Have you ever considered purchasing a property in Dubai using cryptocurrency?
Cryptocurrencies are becoming a more popular option for international buyers looking for a safe and simple way to make payments. Various property markets around the world, including Dubai, have begun to accept crypto payments with Bitcoin currently being the most popular one.
Before we get into the part of how to invest in a property using cryptocurrency, let’s look at what a cryptocurrency actually is.
What is Cryptocurrency?
The definition of a cryptocurrency is code based digital currency that takes the form of tokens or “coins”.
Unlike real money, cryptocurrencies only exist digitally and its value is based on supply and demand. Cryptocurrencies are also almost always designed to be free from government manipulation and control. You can describe it as an online version of cash.
How does Bitcoin work?
Bitcoin is currently the leading cryptocurrency in the world, and is a computer file which is stored in a ‘digital wallet’ app on a smartphone or computer.
Other people are able to send Bitcoins to your digital wallet, and you can also send Bitcoins to other people. All of these transactions are recorded in a public list called the blockchain, and as such, all transactions can be traced in order to stop people from spending coins they do not own, making copies or undoing transactions.
How can I use Bitcoins when investing in properties?
Although cryptocurrency has been a hot topic for a few years now, it was not common to use cryptocurrencies to pay for real estate properties until now, where it is increasingly becoming more and more popular
One of UAE’s top real estate developers, Emaar Properties, are currently accepting cryptocurrencies as a form of payment for all their properties.
Emaar have stated that the preferred mode of payment is still in UAE Dirhams or US Dollars, but investors wishing to pay with Bitcoin can also do so. The transaction process would then be handled by ‘Bitcoin Suisse’, which is one of the world’s largest brokers of digital currencies. Any investor wishing to buy an Emaar property with Bitcoin will be guided to do so through Bitcoin Suisse. At Bonne Apart you can trust us to fully guide you through this process in an efficient and hassle free way.
As Dubai is taking some significant measures in the area of cryptocurrencies, investors will have the opportunity to try their luck in the real estate market, which is one of the most attractive markets in the world.
Advantages of using Bitcoin to invest in properties
- If you compare Bitcoin and other cryptocurrencies with more traditional modes of payments, Bitcoin appears to be cheaper when buying real estate as it cuts costs by eliminating third parties. As such, investors are able to save a lot of money.
- Cryptocurrencies such as Bitcoin have a quick and hassle-free transaction, which allow the whole process to complete in a short period of time.
- Buying a property using Bitcoin can give you an advantage in competitive markets. Like cash buyers, crypto investors who are prepared to make a full offer will be more attractive to sellers.
- Paying for a property using Bitcoin can be more flexible and efficient, and is a great way to turn your investment into a tangible one.
Do you want to know more about how you can invest in properties using Bitcoin? Contact us today!