Leading developers in Dubai have started allocating units for interested first-time home buyers at special rates – a move that will reduce the cost of entry for many new investors.

Dubai’s Wasl Group launched a new phase at its South Garden project in Jebel Ali, and ‘with a significant commitment to first-time home buyers’.

“Wasl is granting registered first-time buyers exclusive early access to the units, along with tailored incentives such as discounted pricing,” the government-owned developer said. (Prices start from Dh550,000 for studios to Dh1.95 million for a 3-bed, according to property agents, and the launch comes at a time when Jebel Ali is getting a lot of buyer interest.)

Meanwhile. Binghatti is offering 5% discounts for first-time buyers in Dubai across all its projects – ‘and ‘with no project or location restrictions’. Other leading developers are soon expected to make their own commitments as part of the Dubai ‘First-time Home Buyer’ initiative launched in July.

Heading into the final fourth months of the year, these discount-backed options will have a significant impact in extending the Dubai property boom, industry sources say. “If there are proper discounts and easier financing options, there will be buyers for sure,” said a developer source. “It will ease the concerns of these first-time buyers who would otherwise have waited until property prices cool down.” 

Boost for Golden Visas

Another category of property buyers – those wanting UAE’s Golden Visas - too are closely following the new Dubai home buying incentive. The 10-year visas are open for those who commit Dh2 million and over in a property purchase in the UAE, and has been a singular success for the last 3 years. But with the new Dubai initiative, a whole new crop of buyers could emerge.

Yes, they will still need to pay a minimum Dh2 million, but they still get discounts on, say, a Dh2.2 million home. And there are the waivers/discounts on various fees associated with a property buy.