You may have heard of the Cryptocurrency phenomenon that has taken the financial world by storm. Now investors also can buy a property with Cryptocurrency in Dubai. In this guide, we offer you a simple way to understand the legal, transaction, and security components of using cryptocurrency and buying real estate with Bitcoin and other cryptocurrencies.
Dubai is one of the most multicultural, rapidly developing, and highly desirable cities to live in. The city enjoys a unique strategic position in UAE and has a highly prosperous property for investors, buyers, and renters. With state-of-the-art facilities, affordable housing and apartments, high-class amenities, and top-of-the-line services, living and investing in real estate in Dubai makes it a very popular choice for many people from the Middle East and even foreign expatriates. Thanks to its diverse locales and the reasonable prices of properties in some of the most desired locations of the city, it attracts millions of investors from around the world.
How Does Bitcoin and Other Cryptocurrency Work?
A Cryptocurrency is a form of digital currency that can be traded online for goods and services. These currencies are similar to arcade tokens, but they are not available physically. You will need to exchange real currency for the cryptocurrency to access the real estate property.
These digital currencies work using block chain technology. This is a decentralized technology that is spread across a network of computers that managers and logs in cryptocurrency transactions. This means that the trading of Cryptocurrency does not involve the role of banks or other intermediaries. A lot of people in Dubai like to invest in blockchain technology because it offers security.
Cryptocurrencies are extremely popular because speculators can drive their prices exponentially high at times and hence, they are very useful tools to trade for profit. The most popular and successful cryptocurrency is Bitcoin which has very volatile pricing and reached almost $65,000 in April before suddenly slumping and losing half of its value in May.
How to Buy a Property in Dubai with Cryptocurrency?
In this digital era, it is very easy for investors to buy property in Dubai with Bitcoin exchange. Buying real estate through this mode means you may be able to get rid of the bothersome paperwork and the hassle of buying a house or apartment in Dubai with traditional means of payment. Although the use of cryptocurrency has not yet become mainstream in Dubai, the perfect integration of cryptocurrency in the real estate industry is expected to revolutionize the future process of buying and selling properties in the UAE.
Cryptocurrency brings about endless possibilities. One of the best things about cryptocurrency is that it is easy as using cash or taking out a bank loan. Hence, a lot of real estate developers in Dubai are now offering investors the option to buy a property through various types of cryptocurrencies. However, keep in mind that developers who accept Bitcoins or other cryptocurrencies will sign the Sale and Purchase Agreement based on Dirhams, the official currency of the UAE, only.
Hence, your real estate property agreement will not be signed based on Bitcoin. 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.
If you are interested in investing in real estate with Bitcoin in Dubai, you can do so. However, keep in mind that the use of cryptocurrencies in the UAE is still quite limited; however, this mode of payment is rapidly developing as a legal framework in Dubai and maturing in the country.
DAMAC To Start Accepting Cryptocurrency
DAMAC is a leading real estate development company in Dubai that is a forerunner of innovation in the property industry. That is why it is proud to be one of the real estate companies that accept Bitcoin. Just recently, DAMAC has proudly announced a leap into the future of real estate purchase and will start accepting Bitcoin and other major cryptocurrency payments within their payment platforms.
We have a team of highly talented and reputable agents who will help you every step of the way when it comes to searching, selecting, and securing your dream home or commercial property in Dubai. We will streamline the buying process by covering legal frameworks and security aspects of trading with cryptocurrency in Dubai. Even if you are new to Bitcoin, our agents will be here to help you to simplify the transaction process at every step.
When you buy property in Dubai with Bitcoin, you have the added advantage of dealing with less paperwork and focusing more on finding your dream villa, townhouse, or apartment. With the change in the economic landscape and the coming of Expo 2021, now is the prime time for you to buy property in Dubai while leveraging cryptocurrency in the real estate market.
Visit us today so that we can help you buy real estate with crypto.