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Dubai Approves 600 Housing Loans Worth Dh600 Million

Posted on 12th January 2022 by Driven Properties

Dubai Approves 600 Housing Loans Worth Dh600 Million

A total of 600 housing loans worth Dh600 million collectively have been approved as part of the Emirati Housing Programme in Dubai. Following the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the new loans were approved by Sheikh Hamdan bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council. 

Sheikh Hamdan also backed plans to increase the amount of the loans to a maximum of AED1 million, and tweeted: “We follow up on the Emirati housing dossier to ensure their happiness and provide them with a dignified life.” 

In addition, the Establishment announced various benefit schemes as part of its housing strategy that aims to design residential neighborhoods to provide citizens the world’s best lifestyle and living environment for families. Services will be provided by the Mohammed bin Rashid Housing Establishment during all stages of construction until handover, the tweet added. 

Sheikh Hamdan said the decision reflects the vision of His Highness Sheikh Mohammed bin Rashid to provide the best living conditions for Emirati families as part of the Dubai 2040 Urban Master Plan that maps out a comprehensive plan for sustainable urban development in the emirate. 

The Crown Prince added that Dubai is one of the world’s leading cities that places people’s happiness and quality of life at the center of its development model, which enables it to provide an exceptional environment for individuals and families. 

In November, Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, also Vice President, Prime Minister of the UAE, approved housing projects worth AED3.8 billion in the emirate. As part of the new projects, 2,000 plots of land will be distributed to Emirati citizens together with 900 ready-made villas. The projects also include an AED500 million integrated complex for small families. 

In 2017, Sheikh Hamdan directed Dubai Municipality chiefs to draft a housing plan that will satisfy the expected property needs of UAE nationals over the next 30 years. 

Dubai Municipality was also tasked to draft a comprehensive plan to redevelop Dubai’s old neighborhoods while preserving their distinctive character. 

POPULAR VILLA COMMUNITIES AMONG LOCAL EMIRATIS IN DUBAI 

After the new loans were announced, we make a list of 3 of the most popular areas among local Emiratis interested in purchasing a property in Dubai. Therefore, Most Emiratis live in areas in Dubai such as Jumeirah, Mirdiff, and Al Khawaneej. Khawaneej is the epitome of Emiratis home. 

1. Jumeirah

The wide choice of apartments and houses for sale in Jumeirah makes it a great place for local families looking for an upscale, seaside neighborhood. Citizens can check out villas for sale in Bulgari Resort And Residences which are amongst the most luxurious villas in Dubai. Another excellent neighborhood to look for villas in Jumeirah is the Jumeirah 1 district, known for housing the gorgeous Jumeirah Mosque and the popular Mercato Shopping Mall. While apartments for sale in City Walk, on the edge of the neighborhood, are also popular. 

2. Mirdiff

Frequently topping the list of the most popular areas to rent a villa in Dubai, the only problem most residents have with it is the fact that they can’t own a villa here. However, locals and GCC nationals can buy a villa in Mirdif!

The Mirdif community is one that has seen entire families (from kids to grandkids) grow up here. It is known for its eclectic collection of villas, unique in that they have all been built by different owners. Mirdif villas also tend to afford their residents a great sense of space, both indoors and outdoors in their own private garden. The larger community is made up of a diverse mix of locals, Arabs, western and Asian expats (the area really started becoming popular with expats in the 1990s), many of whom have been renting in the neighborhood for years! 

3. Al Khawaneej

The residential properties for sale in Al Khawaneej, Dubai largely include huge villas with plush surroundings. Unlike the new wave of properties in Dubai that offer different globally-inspired styles, villas in Al Khawaneej feature strong traditional Arab elements. These houses include sprawling courtyards, shaded pathways, boundary walls, and large ornate gates. The exterior often includes a swimming pool, a water fountain, expansive well-manicured gardens, and covered parking for two or more cars. 

For local Emiratis interested in purchasing a villa in Dubai, visiting as many as you can is key to finding the property that works for your needs. Also, register your interest with Driven Properties, the awarded real estate company. We’ll be happy to help you find your new home in the UAE.