A Game-Changer for Dubai’s Off-Plan Market: Damac Partners with ADIB to Make Off-Plan Property Ownership More Accessible
Dubai’s real estate giant Damac Properties has taken a significant step towards making off-plan property investments more accessible by partnering with Abu Dhabi Islamic Bank (ADIB). This groundbreaking collaboration allows buyers to secure mortgages for Damac projects that have reached at least 35% completion, providing a major financial advantage to prospective homeowners and investors.
Historically, purchasing off-plan properties in Dubai required buyers to pay a significant portion upfront, often making it challenging for individuals who preferred mortgage financing. Traditionally, banks and financial institutions only extended mortgage facilities once a property had reached at least 50-60% completion or was closer to handover. The Damac-ADIB agreement significantly lowers this threshold to just 35%, giving buyers earlier access to financing and greater flexibility in securing their dream homes.
This move is expected to fuel demand in Dubai’s off-plan sector, which has been a key driver of the city’s booming real estate market. By allowing buyers to take advantage of mortgage financing earlier in the development cycle, Damac aims to attract a wider range of investors, including first-time homebuyers and expatriates, who might otherwise be deterred by the large upfront payments required for off-plan purchases.
