Can I Buy Property In Dubai With Bitcoin?
Today, cryptocurrencies are becoming increasingly popular to make any deal around the world. Buying property in Dubai also isn’t an exception. In other words, the property market of Dubai is now taking a fancy to Bitcoin. Read on to the end to find out how you can buy property in Dubai with Bitcoin…
Now, cash and mortgage are not the only ways to invest in the real estate market of Dubai. If you have stocked up on Bitcoins, then you can own a property in Dubai. It is interesting to note that some of the buyers are financing their purchases in Dubai using Bitcoin. Here are more details…
What is Bitcoin?
Bitcoin, usually knows as a kind of crypto currency is a money that is completely virtual. In other words, Bitcoin is the online version of cash that you can use to buy products and services. However, not every shop accepts Bitcoin. Here is how Bitcoin works…
Each Bitcoin is in fact a file in computer that is stored in a digital wallet on that computer or a smartphone. You can have 1 or a part of Bitcoin in your wallet. You should know some facts about Bitcoins:
- You can buy Bitcoins using cash
- You can receive Bitcoin when you sell things
- Bitcoins are usually created on a computer
How it works in Dubai’s property market?
One of the best things about Bitcoin is that it is as easy as using a bank loan or even cash, as real estate developers in Dubai are offering the buyers the option to add cryptocurrencies to that mix. However, you should pay attention that developers who accept Bitcoins, sign the Sale & Purchase Agreement based on Dirhams only.
So, no developer in Dubai sings the agreement based on Bitcoin. This is because it is still a lot to do with working with the process and the channel where the payment can be made to the developers.
It should be said that the use of Bitcoins to buy property in Dubai is still very limited. But this way of purchasing property in Dubai is growing as the legal framework. It is actually maturing in the UAE. However, Bitcoin is the main crypto currency in Dubai.
When you should take the Bitcoins?
Cryptocurrencies have been around for a while, with Bitcoins being the most popular ones. In fact, Bitcoin is a kind of cryptocurrencies that has been widely commented upon. This is the reason why there was a period last year when everyone was investing in Bitcoin. It was the time when this cryptocurrency was on its way to become the new golf standard of times like these.
However, then gravity intervened and Bitcoin prices were seen to experience a decline. Now, after a prolonged period, these are starting to go up. So, now is the best time for property buyers to own apartments, villas and townhouses in Dubai. Also, in some cases, you can buy the entire building using Bitcoins.
In addition, one of the most important things about purchasing property in Dubai via Bitcoin is that both the investor and the developer should agree on every step of the process.
Bitcoin’s swoon and gain
There are some periods in a year that Bitcoin experiences a wild swing. On the contrary to this, there are times when Bitcoin experiences a decline. For instance, once it was as low as $6400, and now a Bitcoin equals $23,500.
Besides, another important thing that you should pay attention to is that there should be a third party operator in order for the deal to be cleared, and also to ensure that the deal is in line with all of the UAE laws. It is interesting to note that there are already such crypto trading companies operating under Abu Dhabi and Dubai jurisdictions. The role of these companies is the same as estate agents in a traditional property purchase.
In the last December, there was a saying that the Central Bank of the UAE does not accept any virtual currency, and has not granted license to any financial company to facilitate any transactions via crypto currencies.
But at the same time, the Securities & Commodities Authorities published draft laws for crypto asset trading.
Very recently, there has been a public feedback on laws in this space, and the government of the UAE and Saudi Arabia has announced an agreement to cooperate on the creation of these kinds of currencies to better understand the implications of blockchain technology in addition to facilitate international payments.
Dubai real estate runs the trials
As long as the laws are in place, the real estate market of Dubai will have transactions via cryptocurrencies. Now, Bitcoin Swiss (BTCS) is the preferred crypto brokerage provider in the UAE. It is one of the options for investors to own property in Dubai.
Thus, customers can buy villas, apartments and townhouses for sale in Dubai using Bitcoin with the transaction process facilitated by Bitcoin Swiss. The luxury properties that you can buy using Bitcoins include One Palm, 22 Carat, W Palm and Dorchester Collection…
Here’s a word of advice
If you are interested in buying properties in Dubai, and you want to use Bitcoins for your deal, you should deal with famous companies that have already executed transactions via Bitcoin payments. Every party involved in the transaction of properties in Dubai plays a pivotal role in the safety of that transaction. So, you need to pay attention to that.
Choosing a company that is fully in compliance with the UAE laws is the main criteria. For example, dxboffplan offers safe crypto payment options for its customers.
Therefore, you can own villas, apartments and townhouses in Dubai, if you have the enough amount of Bitcoin in your digital wallet!