The immediate allocation of 2,000 residential land plots in the Umm Nahad Fourth region has been approved by a high-level committee led by the Crown Prince of Dubai. This came as per directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
The distribution occurred while Dubai’s Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum presided over the Higher Committee for Development and Citizens Affairs. Sheikh Hamdan stated, “We follow up on the housing programme files continuously, to implement the directives of Sheikh Mohammed bin Rashid to provide all the needs of citizens and enhance their quality of life”.
Starting on Wednesday, July 27, the plots will be given out to qualified people who have received permits from the Mohammed bin Rashid Housing Establishment via the Maskani App. Citizens can choose the plot sites that work best for them using the app.
The value of housing loans for Dubai residents has been increased to Dh1 million, with no interest rate being applied to qualified categories, per Sheikh Mohammed bin Rashid’s approval. The package also removed the requirement for a minimum balance to obtain residential land and reduced the prices of some of the Mohammed bin Rashid Housing Establishment homes by about 10%. The monthly deduction for housing loan repayments was also reduced to only 15% of the borrower’s monthly income.
Several programmes have been supported to help residents of Dubai develop their own residential villas. These include the exclusion of citizens building their first homes from power connection costs, provided that the construction cost does not exceed Dh4 million, and the exemption of mortgage fees applicable to authorized housing loans.
To strengthen ties between families and promote social cohesion, consideration is given to accommodating nearby family members.
For the next 20 years, Sheikh Mohammed bin Rashid has previously approved a housing budget for Dubai residents of Dh65 billion.