Believe it or not, the crypto market and real estate industry are seeing immense growth for the past many years and several real estate vendors have started to accept crypto as a mode of receiving payments. Hence, we have created this article to provide more information on how you can also use your crypto holdings to purchase property in Dubai and other parts of the UAE. In this informative guide, we will give you insights into the benefits of buying crypto real estate, the procedure to do so, the list of accepted crypto coins, and why you should invest in real estate with crypto. So, continue reading the article further to understand all these topics in detail.
Is it safe to buy real estate with crypto in Dubai?
Just in case, you are doubtful about whether or not it is safe to invest in real estate with crypto, then you should understand the fact that crypto is regarded as one of the safest modes of payment. This form of investment comes with such layers of security that you cannot even think of. First of all, crypto provides a layer of anonymity that reduces the risk that cash involves. Specifically, the UAE government provides such a regulatory environment that you do not have to pay any kind of income tax on crypto holdings. Nowadays, more and more real estate developers are accepting crypto as payment for their property. However, you need to ensure that secure payment gateways are being used for such payments.
Required documents for buying real estate with crypto
If you wish to invest in an apartment at Damac Natura or any other property that accepts crypto for real estate, then you must have the following documents ready:
- If you are a foreigner in UAE, you will need your international passport
- Proof of identity (government-issued ID)
- Any proof of your residential address
- Your contact details
- In case somebody else is transacting on your behalf, you will need a power of attorney as well
Top 2 Realty companies that accept crypto for real estate
The crypto real estate merger has lately been accepted by a lot of crypto real estate developers in Dubai. This is the reason why a lot of individuals are now planning to own an apartment in this country. Since crypto transactions are considered pretty safe and anonymous, it is now becoming the most chosen method for making real estate purchases. Here are the top real estate developers in Dubai that have entered the crypto real estate scenario:
Emaar
At the beginning of 2022, Emaar became one of the first few real estate developers who started to accept Bitcoin and other crypto assets for purchasing real estate. This became news in the city and other parts of the world. The reason why they took this step is because they could see a lot of potential in the crypto real estate scene. This is certainly going to boost the crypto real estate investment scene.
DAMAC
All of us know that, Damac is one of the leading real-estate developers in the world and the best thing about this developer is that they have now started to accept Bitcoin as the form of payment. Adding more flexibility, this real estate developer is boosting the real estate investment market. Not just that, it will also help in the acceleration of new economy.
Detailed process to buy a property with crypto in UAE
Be it Dubai or any other part of the UAE, you can now take part in the crypto real estate investment scene. Here we have outlined the procedure to buy an apartment, villa, or townhouse in Dubai using BTC, ETH, and other crypto assets:
- First of all, create your own crypto wallet and send the required crypto coins to it
- Now, choose the property and discuss with the developer whether he accepts crypto for the purchase
- Further, add this point in the buyer agreement form and discuss the final price of the property
- Convert the finalized amount into crypto
- The buyer will now transfer or send this much crypto to the wallet of the seller
- In case you are directly buying from the developer, a special agreement has to be signed
- Further, the legal procedure for the transfer of the property will begin
- You can then move into your new home
Highlighting the benefits of buying real estate with crypto
There are multiple benefits that you can avail yourself of if you wish to buy a property in Dubai for crypto:
- Cost-effectiveness: You do not need to pay any kind of fees and no taxes are applicable on this payment method.
- Secure transactions: The whole process of making the payment is done within an encrypted environment. Hence, all these payments are usually more secure.
- Less transaction time: Transacting through crypto for the real estate purchase, there is no third party involved. This leads to less transaction time and anonymity.
Wrapping up:
Dubai is at the top position when it comes to advancement and the use of technology and this is the reason why it has surpassed a lot of countries when it comes to global ranking. The incorporation of the crypto real estate trend has certainly led to a great boost in its economy. So, if you also wish to enjoy the many benefits of this latest trend, then this article will certainly give you the necessary insights into the same.