond developments, Binghatti Holding, DAMAC Properties, Danube properties, Dubai Properties, Ellington Properties, Emaar Properties, Majid Al Futtaim Group, Meraas, Nakheel, Palma Holding, and Wasl. These partners are offering unprecedented support to first-time home buyers through priority access to units in new off-plan launches, and enhanced commercial terms, including preferential pricing on units up to AED 5 million. Participating banks include Commercial Bank of Dubai, Dubai Islamic Bank, Emirates NBD, Emirates Islamic and Mashreq bank will provide tailored mortgage products designed specifically for eligible buyers. The programme will continue to onboard new partners post the launch to increase the choice for first time home buyers. Created for all nationalities and income levels, the programme is open to applicants aged 18 and above who are residents of the UAE, and who do not currently own a freehold residential property in Dubai. His Excellency Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism (DET), said: 'The launch of the First-Time Home Buyer Programme is a testament to the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, marking a significant milestone for the real estate sector and highlighting our commitment to broad-based growth. 'This initiative 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. '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. His Excellency Omar Bu Shehab, Director General of Dubai Land Department (DLD), said: 'The First-Time Home Buyer programme embodies Dubai's strategic vision for a more inclusive, transparent, and accessible real estate market. By easing entry into homeownership, we empower individuals and families to invest in their futures while supporting the Dubai Real Estate Strategy 2033's broader objectives and Dubai Economic Agenda D33. This initiative is a key driver of market resilience and positions Dubai as a global benchmark for sustainable urban development.' Individuals and agencies must register eligible applicants with DLD and submit their property preferences. To find out more about registering please visit the website First-Time Home Buyer programme About the Dubai Department of Economy and Tourism (DET) With the ultimate vision of making Dubai the world's leading commercial centre, investment hub and tourism destination, the Dubai Department of Economy and Tourism (DET) is mandated to support the Government in positioning the emirate as a major hub for global economy and tourism, and in boosting the city's economic and tourism competitiveness indicators, in line with the goals of the Dubai Economic Agenda, D33, which aims to double the size of the emirate's economy and consolidate its position among the top three global cities over the next decade. Under this remit, DET is driving efforts to further enhance Dubai's diversified, innovative service-based economy to attract top global talent, deliver a world-class business environment and accelerate productivity growth. Additionally, DET is supporting Dubai's vision to become the world's best city to visit, live and work in by promoting its diverse destination proposition, unique lifestyle and outstanding quality of life, overall. DET is the principal authority for planning, supervising, developing and marketing Dubai's business and tourism sectors. It is also responsible for licensing and classifying all types of businesses, including hotels, tour operators and travel agents. DET's portfolio includes Dubai Economic Development Corporation (DEDC), Dubai Business Registration and Licensing Corporation (DBLC), Dubai Corporation for Consumer Protection and Fair Trade (DCCPFT), Dubai SME, Dubai Corporation for Tourism and Commerce Marketing (DCTCM), Dubai Festivals and Retail Establishment (DFRE) and Dubai College of Tourism (DCT).
CBS News
12-05-2025
- Business
- CBS News
Baltimore Mayor Scott to announce Housing Options and Opportunity Act
Baltimore City Mayor Brandon Scott plans to announce the Housing Options and Opportunity Act Monday morning, according to a statement. While the Mayor has not yet shared details about the measure, it likely complements a recent push to encourage individuals and families to purchase homes in Baltimore. In 2023, Scott passed Baltimore's Tenant's Right of First Refusal law, which gives renters the first opportunity to purchase a home they have been renting if their landlord decides to sell. More recently, the city hit the $750,000 benchmark in distributing grants to first-time home buyers in the city through Baltimore's Buy Back the Block program. Along with encouraging homeownership, Baltimore City leaders have also been working to tackle the crisis of vacant homes. Bmore F.A.S.T. program aims to speed up property development process Announced in March, the Bmore F.A.S.T. (Facilitating Approvals and Streamlining Timelines) program involves a $3 million investment aimed at making the property development process more efficient. The plan would establish a new Director of Permitting and Development Services position within the mayor's office, which will work across agencies to eliminate bottlenecks in the development process. It will also add a new e-permits platform and self-certification options for qualified professionals, For developers, the plan includes a new e-permits platform, self-certification options for qualified professionals, simplified developer agreements for public right-of-way work, and a utility coordination program to align with major service providers. Where does Baltimore's vacant crisis stand now? Baltimore City has nearly 13,000 vacant homes, which the city plans to rehabilitate over the next 15 years. Vacant homes have presented dangerous circumstances for Baltimore, including a fire on Stricker Street in 2022, that left three firefighters dead. In March, a fire tore through 15 homes on North Fulton Avenue.
