Buying Properties with Cryptocurrency in Dubai

Buying Properties with Cryptocurrency in Dubai

Cryptocurrency is a digital currency that operates as a means of exchange and is formed based on binary data. Counterfeiting this currency is not possible, and data on cryptocurrency emissions is scarce. In many cases cryptocurrencies are unregulated by banks, taxing agencies, or legal authorities, and are free from government intervention. The user's cryptocurrency wallet is the only place where all information about available funds and completed transactions is stored.

Bitcoin and Ethereum are among the top favorites of investors to buy goods, and real estate is not an exception. Dubai with its forward thinking system has gone way above other countries to offer the option of buying and selling real estate with popular cryptocurrencies. In the majority of cases, clients tend to buy off-plan properties using cryptocurrency. Emaar Properties, Select Group, DAMAC Properties, Meraas and Dubai Properties are among developers that have implemented cryptocurrency payments in their processes. Additionally several banks in UAE (e.g. Mashreq Bank and Emirates NBD) are currently using blockchain system. Emirates Airlines, the biggest airline in the world, is going to use blockchain system for its Skywards app.

If you want to buy, sell, or rent real estate in the United Arab Emirates using cryptocurrency, you should work with companies that have experience with such transactions. In addition, the company should have a license from the Dubai Economic Department (DED) in order to provide financial intermediaries to customers.

The transaction can be completed in any cryptocurrency the customer wants, including Bitcoin, Ethereum, or USDT. The price of the transaction will be fixed by the current cryptocurrency rate, however the commission can be arranged in advance.

Regardless of the chosen payment method, a real estate purchase process normally begins with the selection of a property and then the discussion of terms and conditions. The buyer and seller need to discuss the important elements of the transaction, which will subsequently be written in the agreement. The price of the property is in AED and it will be converted into the desired cryptocurrency. The agreed amount will be written in the agreement and cannot be changed.

Though the buyer has purchased the property with cryptocurrency, he will not be able to pay for it directly. As per the UAE law, The Central Bank of the UAE requires that all transactions in the territory of the country should be conducted in the national currency – aka AED (dirhams).

As mentioned above the next step requires the buyer to send the agreed crypto amount to the trading company's digital wallet and pay the commission. The buyer then will receive a cheque (in AED) so that he can transfer the amount to an escrow account of the selected property. If the buyer is interested to directly purchase from the developer, he will require to sign an agreement regarding the transaction from a third party. The developer receives the cheque, and the customer receives notification of the transfer. In case of ready properties, the buyer can pay for the property right after receiving the cheque-in AED.

Aside from the set commission to the trading company, the buyer should pay a registration fee to the DLD, which is 4% of the total cost of the property and another 2% as the commission for real estate agent services.

The following documents are required to make the transaction:

  • International passport
  • Identity card (ID)
  • Proof of a residential address
  • Contact details
  • A power of attorney, if your representative conducts the transaction

In some cases you might need to prove that you received your cryptocurrency in a legal way and through legal funds.

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