How to buy property in Dubai with crypto

UAE: Dubai is one of the most desired places in the world. It welcomes everyone irrespective of their culture and language differences. This beautiful and alluring city is also open to new innovative ideas, perspectives and concepts. It fosters the idea of multiculturalism, praises and adopts modern knowledge and technologies in order to facilitate its residents.

Dubai is not only known for its world-class infrastructure, high standard of living and high ROI on real estate investment but also for its innovative real estate market that allows buyers to use even virtual currencies to sell, buy and rent real estate. The scope of futuristic developments goes beyond advanced infrastructure and cutting-edge architectural designs. The government of Dubai has taken a step ahead and taken the metropolitan city at the forefront of adopting new technologies such as blockchain and crypto. 

Dubai: You can buy a property with Bitcoin. Digital currency can be used to make real estate transactions in Dubai. Now, investors can divert their digital assets or funds into a more stable investment in Dubai by buying residential or commercial, ready-to-move-in or off-plan properties with cryptocurrency.

What Is Cryptocurrency?

Basically, Cryptocurrency is a type of digital currency. It uses cryptographic technology or immutable code for security. Cryptocurrencies only exist in digital form and are based on blockchain technology. It means these digital forms of currency cannot be controlled by a single authority because blockchain is a decentralized database. They involve peer-to-peer transactions and do not involve any intermediaries.

Traditionally, people used to consider these digital currencies as assets. However, people can use these virtual currencies to buy goods and services as several countries have started accepting it as a form of payment. Even people can buy real estate with crypto in Dubai.

Buy Property In Dubai With Crypto

First of all, you need to understand why to buy properties in Dubai. You may wonder, when it comes to luxury real estate, Dubai captures first place. It is a city that offers an advanced lifestyle and high-end offerings. Its political and economic stability, consistent demand and development of projects, strong market growth, diversified and stable economy, high ROI, and tax evasions make it a tourist attraction and one of the best places to invest in real estate.

Virtual Assets Regulatory Authority (VARA),  Dubai:

The Ruler, Vice president, and Prime Minister of the United Arab Emirates (UAE), Sheikh Mohammed Bin Rashid Al Maktoum, announced the regulation of crypto. He wrote that an independent authority has been established to manage and regulate virtual assets.

The Dubai government has established a Virtual Asset Regulatory Authority (VARA) to regulate and oversee the use and exchange of digital currencies. This authority extends a secure and advanced framework for virtual assets and regulates the virtual assets industry. Furthermore, by establishing international standards for virtual assets, this authority ensures that the city maintains its global standing in the world of digital finance.

Process Of Buying Real Estate In Dubai With Crypto:

Every type of cryptocurrency such as Bitcoin, Ethereum, Litecoin, etc, can be used to purchase properties in Dubai. The current price of a virtual currency is used to determine the transaction price.

Open Your Wallet

First-time buyers need to open a cryptocurrency wallet and get it registered.  A wallet that consists of public and private keys, is a digital tool that enables buyers and sellers to send, receive and store digital currencies. 

Choose A Property

After establishing a wallet, now move to the next phase called property selection. Research thoroughly and find a property you want to buy. Also consider factors such as the location of a specific property, accessibility, development status, type of property and most importantly your financial capacity.  

Negotiate Terms And Conditions

It is necessary to ensure that both parties- buyers and sellers- clearly understand and agree on transaction-related details. That’s why it is imperative to establish an open line of communication to express your interests and concerns and understand the perspective of the other party. A buyer must confirm whether the other party is comfortable with the use of crypto as payment. 

Property Inspection

Before moving ahead, inspect the property that you intend to purchase to identify potential structural issues or damages or uncover other associated problems such as roof damage or foundation cracks. Inspect that property, evaluate its conditions and then assess the value of that property.

Draft Your Agreement

Now, it is time to draft the sales agreement. Also, mention the type of digital current you aim to use for this purchase. Menton all details and then review this contract to ensure that everything is clear and both parties agree on the mentioned terms and conditions. 

Transfer Cryptocurrency

After drafting and reviewing the agreement, transfer the agreed amount of virtual currency to the digital wallet of the seller. Following that, confirm the transaction on the blockchain to ensure that the payment has been received. 

Benefits Of Buying Property With Crypto:

Stable Investmentment Option

Cryptocurrencies can be highly volatile. Given this volatility, digital currency owners can move to the real estate sector which is deemed a more stable investment. The value of real estate tends to increase over time. Though it can be at a slower pace.  

