Purchase of residences in Design Quarter at D3 in Dubai for cryptocurrency 

Over the years of the pandemic, buyers of foreign real estate have adapted to online viewings and remote transactions conducted by power of attorney. The technologies constantly evolve, so many people have thought about buying real estate for bitcoins and other currency.

Nowadays, the possibility of buying real estate for cryptocurrency is becoming more and more common practice all over the world. And Dubai is no exception. Foreigners are offered stylish residences in Design Quarter at D3 in Dubai, UAE for affordable prices with the opportunity to pay in cryptocurrency.   

Dubai is a hub of exclusive properties, tall skyscrapers, attractive climate and port services. This has put the city at the forefront when it comes to using digital funds to buy real estate.

Factors that ensure property buying for cryptocurrency 

There are a number of factors that make investing digital funds in properties a real possibility. However, there are also a number of hurdles to consider.

International access 

One of the positives is the fact that modern digital currency is a global option that is not tied to borders and national currencies. This allows a buyer from any country to use their virtual money for specific purposes. This is especially attractive for those who want to invest their crypto assets as a real estate investment.

You can pay for the selected object directly in bitcoins, but in the contract its price will be fixed in dirhams.

Rapid development of the industry 

In addition, Dubai is actively developing its infrastructure to integrate cryptocurrency. In 2019, the city launched the Cryptodolina project, which aims to fully support the crypto industry. This means that Dubai is trying to create conditions for real estate to be sold for cryptocurrency.

Benefits of cryptocurrency for real estate purchase 

Today many experts predict withdrawal of fiat currency from the market. Such predictions may come true due to a comprehensive list of benefits. 

• Simplicity and a variety of bonuses. 
• Absolute anonymity.
• Faster transactions. 
• No need to confirm the source of income. 
• Non-regulated and non-tracked internationally. 
• Digital currency cannot be counterfeited and its issuance volume is strictly limited.

Hurdles of buying property for cryptocurrency 

There are also certain hurdles that can make it difficult to buy real estate for cryptocurrency in Dubai. 

1. One such hurdle is the complexity of the legal aspects of the transaction. Buying a property of great value requires careful execution of all legal documents. In the case of cryptocurrency, the difficulty lies in the lack of legal structures and regulations to govern the process.
2. Another hurdle is the volatility of cryptocurrencies. The value of virtual money can fluctuate significantly, which means that crypto assets that are worth a certain amount today can change their value drastically tomorrow. This can have a negative impact on a real estate purchase transaction.
3. All cryptocurrency transactions are irreversible. Once a transfer of funds has been initiated, it cannot be reversed or challenged.

The reality of buying real estate in Dubai for cryptocurrency exists today, but it is not without its hurdles. Despite the benefits of cryptocurrency and Dubai’s development in this area, the legal aspects must be carefully examined and the volatility of the market must be taken into account.

Common process of buying residences in Dubai for cryptocurrency 

Roughly speaking, there is no big difference between the processes of buying for cryptocurrency and with traditional cash. Modern technologies help to avoid bureaucracy and reduce the risks due to the blockchain’s security and anonymity guarantees.

In order to buy real estate for any digital currency, you need to: 

• Exchange the digital currency for the dirhams or work with the developer that accepts digital currency. 
• Sign a Memorandum of Understanding (MOU) along with the developer. 
• Put down a deposit of 5-10%. Buyers can put the deposit in Stablecoins, Bitcoins, Ether, Cardano, Litecoin, Dogecoin and others. 
• Find a cryptocurrency transaction management company licensed for this type of activity in the UAE to act as a custodian.
• Transfer funds to a trusted person (custodian), and the latter give a manager’s check confirming the deposit and/or the full purchase price. 
• The seller receives a No Objection Certificate (NOC) authorizing the sale of the property.
• The transaction is finalized with the Dubai Land Department and payment is made using a manager’s check. It is transferred either to an escrow account if the property is purchased from a developer or directly to the seller’s account.

All transactions are controlled by the government and provide security to all parties involved. Therefore, purchase of apartments in Design Quarter at D3 in Dubai for cryptocurrency is as safe as buying with cash. 

Tips for using digital currency in Dubai 

Choose a reliable and reputable cryptocurrency exchange

To buy real estate in Dubai using cryptocurrency, you need to find a trustworthy cryptocurrency exchange that supports the currency you want to use. Investigate the possible options and check the available information to ensure the security of your funds.

Verify the legality of cryptocurrency transactions in Dubai

Ensure that buying real estate with cryptocurrency is legally accepted in Dubai. Consult with legal experts or professionals who specialize in cryptocurrencies to understand the legal implications and ensure compliance with local laws.

Conduct due diligence on the property

Before finalizing the purchase, conduct a thorough due diligence process on the property. Get it evaluated by an independent property valuer and perform all necessary checks to ensure that the property is legally sound and free from any encumbrances.

The bottom line 

Purchase of real estate in Dubai for digital currency is possible. However, do not reject the qualified help of agents from AX CAPITAL. The specialists will provide you with up-to-date information and multiple options for purchasing your dream home. 

The United Arab Emirates is constantly looking for new ways to attract foreign investors to the country. For this reason, foreigners may benefit from the most profitable way of purchase and play their own game.