Crypto, Bitcoin, Ethereum, these terms have been doing the rounds across the globe in the recent past. These are all forms of crypto currencies. A cryptocurrency, broadly defined, is virtual or digital money that takes the form of tokens or “coins.” Though some cryptocurrencies have ventured into the physical world with credit cards or other projects, the large majority remain entirely intangible. Virtual currencies such as Bitcoin and Ethereum are actively used to buy goods and services. Dubai, being a trendsetter is most aspects of leading global trends has gone further than the majority of places and has become the first country to introduce the option to buy/sell properties using Bitcoin and other virtual currencies. For instance, the largest transaction using Bitcoin took place in 2019 when a community by Emaar Properties with a price of USD 180М was sold.
Buying Real Estate in the UAE, with Bitcoin is now a new trend being significantly easier for dealers to choose and exchange for properties. The Central Bank of UAE has not licensed cryptocurrencies or recognized them as legal tenders. However, there are no prohibitions against crypto assets and they can be traded. Emaar Properties isn’t the only regional developer that is interested in introducing modern technologies and such payment services to purchase real estate. Among other developers who offer the possibility to buy properties with the help of virtual currencies are; Select Group, Dubai Properties, DAMAC Properties and Meraas. The digital currency market is however exposed to risks, therefore, a great number of crypto investors are thinking about transferring their funds to more reliable investments such as real estate.
As per a survey, 76.5% crypto users are in the age group between 20 to 40 years old who were highly interested in dealing in the cryptocurrency market. 12.3% belonged to the age group 40-60 years old while only 11.1% comprised the age group below 20 years. Young investors can now buy villas, townhouses, apartments and commercial properties in Dubai using crypto currencies with multiple crypto brokerages, facilitating the transaction process safely and efficiently. Owning a home is always proved to be a stable source of income as well as insurance against any setbacks.
There a bunch of benefits associated with transacting in crypto, for one it is considered to be more secure than credit and debit card payments. This is because cryptocurrencies do not need third-party verification. When a customer pays with cryptocurrency, their data isn’t stored in a centralized hub where data breaches commonly occur. Crypto also offers low transaction fees and speedier processing, compared to transactions conducted with fiat currencies. The current form is especially useful for international transfers.
Young property purchasers being open, savvy, and upwardly mobile, are now more inclined towards investments that widen their scope of long term capital growth, support their social life and open new opportunities. Properties and commercial spaces should be able to aid these needs for new age crypto investors. Real estate companies, will be able to offer a range of capital return property options, including commercial, retail and residential real estate amongst other asset types.
At Luxury Concierge, we help consult crypto currency investors by providing a realistic perspective on their financial journey and help them understand the market better and decide on the finest asset purchase. Being qualified local agents, it is our responsibility to empower our investors with an understanding of property values, taxation, and government laws that affect real estate.
For any consultation on how to invest in real estate you can contact us at +971 4-441-4387/54-33-66-056 or continue to scroll through the website to see the listed homes in Dubai.