UAE: Bank Announces First-ever Land Financing as Demand for Land Ownership continues to grow

The Islamic Bank of Abu Dhabi (ADIB) has announced the launch of its first-ever construction financing offer. The scheme allows clients to purchase a plot of land for the purpose of investing or achieving their homeownership goals.

An offer available to both residents and non-residents. It allows buyers to purchase real estate or make land transfer payments in order to own vacant residential lots in well-known residential communities.

The new offer was made in response to the "growing interest" in the purchase of land among both citizens and local residents. Due to the rise in real estate and land prices in the UAE since 2021, people are increasingly seeking to purchase land as an asset or as a way to build their own property.

Buyers can count on financing in the amount of up to 60% of the value of the land plot with a waiver of early repayment fees of up to 30% of outstanding financing each year.