2,000 people have bought a home through Dubai’s first-time buyer program since it was launched six months ago. The initiative is open to residents of all nationalities, offering them priority access to new projects from a slate of developers, along with preferential pricing and lower mortgage rates.
Some 3.25 billion dirhams ($885 million) worth of property have changed hands so far, pointing to an average house price well below $500,000. Around half the buyers have lived in the emirate for more than five years, and officials say the program has helped to strengthen community roots.
That fits in with other initiatives launched in recent years, such as longer-term visas and routes to citizenship — all designed to turn the emirate into somewhere people want to live over the long term, rather than just work in for a few years.