Cryptocurrency to Purchase Real Estate in Dubai in 2023
The UAE is renowned for making a concerted effort to integrate new technology into the economy, notably the growing use of digital currency, which is now prevalent in numerous fields, including real estate. Cryptocurrency is one of the payment methods you may take into consideration if you intend to buy property in Dubai for investment.
Property in Dubai
Compared to other global metropolitan areas, real estate in Dubai is undervalued. However, investments in it here pay off many times faster, from 8 to 13 years, which makes the city one of the most attractive places for investing in square meters. It is also worth noting the role of the state, which creates all kinds of conditions for the development of promising businesses.
Dubai was one of the first to make it possible to buy and rent housing for cryptocurrency. In 2019, the largest transaction took place, when an entire complex from the developer Emaar Properties worth almost $180 million (AED 661,014,000) was sold for Bitcoin.
This method of calculation has many advantages, making it more and more popular when buying and selling real estate. Therefore, today we will talk about how to buy a house for a “crypto.”
Cryptocurrency: What Is It and How Does It Work
Cryptocurrency is a program code that acts as a means of payment, reliably protected from hacking. It has the same properties, but electronic and paper money are familiar to us but are controlled by a different system.
Blockchain is a database that processes and stores information about payers and identification of transactions. This is a chain of interconnected blocks containing records of transactions performed.
Two more terms are closely related to this theme:
- Coin – a means of payment that can be obtained by mining, staking, or purchasing.
- Token – is an analog of securities, only in electronic form. It is not mined, only acquired.
“Crypt” is used on the same principle as any other modern currency.
Real Estate in Dubai for “Crypto”
Every year there are more and more investors who want to buy real estate for cryptocurrency in Dubai. There are several good reasons for this:
- transaction speed;
- guarantee of security of payment transfers;
- small commissions for transactions;
- the legality of payments;
- the ability to pay from anywhere in the world;
- discounts from some developers when buying in digital currency.
In addition, with the assistance of the Dubai government, blockchain technologies are being actively developed in order to improve the quality of services and security in real estate transactions.
Buying Real Estate With Cryptocurrency
All purchases for “crypto” are carried out at the AED rate, which is valid at the time of the transaction. It is mandatory to transfer funds to dirhams – this is a requirement of local legislation.
How does the process go on:
- A cryptocurrency wallet is started if the buyer does not have one yet. Registration can occur both from an individual and from a legal entity.
- With the help of the agency, a suitable property is selected according to the requirements of the buyer.
- The terms of the purchase are agreed upon, including the value of the property. It is fixed in the contract of sale and cannot be changed, even if the exchange rate changes.
- Funds from the buyer’s crypto wallet are transferred to the developer, who converts them into dirhams.
- If the transaction is made with the help of a trader, a commission is paid, then the funds are transferred to the seller’s account.
- Legal documentation for the real estate is drawn up.
As you can see, the process is quite easy and transparent. This payment method is gaining more and more popularity, so in the nearest future, we will probably see the skyrocketing numbers of the deals concluded this way.
Real Estate Agency in Dubai
Dubai-Property.Investments agency helps their clients to find suitable housing in Dubai, whether for personal living, renting out, or a commercial type of property. The specialists will accompany you on every step of the deal, making the process as smooth and pleasant as possible. You will be surprised how easy it is to purchase real estate in Dubai in 2023. Go to the website and start a journey towards your new property now.