Dubai’s real estate sector is a massive industry, with billions of dirhams in investments recorded annually. In 2021, Dubai shattered a 12-year record with transactions totaling Dhs 151.07 billion. This marked a significant 74.77 percent increase in sales volume. To attract even more investors, DAMAC Properties, one of the leading real estate giants, announced that it would now accept cryptocurrency payments, primarily in Bitcoin (BTC) or Ethereum (ETH).
DAMAC Properties: When it comes to innovation, DAMAC Properties has always been at the forefront, building everything from luxurious residences to one-of-a-kind experiences. For the property, they accept bitcoin payments from Dubai. Therefore, DAMAC’s decision to allow clients to retain cryptocurrency is one of the best steps to speed up the new economy for younger generations and the industry’s future. The first developer of real estate to accept Bitcoin payments is not DAMAC. Many are also on top of the list.
Emaar Properties: The largest real estate company in the world, Emaar Properties, now accepts payments made in digital currencies. Property purchases can now be made with Ethereum and Bitcoin (BTC) (ETH). These are now the two biggest cryptocurrencies available. The Dubai-based business announced that it will now take virtual currencies as payment in a recent email that was published on Twitter. Over 51,800 residential units have been turned over by the corporation to customers worldwide. Additionally, more than 29,800 are now being built in the United Arab Emirates (UAE). The only developers accepting Bitcoin for real estate transactions are Emaar and DAMAC.
Few other names are like –
FAM Properties: This real estate agency is known for its luxury properties and has been open to accepting cryptocurrency for property transactions.
Aston Pearl Real Estate: Aston Pearl is another real estate agency in Dubai that has shown interest in accepting cryptocurrency payments for property deals.
Ellington Properties: This developer focuses on high-end residential properties and has shown an interest in accepting cryptocurrency for transactions.
Mag Lifestyle Development: Another developer in Dubai that has expressed interest in accepting cryptocurrency for property purchases.
It’s important to note that the acceptance of cryptocurrency for real estate transactions may vary among realtors and developers, and it’s advisable to inquire directly with the specific real estate agency or developer for their current policies regarding cryptocurrency payments.
