Latest news with #AakarshanKathuria
Arab Times
03-07-2025
- Business
- Arab Times
Dubai expands homeownership opportunities for lower- to mid-income residents
DUBAI, UAE, July 3: Dubai has introduced a significant initiative aimed at increasing homeownership among lower- to mid-salaried residents, potentially marking a major milestone in boosting end-user property purchases within the emirate. Key incentives under the new 'first-time homeownership' program, launched on July 2, include straight discounts of up to 10% on property prices and potentially more relaxed salary requirements for bank financing eligibility. The program encourages residents earning between Dh15,000 and Dh20,000 to consider investing in homes priced under Dh1 million. If all eligibility criteria are met, developers and banks are expected to participate actively, offering extended mortgage terms up to 18 years. Two developers involved in the Dubai Land Department's program confirmed that the salary eligibility criteria will be made as accommodating as possible. Currently, 13 developers and 5 banks have signed up to support this initiative. 'This is the first major combined effort to attract new homeowners into Dubai's property market, not just investors,' said a source familiar with the program. 'Many potential buyers have delayed purchasing homes in Dubai for various reasons, but now the city is offering special prices, flexible payment plans, and direct support from both developers and banks.' The initiative is currently open to UAE nationals and residents only. Flexible salary criteria One of the program's notable features is its flexibility around salary requirements. Potential first-time homebuyers are encouraged to register via the Dubai Land Department website or the Dubai REST app. Developers and participating banks aim to provide financing options that make homeownership accessible to a broad range of buyers. 'The Dubai first homeownership project opens doors for buyers who were previously sidelined,' said Tizian Raab, Chief Communications Officer at Azizi Developments. 'It particularly appeals to younger residents and reflects a more inclusive market approach, encouraging more individuals to become long-term stakeholders in Dubai's property market.' Advice for investors Experts from the Property Finder platform suggest that those interested in the program should: Begin with a realistic budget.n Explore mortgage options early.n Consider both upfront and ongoing costs.n Use a first-time homebuyer checklist to stay organized.n Work with a licensed broker familiar with the program to get the best guidance.n Aakarshan Kathuria, founder of RiseUp consultancy, commented, 'We expect to see more mid-income earners becoming first-time homeowners. Access to low financing rates will be a key driver, as it reduces monthly payments throughout the mortgage period.'
Gulf News
21-04-2025
- Business
- Gulf News
Dubai Islands' new access points - and 1,425-meter bridge - will fire up its property market
Dubai: A lot was already happening at Dubai islands and the property sub-market with it – now, the master-development has got another well-timed boost. Contracts have been awarded for direct access points between Dubai Islands from Bur Dubai, and which includes a bridge all of 1,425 meters with four lanes in each direction. Property market sources say the best position for any emerging development – and especially one in the scale of Dubai Islands – is when internal and external construction is taking place simultaneously. Investors get to see proof-of-concept within the islands and how the future of getting in and out of it shapes up. 'Each time there are announcements about a Dubai Metro line expansion or more infrastructure work happening, you can hear a buzz in adjacent freehold investment hubs,' said an estate agent. 'It should be the same with the access points for Dubai Islands.' A five-island project, Dubai Islands will cover a quite sizable 17 square kilometres. In recent months, it has been the hotspot for offplan launches in the Dubai residential property market, a process that's set to continue through this year and beyond. Dubai Islands is emerging as one of the city's most promising destinations for waterfront living. The continued focus and investment by the government in this area is a clear indication of its long-term potential. At IMTIAZ Developments, we are proud to be contributing to this visionary landscape and look forward to shaping vibrant, world-class communities in this iconic location. According to a new Reidin-GCP report, well over 7,000 homes are in construction at Dubai Islands, with last March adding to that tally with a further four launches. (Last month also had eight announcements of impending project launches at the location.) First-time investors in Dubai – and younger ones too A lot of first-time investors – and potential ones - are taking interest in what's available in the islands. Market sources say they are skewing younger, tending to be in the late 20s and early 30s, and with many of them having spent less than 3-5 years as residents in the UAE. 'Dubai Islands' property options are definitely connecting with a younger demographic, who want to get early into a project rather than an already established costlier one,' the agent added. 'There are better chances for price appreciation, given the quality of the build and support infrastructure. 'Now, with the new Bur Dubai to Dubai Islands access points, it will get more buyers interested.' How are Dubai Islands' prices stacking? Aakarshan Kathuria, CEO of the property consultancy RiseUp, says that since the second-half of 2023, the median sale price of an apartment in Dubai Islands has risen from around Dh1,800 per square foot to over Dh2,300-Dh2,400 based on Dubai Land Department data. 'That's an impressive 33% rise in about 18 months,' said Kathuria. 'Even more impressive is the 125% increase in land values there, to currently be in the Dh450 psf levels.' Clearly, the price action is clearly moving in sync with buyer demand. Dubai Islands currently has one entry and exit access point through the Infinity Bridge and Al Khaleej Street. The RTA's newly announced 8-lane bridge contract will allow a capacity of 16,000 vehicles per hour in both directions. (The project includes a pedestrian and cycling track connecting both ends of the bridge.) 'The development of this access point will cut down the travel time significantly, in turn giving a boost to future residents and tenants of this community,' said Kathuria. 'This will propel home sales on Dubai Islands, given that they are within a 5-10 kilometer radius from some of the major hubs of Dubai, such as Deira Gold Souq, Bur Dubai's Meena Bazaar and Deira's spice and electronics markets.' A future rental hub too Closer to the end of the decade, Dubai Islands will take its position as the place for end-user property investors – and tenants seeking mid- to upper-mid tire rents. 'It's got the best of location and draw in the overflow from Deira and Bur Dubai alike,' said an estate agent. 'A good 10,000 homes or to be ready in 5 years, and with many of them in the rental market.'
