Due to the rise of digital currencies in the real estate market, many people are now making property transactions using several cryptocurrencies in the market, the famous one being Bitcoin. This is also a trend that’s happening in other countries like London and Los Angeles. In Dubai, United Arab Emirates, it is now legal to use cryptocurrencies for real estate transactions. This is a huge step in the right direction for the industry.
There are only a few cities in the world that allow people to buy real estate properties using Bitcoin. Dubai is one of them. Its real estate market is flourishing as it prepares to emerge from its Covid-19 lockdown.
There are developers who sell most of their properties for modern currency, but they keep aside those who want to buy properties only for use in cryptocurrencies.
However, before committing to real estate investing in Cryptocurrency, you should carefully consider various factors such as your financial situation, time horizon, and geographical location.
Is investing in Real Estate possible with Cryptocurrency?
Yes, you can also buy real estate property using Bitcoin and other cryptocurrencies in United Arab Emirates. There are a few developers like Emaar and Damac that offer investing in Real Estate properties using your crypto, however, they have a few conditions of their own.
Azco Real Estate will help you find the best places to invest in while you are planning to invest via Bitcoins or cryptocurrencies.
Advantages of Buying Properties in Dubai with Cryptocurrency
When it comes to the real estate market, we can hardly overlook the benefits of property investment with crypto, like Bitcoin. Some of the benefits are here:
- Transactions happening through Bitcoin are cheaper. They cut costs by removing the need to include third parties. The transaction fee charged is only 1% which is mandatory for the Bitcoin transferring process.
- Digital transactions are fast and easy, so they are gaining a pace in the international property markets. With these, you do not need to transfer between foreign banks and get involved in the hassle of currency conversions. They speed up the payment process, so you can purchase real estate properties within a few weeks only.
- Cryptocurrencies, like Bitcoin, are transparent because any company can check the legitimacy of the property investors who want to buy through bitcoin.
- Bitcoin is easier and more efficient than traditional currencies or forms of payments.
5. When you buy property in Bitcoin, you fix the price in fiat money and then convert the amount into Bitcoin. However, the owners of the property bear no volatility if they change it back to fiat money when the transaction is complete.
For anymore information, visit azcorealestate.ae