Buy apartments in Dubai with Bitcoin and Cryptocurrency
The United Arab Emirates keeps up with modern technology trends and welcomes real estate investments. Foreigners can buy apartments in Dubai using Bitcoin, Ethereum, and other cryptocurrency. The digital analogue of the usual payment systems has been used in the UAE since 2018. Real estate agencies and large developers cooperate with buyers. This is the best way to choose not only ready-made flats for sale in Dubai with Bitcoin and cryptocurrency but also to invest in flats with cryptocurrency or off-plan new buildings in Dubai.
Apartments for sale in Dubai the UAE with cryptocurrency
Electronic currency is a means of payment in the UAE. Coins, acting as a nominal means of payment, are obtained through electronic creation (mining) or purchase. The most common type of coin is Bitcoin (BTC). This is not the only cryptocurrency you can use to pay for real estate in Dubai. Digital currencies such as Ethereum and Ripple by XRP are actively developing. The movement of electronic funds is carried out through the blockchain system. You can buy Dubai apartments with bitcoin cryptocurrency on the UAE housing market.
When buying a home with cryptocurrency, you need the same documents as for a normal transaction:
· The buyer's passport;
· Identity card (ID);
· Power of attorney, should you need to use a representative for the transaction.
The transaction may also require documents confirming the legality of the cryptocurrency.
Blockchain System
Blockchain is a database that securely stores information about personal data and transactions with cryptocurrency. The information is protected from third parties and is formed in blocks and permanently stored in the database. It’s impossible to change the entry, which guarantees true information. Separate blocks record new entries.
To buy a flat in Dubai with Bitcoin, a foreigner does not need to come to the UAE to transfer funds. Realtors are engaged in the registration process and the system is designed to assist you if you are not in the emirate.
Cryptocurrency transactions have the following advantages:
- Efficiency. It takes no more than half an hour to transfer funds.
- Security of using cryptocurrency to buy apartments in Dubai. The procedure for transferring funds to the seller's account is protected from third-party interference.
- No restrictions on amounts. It’s possible to deal with large transactions.
- Low commission payments for transactions.
Transaction processing
When you buy Dubai apartments with bitcoin cryptocurrency, Ethereum or others, the transaction stages are similar to those when purchasing a property for cash:
- The choice of property and confirmation of consent to purchase it. A licensed real estate agency will help you with this.
- Coordination of the sales contract with the seller.
- Conversion of the housing value into the UAE currency – AED, as the Central Bank of the United Arab Emirates only permits sales in national currency. The cost of flats in Dubai with BTC is converted into AED and is reflected in the contract. The amount does not change if the rate fluctuates during the transaction.
- The buyer transfers the amount to the trading company’s electronic wallet and pays a commission for the service.
- A receipt for the transfer of funds is issued to the buyer.
- The registration of a sales contract with a certificate of title is issued by the Dubai Land Department.
You can send a payment from anywhere in the world, and you can buy apartments in Dubai with BTC, apartments or houses in Dubai remotely.
Buying an apartment in Dubai with cryptocurrency
Apartment prices in Dubai with Bitcoin, Ethereum, and other cryptocurrency are calculated according to the current AED exchange rate. There are no restrictions on the location of housing. Flats for sale in Dubai cryptocurrency such as Bitcoin or Ethereum are available to foreigners in all the popular areas of the city, from Dubai Marina to Palm Jumeirah. Those planning to move to gain permanent residence in Dubai or who are looking for a comfortable vacation but also considering the UAE housing as an investment, often choose resort communities.
It's possible to purchase ready-made flats or off-plan properties. More and more developers are using this payment system. Emaar Properties, the largest developer in the emirate, is among them. You can also buy a flat in Dubai with Bitcoin and other cryptocurrency payments from developers Select Group and Fam Properties. The housing market is actively developing, and all the sought-after developments are being built in the city. There are many new projects in Downtown Dubai, Dubai Hills, and Business Bay. Burj Khalifa and Emaar Beachfront are large popular residential complexes or districts.
Investing cryptocurrency in apartments in Dubai
Foreign real estate in the UAE is profitable for investment. The growing sales figures confirm the interest in it from foreign investors. The reasons for investing digital currency in real estate are:
- Affordable prices. The price of flats in Dubai are more attractive than in European resorts.
- Stability. As a rule, real estate in the UAE is a valuable investment. You can avoid the losses associated with Bitcoin volatility and increase your capital.
- High profitability ratio. In the popular areas of the emirate, your profit can grow 10% per year.
- Growing demand. Liquid and profitable housing can always be sold without financial losses and at a profit.
It’s important to bear in mind that UAE property is not taxed. You can own, use, and dispose of the flat at your discretion at no additional costs. When renting out housing, rental income is tax-free, allowing the owners to legally make a net profit.
We’ll help you buy an apartment for cryptocurrency in Dubai
Specialists at a licensed agency are ready to help you choose and purchase flats in the UAE. The agency will help you choose a liquid and profitable real estate in Dubai and will advise you how to pay for real estate with cryptocurrency.
