Can I Buy Property in Dubai with Crypto?

The popularity of virtual currencies has escalated tremendously in the past couple of years with immense applications to a wide range of sectors across the globe. One of the widespread usages of cryptocurrency is in dealing with real estate. And when it comes to real estate, Dubai is by far among the most sought-after cities globally.

Needless to say, there is a lot of curiosity as to whether one can buy properties in Dubai with crypto and if yes, what is the process to be followed. Whether it is only for ready to move or off-plan properties as well. We are here to answer all those queries and more as we take a deep dive into the relevance of cryptocurrency in the real estate market of Dubai.

Understanding Cryptocurrency and Blockchain Regulation in Dubai

Before we dive into the details, let us get some basics correct. Cryptocurrency refers to digitized money that uses cryptographic technology. It works on a blockchain technology that serves as a decentralized database that is immune from getting hacked or changed.

Dubai’s Virtual Assets Regulatory Authority (VARA) has been entrusted with the task of securing an operational framework for the virtual asset sector in the city. It assures the protection of investors and the real estate market as a whole. Its existence speaks to the confidence of the Government of Dubai in regarding virtual assets as pivotal pillars of the future digital economy.

The blockchain strategy initiatives implemented by the government aim to make Dubai a technologically advanced city. They will help in conducting business without the need for bureaucracy. Both crypto and blockchain systems have been actively implied through the economics of the city. So, the answer is yes, you can buy a property in Dubai using cryptocurrency.

Benefits of Buying Property with Crypto in Dubai

Buying properties with cryptocurrencies in Dubai brings an diverse range of advantages, which proves why it is gaining so much significant popularity with each passing day. And if the real estate investment is AED2M or more, you get eligible for UAE Golden Visa as well. Here are some of the most prominent benefits of buying a property in Dubai with cryptocurrency.

Faster Transactions

When you buy properties with cryptocurrency in Dubai, the transaction process rapidly speeds up for both buyers and sellers. Furthermore, the transfer of ownership of the property is also a quicker process when dealing with crypto.

Mitigates Fraudulent Activities

Trusted virtual currencies such as Bitcoin help facilitate safe and secure financial transactions. As these currencies go through several stages of scrutiny, you are less likely to face any fraudulent activity, thereby mitigating any risks involved. You don’t have to deal with identity theft and get transparency about the whereabouts of your transactional process.

Guarantees Buyer-Seller Autonomy

Since you are not making any payments to any financial institutions or banks in crypto, you can maintain anonymity while buying a property in Dubai. This means that you don’t have to share sensitive information with third parties and can buy your preferred property directly from the property developers in Dubai.

Eliminates Large Fees

When you purchase a property through mortgage, you have to deal with many additional charges and taxes. But, with crypto, you can significantly reduce the payment of unnecessary fees. As such, you face fewer financial burdens that are associated with traditional forms of payment.

How to Buy a Property in Dubai with Crypto?

The process of purchasing a property with cryptocurrency in Dubai is extremely simple and hassle-free. Still, we recommend getting in touch with an investment strategist before buying, selling, or renting a property in Dubai using cryptocurrency, especially if it is your first time.

Here is a simple breakdown of the entire process of buying a property in Dubai using crypto.

• You need to have a crypto wallet and register yourself.
• Next, you need to select a reliable property developer that deals with crypto.
• Finalize your choice of the property you want to purchase.
• Discuss the price of the property and go through the terms and conditions of the sale thoroughly.
• Send the crypto amount to the digital wallet of the property developer you have chosen.
• You will then get a cheque in AED form which will allow the required amount to be transferred to the property developer’s escrow account.

Documents Needed to Buy a Property in Dubai with Crypto

Regardless of your mode of purchase, you always have to provide crucial documents while buying a property in Dubai, and crypto is no exception. Here is the list of documents required to buy a property in Dubai with crypto.

• Identity Document (ID)
• Passport details
• Contact details
• Proof of a residential address
• A power of attorney, in the event your representative conducts the transaction

Things to Consider While Buying a Property in Dubai with Crypto

While purchasing property with crypto in Dubai is safe and reliable, there are still a couple of considerations you need to keep in mind to heighten the security of your purchase. These are as follows.

Comply with the UAE Laws

It is of paramount importance that you comply with the UAE laws during the entire process of buying a property with crypto in Dubai. Several crypto trading companies function under the jurisdictions of Dubai. So, make sure you are always on the right side of the law to get water-tight security for your investment.

Beware of Market Fluctuations

Cryptocurrencies such as Bitcoin experience severe market fluctuations, which means you need to research the market and find a suitable time for investment that will generate the most capital gain for you. We can’t stress enough the importance of investing with caution.

Seek out Reviews

Go through reviews and testimonials from previous clients who have used the services of the property developer you have chosen to buy a property from using crypto. Only trusted sources that have experience in dealing with crypto should be selected. Also, pay attention to any third-party operator who is involved with clearing the deal.

To Conclude

You can buy property in Dubai using crypto. In fact, it is one of the most reliable and safest ones. With the advancement of technology and opportunities for virtual currencies in Dubai, the sky is the limit. Following the aforementioned process by keeping the things in mind we mentioned and abiding by the legalities will ensure not only your transaction is safe but also that your investment is a profitable one.