Home ownership is within the reach of professionals in the UAE who earn between Dh15,000 ($4,084) and Dh20,000 a month, although the choices will be “highly selective” and concentrated in value-led communities, according to experts.
Monthly incomes in the range of Dh35,000 to Dh50,000 usually provide the greatest flexibility in terms of locations, they say.
The minimum salary required by UAE banks to approve a mortgage for first-time buyers varies by lender.
“While a few banks offer mortgages to expatriates earning as little as Dh10,000 a month and Emiratis earning Dh8,000, most banks typically require a minimum salary of around Dh15,000,” says Yash Trivedi, founder of mortgage advisory company YouAE Mortgages.
“Banks in Dubai typically allow mortgage repayments of up to 50 per cent of an applicant’s fixed monthly income and allowances. In most cases, they also consider 50 per cent of any variable income, such as commissions or incentives.”
The property market in Dubai has benefitted from government initiatives such as residency permits for retired and remote workers, expansion of the 10-year golden visa programme and overall growth in the UAE’s economy on diversification efforts.
Dubai launched an initiative in July where first-time buyers will have priority access to new homes from participating developers as well as existing inventory, discounts or limited-time offers on the sale price of off-plan units, flexible payment plans, and “improved” mortgage options with better interest rates, faster approval times and reduced fees.
Home ownership in the UAE is increasingly attainable from the Dh
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