As you might have heard, nowadays, people use cryptocurrencies to make deals around the world, even to buy property in different cities like Dubai. There are several ways to invest in Dubai real estate, including the use of Bitcoins, besides cash or mortgages. One of the main advantages of using cryptocurrency to purchase real estate in Dubai is that you can get a residency visa. This visa allows you to stay in Dubai for an extended period and can even be used to apply for a work permit.
So, if you have some extra cryptocurrency and are looking for a profitable investment opportunity, check out this guide to purchasing real estate in Dubai with cryptocurrency.
Can I use my Bitcoins to buy property in Dubai and get residency? Fortunately, the answer is yes. These days, cryptocurrencies are becoming more popular, and many people use them in the global payment system. It means it is possible to buy almost anything with cryptocurrencies like Bitcoin. You can use cryptocurrency to purchase property in the best neighborhoods in Dubai, such as Downtown Dubai, Jumeirah, and Palm Jumeirah. These areas are known for their luxurious real estate and stunning views.
If you are considering purchasing a home in Dubai using cryptocurrency, review the following list before deciding. The following are some of the most significant advantages of this method that attract potential buyers from all over the world to invest their Bitcoins in Dubai’s real estate market.
When you decide to buy a home in Dubai and pay the price with Bitcoins, it will speed up the transaction for buyers and sellers. It will also cause you to experience fast ownership/transfer of property. Bitcoin transactions are secure, with no risk of fraud or identity theft. With Bitcoin transactions, property ownership is quickly transferred and securely held – no risk of fraud or identity theft.
This is one of the most important factors that cause the Bitcoin user base to increase every day. Buying Dubai homes with Bitcoin means you should not pay a check to any bank or financial institution, so you will remain anonymous as a property buyer. Furthermore, this provides added security since buyers never have to share sensitive financial information with third parties. Additionally, if you are looking for a luxurious home in Dubai, you can purchase houses constructed by some of the best UAE property developers and pay for them using cryptocurrency.
As you know, buying a property through cash or installments is burdensome because of extra charges, such as taxes and property fees. But if you pay the price with Bitcoin, you can reduce some of these unnecessary fees. The cost of living in Dubai is already high, and the fees associated with buying a property can add to the financial burden. By paying with Bitcoin, buyers can avoid the extra fees associated with traditional methods of payment and save money in the long run.
First of all, you have to know that using Bitcoin in the Dubai real estate market is as easy as using a bank loan or even cash. Today, many developers in the UAE, like Emaar Properties, Damac Properties offer buyers the option of using cryptocurrencies.
Just know that all of them will sign the Sale & Purchase Agreement based on Dirhams only.
This means Bitcoin use in the Dubai real estate market is still limited. So while the new way of purchasing property in Dubai is growing, it is a maturing framework in the UAE.
However, generally speaking, if you decide to purchase a property in Dubai with cryptocurrency, you should follow the below steps:
Previously, the Central Bank of the UAE claimed it did not accept virtual currency. However, the Securities & Commodities Authorities published draft laws for crypto asset trading. The laws allow virtual assets trading on local exchanges. They also require exchanges to obtain a license from the SCA and adhere to certain anti-money laundering rules. The regulations also provide a framework for Initial Coin Offerings.
If you want to buy an apartment or villa in Dubai with Bitcoin, do not forget the following points.
Dubai’s real estate market has decided to conduct transactions using cryptocurrencies, as you have read previously. Bitcoin Swiss (BTCS) is the UAE’s preferred crypto brokerage provider. As an investor who wants to buy a luxury home in Dubai using Bitcoins, you can choose villas, apartments, and townhouses for sale in Dubai, and the transaction process is facilitated by Bitcoin Swiss. If you would like to purchase a property in Dubai with Bitcoin, contact us at Dxboffplan real estate. You can buy your dream property using cash, including the One Palm project at Palm Jumeirah, XXII Carat Club Villas, and the residences Dorchester Collection in Dubai.
If you read the complete guide to purchasing real estate in Dubai with cryptocurrency and decide to buy your dream home in this way, we are here to help you. First, search the Dxboffplan portal and choose your favorite house among the finest UAE off-plan projects. Then you can contact our professional agents whenever you want, and they will help you make the right purchase. After that, you can start the necessary legal and financial procedures.
Also, to make everything easier for you, we provide exclusive client services, such as:
It is possible that the new regulations will open up new opportunities for investors and buyers and that cryptocurrency could be used as an alternative form of payment for real estate purchases. However, it is too early to say if that will become the norm in the near future.
Is Bitcoin legal in the UAE? Bitcoin is legal in the UAE and is increasingly accepted as payment for properties. However, it is important to research the rules and regulations regarding cryptocurrency and real estate transactions in Dubai before making a purchase.
