If you have struck a fortune with your crypto investment, you can now use it to buy real estate in Dubai. There are many benefits of leveraging cryptocurrency such as Bitcoin in real estate transactions. It is transparent and secure. It is also very simple, quick and convenient to buy property with cryptocurrency. Moreover, it saves you a lot of money as the transaction costs are extremely low.
Cryptocurrency has brought in changes we could not fathom even a few years ago. Early investors have struck a fortune and are looking to diversify their earnings, with real estate being on top of their list. What does this mean? It means that the crypto-rich are aggressively looking to buy real estate properties and this has fuelled the demand for the same. On the other hand, real estate companies are quick to catch on to this trend and have started accepting cryptocurrency as a legit form of payment to make swift deals.
In fact, real estate development companies in Dubai and other Emirates are proving to be trailblazers in leading this trend, and are increasingly accepting crypto payments.
There are a lot of advantages of using cryptocurrency to buy real estate in Dubai. Before we get into why you should it to purchase lucrative real estate, let’s first learn what it is.
Cryptocurrency is a Blockchain-based digital asset that can be used to purchase goods and services or traded for profit owing to its limited supply. There are over 10,000 different cryptocurrencies traded publicly across the world valued at over US$1.7 trillion as of May 2021.
Bitcoin, Ethereum, Tether and Dogecoin are amongst the most popular digital currencies that account for almost 65% of the crypto market. Currently, Bitcoin is the cryptocurrency that is gaining the fastest acceptance among real estate developers. The emergence of home-grown digital assets such as DubaiCoin signals another positive step towards the acceptance of new-age currencies in the Emirates.
Cryptocurrency is fast becoming the preferred choice for buying real estate due to a number of reasons. Let’s take a look at the benefits that make a strong case for cryptocurrency, especially Bitcoin.
Transparent and safe: To begin with Blockchain technology, which is the underlying structure for most cryptocurrencies, brings in transparency, decentralization and security. This makes crypto assets a functional, safe and reliable medium of transacting. Buyers and sellers can be protected against market volatility by fixing the price in fiat money at the time of the deal.
Extremely easy: It is very simple to buy property with cryptocurrency. Once you find the perfect home or office from a real estate company that accepts cryptocurrency, all you have to do is transfer the amount and sign on the dotted line. It is as simple as doing a bank transfer or handing over a cheque.
Saves money: The transaction costs are extremely low as there are no intermediaries involved. It eliminates the need to pay exorbitant currency conversions charges on international money transfer.
Swift transaction: Blockchain transfers are almost instantaneous, which means you can purchase a property in real-time. This results in significantly shorter turnaround time and saves valuable time.
Convenient: Both buyers and sellers have the option of splitting the transaction value between crypto and fiat currency basis their convenience. In addition to buying property, you can also use cryptocurrency to pay for utility bills and other ancillary real estate charges in Dubai.
In closing
Cryptocurrency is quickly gaining acceptance and is transforming the real estate industry across the globe. Always at the forefront of technology advancement, Dubai is leading the change with more and more real estate developers adopting automated smart contracts using Blockchain technology and even offering lucrative deals on payments through preferred cryptocurrencies. While it is still early stages, we are optimistic and believe cryptocurrency has the potential to define the future of real estate in Dubai.
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