To keep the momentum going in Dubai's off-plan property sales, more developers are now offering monthly payment plans of just 0.5%. Previously, some developers had offered 1% monthly payment plans as a standard option. Now, many are extending these plans across all their new projects, making homeownership more accessible. This change comes at a time when buyers are feeling the pressure of high property prices and long wait times for handovers, which can stretch up to three or four years. Developers are also lowering prices, with some offering discounts of up to 20% to attract more buyers.

These new payment plans, which resemble simple installment plans, are particularly helpful for buyers who struggle to secure a mortgage. Paying just 0.5% per month could ease the financial burden. For example, if a buyer owes Dh1 million after the down payment, their monthly installment would be around Dh5,000.

Ras Al Khaimah and Other Emirates Follow Suit

This trend isn’t limited to Dubai; it’s also taking hold in Ras Al Khaimah as demand and prices rise there too. Experts say these lower payment plans are a game-changer, especially for first-time buyers who want to avoid the mortgage process entirely.

In the first half of 2024 alone, there were 38 villa launches and 134 apartment projects in Dubai, with developers like Emaar, Damac, and Sobha leading the charge. Even Abu Dhabi’s Aldar has joined in, launching several massive residential communities.

Lower price points are also playing a significant role, with some projects offering prices below Dh1,000 per square foot. As Dubai’s property market continues to boom, these payment plans and discounts are helping more people realize their dream of owning a home.

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