Have you ever thought about purchasing property in Dubai without having to pay for it? Well, you certainly did not, but do you know that there is a way to do it? You can now purchase the house of your dreams in Dubai City with crypto assets. We know that you might not believe this, therefore, for you, we have curated the following blog for you on crypto real estate. Therefore, if this piqued your interest, do take a look at the provided content below.
Why buy a property with crypto?
UAE is considered one of the most forward-thinking nations when it comes to the use of technology such as it has embraced the use of crypto assets. To promote investing in crypto they bought out a new scheme letting people purchase crypto assets with the help of their crypto holdings. This was a big step in the real estate industry, as the sales of this sector went skyrocket. We know that your next question will be how is it beneficial to the normal public and why should they go for this crypto scheme. Given below is the list of points for your answer, read out to know about this crypto real estate:
- Not Liable for Capital Gains Tax – Many countries like to impose taxes on their residents for the individual’s capital gain, but UAE is not like that. The country does not charge any tax on crypto transactions, making people purchase any real property. Damac Riversides property is quite a suitable option for this.
- Range of Property Options – UAE, is a big city that is filled with quite a number of residency options, you can go for anyone from it. Each residency is built with utmost care and top-notch exquisite facilities.
- Support from Government – The government is continuously working on the promotion of the blockchain industry, emphasizing how people should buy crypto assets.
- High investment Return- Ever since the crypto industry entered the real estate market, there has been tremendous growth in the house-purchasing trend.
Which Cryptocurrencies are accepted?
As a crypto trader, you must be thinking of which crypto assets are eligible for purchasing real estate. So, given below is the list of commonly accepted crypto coins, have a glance at it:
- Ripple (XRP)
- Bitcoin (BTC)
- Binance Coin (BNB)
- Ethereum (ETH)
- Tether (USDT)
A few of the real estate developers work closely with the payment getaways as well, permitting easy token conversion into the widely accepted tokens for the payment.
How to purchase crypto real estate properties?
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Look for a developer or the Real Estate Agent
Not all developers need to accept the crypto assets as payment. Thus, the first step will be to look out for a developer accepting crypto as payment. For your ease, we’ve found the names of some luxury residencies that accept it. DAMAC Properties, Emaar Properties, and Ellington Properties are some of the examples for it. These three are the top most luxurious residencies, you can go for anyone as these are your crypto real estate residencies.
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Opting for the Right Property
After finding the perfect developer, it is time for you to explore all the different types of flats, ranging from move-in flats, penthouse apartments, luxury villas, and much more. Below is the list of those properties in popular areas you can think of buying:
- Downtown Dubai
- Palm Jumeirah
- Dubai Marina
- Business Bay
- Jumeirah Village Circle (JVC)
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Payment Process
The transaction process is straightforward when buying real estate with crypto. The crypto is typically converted to fiat currency (AED or USD) through a crypto payment gateway, ensuring compliance with the UAE’s legal and financial regulations.
Steps involved:
- Contract Agreement: Once a property is selected, a sales agreement is drafted, outlining the cryptocurrency amount agreed upon.
- Crypto Payment Gateway: Developers use payment gateways such as Binance Pay or Coinbase Commerce to facilitate the transaction. These gateways convert your cryptocurrency into AED (United Arab Emirates Dirham) or USD, ensuring a seamless transaction.
- Smart Contract: In some cases, blockchain technology is used to create a smart contract that records the terms of the sale and triggers automatic payment once the property registration is completed.
Final Thoughts!
This new initiative by UAE is to promote the real estate sector, all the while encouraging people to invest their money in crypto assets as well. We hope that this helped you with the decision to use your crypto coins at the right place. However, before you place any payment, you must verify the authenticity of the dealer to avoid getting trapped in the scam. Once verified, you can proceed further with your crypto real estate purchase.