By Rafiq Vayani
DUBAI: DAMAC Properties, the region’s leading luxury real estate developer, has announced the signing of a landmark Memorandum of Cooperation (MoC) with the Dubai Land Department (DLD) and the Dubai Department of Economy and Tourism (DET) to facilitate homeownership for UAE residents purchasing property for the first time.
Under the eligibility framework, the programme is open to UAE residents, both nationals and expatriates, who are 18 years or older, have not previously owned a freehold residential property in Dubai, and are seeking to purchase a home valued under AED 5 million. The initiative is inclusive of all income levels and is set to roll out across upcoming residential launches, including DAMAC’s.
Commenting on the agreement, Amira Sajwani, Managing Director at DAMAC Properties said: “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.”
The MoC positions DAMAC as a key participant in the programme, launched earlier this month and designed to address the core challenges faced by first-time buyers – affordability, accessibility, and financing through prioritised access to new property launches, preferential pricing, flexible payment plans, and enhanced mortgage options. It also allows eligible buyers to pay DLD registration fees in interest-free instalments, further easing the path to ownership.
In line with the goals of the Dubai Economic Agenda, D33, and the Dubai Real Estate Strategy 2033, the programme seeks to reinforce Dubai’s position as a long-term residential destination. By offering financial incentives and relaxed lending conditions including better mortgage rates, the initiative empowers residents to build equity in a dynamic and fast-growing city.
DAMAC Properties, with its extensive track record of delivering quality residential communities, will support this initiative by offering first-time buyers exclusive access to a curated portfolio of homes across prime locations in Dubai. The company will also help facilitate access to enhanced mortgage products and streamlined financing options tailored to the unique needs of first-time buyers.
With this milestone agreement, DAMAC reaffirms its long-standing role in shaping Dubai’s urban landscape while supporting the city’s vision of creating a more inclusive, liveable and future-ready housing ecosystem.
