As a rapidly developing city with an eclectic mix of cultures and languages, Dubai is strategically situated as a prosperous country for investors, renters, tourists and business travelers. The world-class facilities, exclusive amenities, undeniable safety, and affordable housing make it even more attractive for expats and nationals looking for new opportunities both personally and professionally.
The financial world in Dubai has been revolutionized thanks to the inclusion of cryptocurrency in the emirate’s real estate transactions. But given the fact that a property investment is a big commitment with lots of moving parts, you may have many questions and concerns about this new payment option. In this guide, we will explain the legal, security and transactional elements of using cryptocurrency for purchasing real estate.
A short definition of crypto
Cryptocurrency is a form of digital currency that can be traded online for goods and services. These currencies are not available physically, you will need to exchange real currency for the cryptocurrency to purchase a property using this method.
These digital currencies are made safe using blockchain technology, a decentralized system that manages and logs in the transactions securely – this means that the trading of cryptocurrency does not involve the role of banks or other intermediaries.
Cryptocurrencies are very popular because speculators can drive their prices exponentially high at times and hence, they are useful tools to trade for profit. They’re also well known for being self-governed, decentralized and protected from external inflation. For these reasons and many more, the UAE is beginning to see the potential of cryptocurrency and the countless ways they can contribute to future transactions.
How to buy a property with crypto in Dubai?
In this digital age, it is very easy for investors to purchase a property in Dubai with Bitcoin. Buying real estate with this method means you may be able to get rid of all the paperwork and the hassle of buying a house or apartment in Dubai with conventional payment processes. Although the use of cryptocurrency has not yet become mainstream in Dubai, the integration of cryptocurrency in the real estate industry is expected to revolutionize the future process of buying and selling properties in the UAE.
A lot of real estate developers in Dubai are now offering investors the option to buy a property through various types of cryptocurrencies. That being said, keep in mind that developers who accept Bitcoins or other cryptocurrencies will sign the Sale and Purchase Agreement based only on Dirhams, the official currency of the UAE.
Therefore, your real estate property agreement will not be signed based on Bitcoin or any crypto. That is because the currency remains highly volatile and is still not able to work 100% perfectly with the real estate process or the channels where the payment is made to property developers.
Such a simple way to buy property with cryptocurrency is explained by the fact that the United Arab Emirates Government started introducing the blockchain system in all economic and accounting systems as early as 2016. Apart from buying a property, one can pay utility bills and other things related to real estate in BTC. Blockchain is being used as a part of the Emirate’s development strategy to make Dubai the most advanced city in the world. The main feature of using crypto is the ability to log every real estate transaction.
Why invest in Dubai real estate with crypto?
As a new concept for most, there are many questions like why invest in cryptocurrencies in the first place. It may sound complicated, foreign, different, and unconventional. So why go with this approach instead of just going the traditional route?
The truth is, it depends on your needs and the process that best suits your expectations. Here are some of the reasons why it may be a good idea to buy a property with cryptocurrency in Dubai:
- Cost-effective international transfers
- Secure payment process
- Immediate settlements
- Easy payment and less paperwork
- Transferable to stable real assets in Dubai
Which Dubai property can I purchase?
DAMAC – leading developer in Dubai – are currently offering luxury properties in the city that can be purchased with popular cryptocurrencies like Bitcoin and Ethereum.
Whether you want to buy a villa, townhouse, apartment or commercial space, you will be able to invest in all of them – with many other developers soon to join the list accepting Crypto as payment methods. But sometimes, the wide range of options makes it more difficult to decide if this is the right method for your needs. Below are some things to consider before investing in a property with crypto:
- It is important that you deal with real estate agencies that are trusted partners of Dubai’s leading developers. At TIMI Property, we partner with developers like DAMAC to bring you the best and most affordable opportunities for a safe investment.
- Make sure you follow all the steps of the process according to your needs. Our team of specialists will be there to guide you through your investment and beyond.
- For any real estate investment, you should only choose a developer that is fully compliant with the UAE laws and offers safe cryptocurrency real estate payment options for its investors.
These are just some of the aspects to take into account before looking into crypto investments, and at TIMI Property, we recommend having at least a basic knowledge of cryptocurrency and the Dubai real estate market prior to making any major decisions. If you’re looking for guidance and personalized advice to shape your investment journey, our property specialists will help you and guide you towards the right opportunities that suit your needs. Get in touch with us today to learn more about what Dubai has to offer you: +971 50 195 2688