The Dubai real estate market is gaining momentum, particularly for first-time buyers, as prominent real estate developer Binghatti announces its participation in the First-Time Home Buyer (FTHB) Programme. This initiative, spearheaded by the Dubai Land Department (DLD) and the Dubai Department of Economy and Tourism (DET), aims to facilitate homeownership for Emiratis and expatriates by 2025. Binghatti is set to allocate a minimum of 10% of its newly launched and existing residential units for this initiative, focusing primarily on properties priced under AED 5 million, thereby easing the path for aspiring homeowners.
Binghatti Joins Dubai’s FTHB Programme
Binghatti’s commitment means that eligible first-time buyers will have early access to residential units before they are publicly launched. This strategic move is designed to ensure that participants can take advantage of favorable housing options promptly.
In addition to unit allocation, Binghatti plans to offer various incentives specifically tailored to first-time buyers, including discounts on selected properties and reduced administrative service fees. These offerings reflect Binghatti’s dedication to making homeownership more accessible to both Emiratis and expatriates, aligning with the broad goals of the FTHB Programme.
“We are honored to be part of the Dubai Land Department and the Dubai Department of Economy and Tourism’s visionary initiative, one that aligns perfectly with our mission to expand real estate ownership in Dubai. The financial benefits that Binghatti is offering eligible first-time home buyers under the First-Time Home Buyer Programme are designed to make the dream of owning a home in Dubai more attainable for a broader segment of the population. By prioritizing first-time buyers, we are not only contributing to the growth of the real estate sector and supporting the Dubai Economic Agenda, D33 ambition of reaching AED 1 trillion in real estate transactions but also helping to build stronger, more sustainable communities,” said Katralnada BinGhatti, CEO of Binghatti Holding Ltd.
The FTHB Programme launches at a time of significant growth for Dubai’s real estate landscape. According to the latest reports from the Dubai Land Department, there has been a remarkable 29% year-on-year increase in total transaction value, reaching an impressive AED 114 billion during the first quarter of 2025. This surge in the market reflects a broader trend where the volume of property sales rose by 23%, with villa and townhouse transactions skyrocketing by 65%. This shift indicates a significant transition from renting to owning among residents.
Broader Accessibility for First-Time Buyers
The First-Time Home Buyer Programme is open to all UAE residents, encompassing both nationals and expatriates, who are looking to purchase their first freehold residential property priced under AED 5 million. This broad eligibility is poised to open doors for many individuals and families eager to invest in the vibrant Dubai real estate market.
Binghatti is actively developing around 20,000 units across approximately 30 projects within key residential areas of Dubai, including Downtown, Business Bay, and Jumeirah Village Circle. Their properties are known for their high-end branding, collaborating with luxury names like Bugatti, Mercedes-Benz, and Jacob & Co., and have attracted high-profile clients, including notable celebrities.
New Developments on the Horizon
In May, Binghatti unveiled ‘Aquarise Residences by Binghatti’ in Business Bay, featuring over 1,500 units spread across a generous 232,300 square feet. The company also announced the acquisition of freehold land that boasts over 8 million square feet of gross floor area, anticipated to have a total development value surpassing AED 25 billion. This land, located in Nad Al Sheba 1 within Dubai’s Meydan district, is set to become the company’s first master-planned residential community in the emirate, emphasizing Binghatti’s long-term commitment to shaping the urban landscape of Dubai.
The initiatives being undertaken by Binghatti and its involvement in the First-Time Home Buyer Programme indicate a pivotal moment in Dubai’s real estate market, promoting not just growth but also inclusivity for those aiming to take their first step into homeownership.