Cryptocurrency 11 Jun 2020
Is It Possible To Use Cryptocurrency To Buy Real Estate In Dubai?
The answer to the question is-Yes. But it has got many layers to it. There are few developers in Dubai who are now accepting cryptocurrency payments, which in a way open up a whole new world of opportunity. For investors, this move means they have a good chance of bolstering their real estate portfolio.
With the outbreak of Covid-19 pandemic, things are rapidly turning bad from worse. For most of the investors, it becomes difficult to arrange the necessary finances. Although most of the real- estate projects are being presented now with massive discounts and other benefits, the ground situation hasn’t changed much. However, with cryptocurrencies like Bitcoin, being accepted, it does provide the investors and buyers with new hope.
Potential Advantages of Using Cryptocurrency
- If compared to other modes of transaction, while buying real estate, Bitcoins appear cheaper, as it cut costs by eliminating third parties. With no fees involved, it does save the investor a lot of money.
- The quick and hassle-free transactions make it easy to complete the whole process in a short span of time.
- From the technical perspective, paying in cryptocurrencies is flexible and more efficient.
- While buying a property with cryptocurrency, it generally involves the task of fixing the price in terms of FIAT money and converting the same to Bitcoin. There s no volatility involved and both the seller and investor stand to gain a lot.
Using Cryptocurrencies to Buy Real Estate in Dubai
The UAE government has some big plans, as far as cryptocurrency is concerned. While the intention is to present the investors with better alternatives, there are still some minor obstacles. Nevertheless, there is some positive news coming through, which in a way will revolutionize the whole real-estate market.
- Emaar Properties in Dubai is planning to launch a blockchain loyalty token EMR, which will be handed out to customers and business clients of the company, as a sign of appreciation. The EMR can be used by customers to pay to stay in hotels, buy goods, and pay for real estate. This is a significant move and has the potential to change the whole market dynamics.
- Apart from the mainstream developers, some of the reputed real-estate brokers are accepting cryptocurrency payments. They are tying up with international partners to make the proceedings a bit more convenient.
- Aston Plaza & Residence at Dubai Science is one of the very first projects that only accept Bitcoins as payment. In fact, the information available on the website clearly states that more than 400 units are already sold.
What is the future of Cryptocurrency in Dubai Real Estate?
Against overwhelming odds, the real estate market in Dubai is still performing and attracting a lot of investments. This, of course, is a good sign. Now, as most of the investors are keen to make the payments in the form of Bitcoin and other options like Litecoin, Bitcoin Gold, Tether, Stellar and Ethereum, being readily accepted, it appears there is ample opportunity for growth.
Since Dubai is taking some drastic measures in the context of Cryptocurrency, it will provide investors with a chance to try their luck in the real estate market, which also happens to be one of the most coveted in the world!