With a new initiative, Dubai’s real estate market has once again garnered media attention. Some of the largest developers in the city, such as Wasl and Binghatti, have announced special discounts and incentives for those buying their first home under the new “First-time Home Buyer” scheme, which went into effect in July. Experts believe that this action might make it easier for new investors to enter the market and give real estate transactions in Dubai new impetus.
Under this new initiative, two prominent Dubai real estate developers have introduced special terms for first-time purchasers:
With an emphasis on first-time homebuyers, this government-owned company has begun a new phase of its South Garden project in the quickly expanding Jebel Ali neighborhood. Wasl is providing incentives like flexible payment plans and discounted pricing in addition to early and exclusive access to units.
Real estate consultants estimate that studios start at about AED 550,000, while three-bedroom apartments can cost up to AED 1.95 million. For various buyer types, this range offers a large selection.
The renowned developer has adopted a comprehensive strategy, offering first-time purchasers a 5% discount on all of its projects in Dubai, with no restrictions based on project or location. Because of this, buyers can take advantage of the scheme no matter where they want to invest in the city.
Experts predict that other significant developers will soon adopt comparable perks for prospective purchasers. In addition to reducing the cost of entry into Dubai’s real estate market, this competition may significantly increase the options available to newcomers.
This program’s link to the UAE Golden Residency Visa is among its most alluring features. Anyone buying real estate for at least AED 2 million is qualified for a 10-year visa under the current rules. Buyers can now purchase a property for AED 2.2 million for less thanks to the new discounts, which also lower related costs like commissions.
Because of this, the opportunity appeals to younger buyers and families who want long-term residency security and less reliance on work status, in addition to wealthy investors.
According to experts, the cost of real estate in Dubai has remained relatively stable over the past six months. Investors now feel more confident when it comes to financial planning and obtaining mortgages because of this stability.
In the meantime, there is a greater demand for smaller apartments, like studios and one-bedroom units. Many purchasers are selecting these as a first step into Dubai’s real estate market, in addition to using them as a means of acquiring the Golden Visa.
Anyone wishing to get into Dubai’s real estate market has a fantastic opportunity thanks to the new developer discounts and the “First-time Home Buyer” program. Experts now view this time frame as “the best time to buy your first home in Dubai” due to the combination of stable real estate prices and the possibility of obtaining a Golden Visa.
Source: https://gulfnews.com
