Moving from renting to owning in Dubai is easier than many people think. Here is a simple roadmap for first time buyers, from savings targets to collecting your keys.
Key takeaways
- Start by checking your budget and getting pre-approved.
- Save for the down payment plus around 7 to 8 percent in costs.
- Compare total cost, not just the headline rate.
- Use a broker to coordinate every step through to transfer.
Renting vs buying in Dubai
For many residents, monthly mortgage repayments on a similar home can be comparable to rent, while every payment builds equity. Buying makes most sense if you plan to stay in the UAE for several years, have stable income and have saved enough for the deposit and costs.
How much do you need to save?
As an expatriate first time buyer on a property up to AED 5 million, you need at least a 20 percent down payment plus around 7 to 8 percent for purchase costs such as the DLD transfer fee, agency commission and mortgage registration. On a AED 1.2 million apartment, that is roughly AED 330,000 in total.
Your first home roadmap
- Check affordability: use our mortgage calculator to estimate repayments.
- Get pre-approved: know exactly how much you can borrow.
- Choose an area: consider commute, schools, community and rental yields.
- Make an offer: sign a memorandum of understanding (Form F) and pay the deposit.
- Valuation and final offer: the bank values the property and issues the offer letter.
- Transfer: complete at the trustee office and collect your keys.
Common first time buyer mistakes
- Viewing properties before knowing your budget.
- Forgetting that credit card limits reduce borrowing capacity.
- Choosing the lowest rate without checking fees and follow on margin.
- Changing jobs just before applying.
- Not budgeting for service charges and maintenance.
How Hire Mortgage Broker LLC helps first time buyers
We guide you through eligibility, down payments and the full buying process in plain language. Our team compares more than 20 UAE banks, handles the paperwork and stays with you until you receive your keys, with advice that is free and transparent.
Ready to own your first home?
Book a free consultation and leave with a clear plan, a realistic budget and your best mortgage options.
Frequently asked questions
What credit score do I need for a mortgage in the UAE?
There is no single minimum, but a good Al Etihad Credit Bureau score with no missed payments improves approval odds and pricing.
Can I buy with my partner?
Yes. Joint applications are common and can combine incomes to increase borrowing capacity.
How long does it take to buy a home with a mortgage in Dubai?
From pre-approval to transfer, a ready property purchase typically takes around four to eight weeks.