Quick Transactions

Crypto transactions are quite faster than traditional transactions. The decentralized nature of digital currencies leads to swift transactions. Furthermore, blockchain technology also plays a significant role in faster transactions.

Decentralized Payments

Digital currencies involve peer-to-peer transactions and do not involve any intermediary. There is no bank or other financial institution, allowing users to transact securely and privately without relying on any financial institution such as a bank.  The involvement of any financial institution may lead to delays and financial vulnerabilities.

Lower Transaction Fees

Conventional transactions that involve intermediaries often charge more. Transaction fees are quite lower in the case of cryptocurrencies as compared to traditional means of transactions mainly because digital currencies operate in a decentralized network, eliminating the need for intermediaries to facilitate and verify transactions.

Documents Required To Buy Property In Dubai With Cryptocurrency:

Generally, the same documents that are used in ordinary transactions are required to buy property in Dubai, UAE with crypto.

• International passport
• Identity document (ID)
• Proof of residential address
• Contact information
• Power of attorney of your representative makes a purchase

Popular Blockchain-Based Initiatives  In Dubai:

Smart Dubai 

Dubai intends to become a futuristic city. Given this perspective, a project called “Smart Dubai” has been launched in Dubai. It includes Blockchain, AI, Big Data, Interactive Dashboards and Smart Contracts.

Dubai Banks

Several Dubai-based banks, such as Emirates NBD and Mashreq Bank, are using blockchain technology. This development has improved security and transactions by eliminating the risk of fraudulent transactions.

Dubai Pay

This initiative allowed users to pay online for all government services. Now, it is part of the Dubai Smart Government.

Dubai Developers Accepting Cryptocurrencies To Sell Properties:

Emaar Properties

Emaar Properties is one of the largest real estate companies in the world. This property development company has developed countless real estate developments in Dubai and outside. It has gained a commendable reputation by developing modern, sophisticated, luxury and affordable real estate projects.

Emaar Properties has started accepting digital currencies as payment for selling its properties or real estate projects. This move is a welcoming one for crypto-millionaires and is deemed a development that will reshape traditional transaction models. 

Damac 

Damac is one of the leading real estate companies in Dubai. In the development of luxury real estate, this property development company has always remained at the forefront. By developing modern and luxurious real estate projects, this property development company intends to enhance the living standards of people and allow people to afford luxury real estate at economical prices.

Damac also accepts cryptocurrencies as a mode of payment to sell their real estate projects. This initiative will foster the progress of the real estate sector and also attract new generations to invest in properties by using digital currencies.

Popular Cryptocurrencies In Dubai:

Bitcoin (BTC)

Bitcoin is the first blockchain-backed currency and the most popular virtual currency. It is also called an innovative payment method. This coin is acceptable in Dubai’s real estate sector. You can purchase villas for sale in Dubai and other properties by using Bitcoin.

Ethereum (ETH)

It is also a decentralized blockchain. It is also becoming a popular choice among people who use virtual currencies to buy properties or real estate in Dubai.

Litecoin (LTC)

It is mainly known because of its fast transaction speed. A former Google engineer, Charlie Leed, introduced this virtual currency. It is also used in Dubai to buy properties.

Dogecoin (DOGE)

It is also used for property sale and purchase in Dubai. It is considered a volatile digital currency as its value fluctuates rapidly, leading to significant gains or losses.

Summing Up:

Crypto enthusiasts now capitalize on Dubai’s real estate market which allows people to buy properties through digital currencies such as Bitcoin. Dubai has positioned itself as a global leader in facilitating real estate transactions with cryptocurrencies. It is a safe and efficient way and is also transparent because it is based on blockchain technology. Quick, decentralized transactions and lower transaction fees make crypto an effective and feasible way to purchase real estate in Dubai. The same documents are also required to make a transaction with crypto in Dubai.

Buy Property With Crypto: Get Experts’ Advice

Kelt & Co Realty is a real estate agency that operates in Dubai. It not only helps you find and buy the most suitable property based on your requirements but also walks you through the entire process. Buying real estate through crypto can be a bit difficult, especially for novice investors. If you are facing any problem then visit Kelt & Co Realty because our Professionals are always there to help and guide and facilitate real estate transactions in Dubai.

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