Dubai’s real estate market, renowned for its dynamic growth, has long faced a significant hurdle: the absence of mortgage options for off-plan properties. Traditionally, financing in the UAE has been restricted to ready-to-move-in homes, creating financial challenges for first-time buyers. To address this, the Dubai Land Department has introduced measures such as reduced down payments, partial waivers on registration fees, and priority booking under the First-Time Home Buyer Programme. These initiatives aim to ease market entry for aspiring homeowners. In a groundbreaking move, Majid Al Futtaim, a leading developer in the region, has partnered with Emirates NBD to launch off-plan mortgage financing across its residential portfolio. This collaboration marks a pivotal shift in Dubai’s property market, offering buyers the opportunity to secure home loans during the off-plan phase. Under the agreement, buyers who have completed 50% of their property payments can apply for mortgages with competitive interest rates and repayment terms of up to 25 years. This initiative is open to both UAE nationals and residents meeting standard credit criteria, providing a streamlined and transparent path to homeownership. The partnership not only addresses a critical financing gap but also aligns with Dubai’s broader efforts to make property investment more accessible. Ahmed El Shamy, CEO of Majid Al Futtaim Development, emphasized the importance of financial clarity in homebuying decisions, stating that the collaboration offers customers a flexible and familiar option. Rohit Garg of Emirates NBD highlighted the growing demand for structured payment plans, underscoring the partnership’s role in supporting sustainable homeownership. This initiative is expected to enhance market confidence and make high-quality residential communities more attainable for a diverse range of buyers.
Dubai: New initiative aims to boost financing options for first time property buyers
