Using Cryptocurrency for Real Estate Investment in Dubai
Nima Safa | 25 February 2021
More developers are allowing investors to use cryptocurrency for real estate investment in Dubai. As a result, we are even witnessing a surge in investors looking for such creative ways for property transactions. Our off-plan specialist Nima Safa writes about using Bitcoin and other digital currencies to buy real estate in Dubai.
The UAE government, especially Dubai authorities, has done an amazing job of controlling the spread of Covid-19 in 2020. As a result, the UAE is now the second country with the most number of vaccine shots administered in 2021. Consequently, Dubai is attracting more attention as a haven for those looking to live, work, and invest in this city.
On the one hand, the real estate market in Dubai saw a 21% increase in prices in Q4 2020 alone, with many overseas and resident buyers, including first-time homebuyers, and investors, closing bulk deals. One the other hand, the property market is coming up with new ways, such as allowing transactions using cryptocurrencies, to support homebuyers and investors.
Considering the use of cryptocurrencies, especially Bitcoin and Ethereum, are at an all-time high, many investors are willing to invest in Dubai’s real estate using these virtual currencies.
Developers Accepting Cryptocurrency for Real Estate Investment in Dubai
That being said, major developers in Dubai are coming forward to accept cryptocurrencies for selling properties. For instance, in November 2020, Ellington Properties confirmed that it had chosen Bitcoin Suisse (BTCS) as its preferred crypto brokerage provider, “adding to the payment options for its base of international customers,” the company said at the time. Customers can purchase properties using Bitcoin with the transaction process facilitated by Bitcoin Suisse. By doing this, they can benefit from safe and hassle-free procedures. Some developers even offer same-day transactions through the brokers.
Would you like to know more about the opportunities in Dubai for buying a property with cryptocurrency? Then book a free consultation with me for more insights and guidance on real estate investment. Contact us at email@example.com.