Real estate in Dubai for cryptocurrency

Real estate in Dubai for cryptocurrency

The UAE is among the fastest growing countries in the world and is able to seize opportunities and trends to offer maximum benefits. A revolutionary step in the future of the country was the purchase of real estate in Dubai for cryptocurrency. Today, technology allows you to pay with cryptocurrencies, and the methods are safer and more reliable than traditional ways of buying real estate. The new transaction method has become incredibly popular among those who do not want to deal with cash or checks. Seeing the benefits and return on investment, many buyers have started investing in the real estate market using cryptocurrencies. In this article, we will talk about whether it is allowed to buy property in Dubai with cryptocurrency and how this can be done.

Real estate for cryptocurrency in the UAE

The first real estate payment with cryptocurrency in Dubai occurred in 2018, when fifty apartments were purchased at the same time. A subsequent similar purchase turned out to be another ten apartments. Also, on a regular basis, separate units of residential properties are bought for cryptocurrency. All of the above is excellent evidence of how cryptocurrency technologies have been able to penetrate into everyday life. Emirates plans to take advantage of advanced technology to the maximum, as this transaction format is secure and eliminates paper bureaucracy. Such an easy option to buy real estate in Dubai for cryptocurrency can be explained by the fact that the state started introducing blockchain technology back in 2016, making it part of the strategy for future development.

One of the main advantages of using cryptocurrency is the ability to record real estate transactions. This makes it possible to create a single secure database with information about the property - from the construction stage to the last payment made by the client. The data will be made available to DEWA government agencies and the database will be made available to the Dubai Land Department (DLD).

How to buy real estate for cryptocurrency?

In order to purchase real estate in Dubai with cryptocurrencies, both the seller and the buyer must have a crypto wallet. It can be registered not only by individuals, but also by legal entities. The acquisition of an object begins with the search for a suitable option and the agreement of conditions. At this stage, both parties are considering the main points that will be included in the purchase / sale agreement. During negotiations, the value of a particular property in dirhams will be converted at the current rate into the selected cryptocurrency. The amount then closes and is no longer subject to exchange rate changes, so the seller is not responsible for subsequent exchange rate fluctuations.

Cryptocurrency settlements in the UAE are carried out after the contract is drawn up and all the necessary documents are executed. For paperwork, the client must be accompanied by a broker with a license or a lawyer. After all the conditions are agreed upon and the transaction is concluded, the client will be able to transfer the entire amount to the seller's account. It is important to remember that according to the order of the Central Bank of the UAE, transactions must be carried out only in dirhams. The requirement is due to the fact that the cryptocurrency is not stable. A sudden change in the exchange rate can put one of the parties at a disadvantage. Therefore, for payment, you will have to use a special exchange service that converts cryptocurrency into dirhams.

Buying an apartment for bitcoins in Dubai with UAE Assets

Cryptocurrency is gaining demand on an industrial scale, spreading its influence to many industries, in particular to the real estate sector. Major developers such as Emaar Properties, Meraas, Select Group, DAMAC Properties and Dubai Properties offer clients the opportunity to buy real estate in the emirates for cryptocurrency. The purchase process itself is very easy - you just need to contact UAE Assets. Our company will be engaged in the selection of real estate according to your needs and financial capabilities, choosing the best option. If you are interested in buying an apartment for bitcoins in the UAE or you want to get advice from experienced professionals, then contact our company. Call the contact phone or fill out the feedback form - we will call you during business hours and answer your questions.

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