DAMAC Properties Forms Partnership With DLD And DET To Assist First-Time Homebuyers In Dubai

DAMAC Properties, a prestigious real estate developer, has recently formed a strategic partnership through a Memorandum of Cooperation (MoC) with both the Dubai Land Department (DLD) and the Dubai Department of Economy and Tourism (DET).

This collaboration is set to simplify the process of buying a home for UAE residents who are venturing into the property market for their first time. This initiative, inclusive of all income brackets, is specifically tailored for individuals over 18 years old, who are yet to own a freehold residential property in Dubai, and are interested in properties valued at less than AED 5 million.

The programme, initiated earlier this month, aims to tackle the primary hurdles of affordability, accessibility, and financing for first-time property buyers. Key features of the MoC include priority access to new property launches, special pricing, flexible payment schemes, and superior mortgage choices. Moreover, it grants eligible purchasers the option to pay DLD registration fees via interest-free instalments, making the journey to homeownership more manageable.

Amira Sajwani, Managing Director at DAMAC Properties, stated, "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."

This initiative aligns with Dubai's broader economic and real estate objectives as outlined in the Dubai Economic Agenda, D33, and the Dubai Real Estate Strategy 2033. It aims to solidify Dubai as a premier long-term residential hub by offering financial incentives, relaxed lending conditions, and better mortgage rates to empower residents in building equity within the vibrant city.

By offering first-time buyers exclusive access to a select range of homes in prime locations, DAMAC Properties leverages its vast experience in creating high-quality residential communities to further this initiative. The company is committed to providing enhanced mortgage products and streamlined financing solutions, specifically designed to meet the needs of first-time homebuyers.

This pivotal agreement reaffirms DAMAC's enduring contribution to Dubai's urban development, underscoring its support for the city's ambition to cultivate a more inclusive, habitable, and prepared housing environment for the future. Through this partnership, DAMAC continues to play a significant role in transforming Dubai's housing landscape, ensuring it remains an attractive place for residents to call home.