You Can Now Buy A Property In Dubai With Cryptocurrency
Unless you’ve been living under a rock, you would have heard of the term ‘cryptocurrency’ in the last few years. This new internet-based currency has become a global phenomenon. And now- for the very first time in Dubai, you can buy your dream home using Bitcoin or Ethereum!
Here’s what you need to know:
WHAT IS CRYPTOCURRENCY?
Understanding cryptocurrency isn’t easy. But to put it simply, cryptocurrency is digital cash for the digital age.
Unlike regular money, it exists digitally only. Its value is based on supply and demand, and unlike other currencies that are managed by the government, cryptocurrencies are operated by a network of computers running open-source code. As long as you have a smartphone or another device that connects to the internet, you can access your account.
Cryptocurrency also has the potential to be the fastest, easiest, cheapest, safest, and most universal way to exchange value and that is what’s getting the world so excited.
WHAT DOES THIS NEWS MEAN FOR CRYPTOCURRENCY?
While cryptocurrency has been a hot topic for a few years now, it’s never actually been used as a method of payment for real estate property before. This development will no doubt help legitimize this digital currency more in the eyes of the general public. It could also see its value rise even more (since its value is based on supply and demand).
WHICH DEVELOPERS ARE ACCEPTING CRYPTOCURRENCY?
Emaar, which is one of the UAE’s top real estate developers, recently announced that they will now be accepting cryptocurrency as payment for all their properties.
Other developers are also in talks to join this trend as this new method of payment is expected to further boost the real estate market in Dubai, especially since there are many bitcoin millionaires who would be keen to turn their digital assets into physical ones.
HOW WILL THIS WORK?
Dubai has been ahead of the curb when it comes to digital technologies for quite some time now. And this new initiative from Emaar is sure to aid this sentiment further. But there are some essential factors to note.
Emaar has said that the preferred method of payment is still in UAE dirhams or US dollars, but ‘Bitcoin Suisse’, which is one of the biggest brokers of digital currencies in the world will take care of the transaction process. Any buyer that is interested in purchasing an Emaar property using Bitcoin will be instructed to do so through Bitcoin Suisse. The Bitcoin/Ethereum value will be converted to the value of the property in UAE dirhams and will then be transferred to Emaar to complete the transaction.
FIND OUT MORE:
As cryptocurrency owners know, the price of a Bitcoin could drastically drop at any given moment. So if you are interested in turning your cryptocurrency into a secure physical asset in the form of a dream home or apartment, contact one of our agents today to find out more about all of the options available to you.