New initiative aims to boost financing options for first time property buyers

Dubai's real estate market continues to soar, attracting a growing wave of investors. Yet, one persistent challenge has been the lack of mortgage options for off-plan properties—a norm in the UAE where financing is typically limited to ready homes. This has made market entry difficult for first-time buyers, adding to their financial strain.

- Somshankar Bandyopadhyay [e-mail]

The Dubai Land Department recently stepped in to ease access through initiatives such as reduced down payments, partial waivers on Dubai Land Department (DLD) fees, and priority booking under the First-Time Home Buyer Programme.

To bridge this critical gap, Majid Al Futtaim, the region’s leading developer and lifestyle pioneer, has signed a Memorandum of Understanding (MoU) with Emirates NBDs. For the first time, buyers across Majid Al Futtaim’s residential portfolio can secure mortgage financing during the off-plan phase—a milestone that signals a shift in how homebuyers plan long-term investments in Dubai.