Investing in Dubai real estate has become a go-to strategy for many investors interested in the real estate market. Dubai has made it simple to invest in real estate and giving many different benefits has helped in the popularization of their real estate market.
When investing in Dubai real estate, you can receive a residency visa and other benefits, based on the value of the flat you invest in. So if you want to buy a new flat in Dubai with crypto, you will be receiving much more than just a flat.
This investment process can be made even more straightforward and more effective with the help of real estate agencies. Currently, there are a large number of real estate agents operating in Dubai, but not many of them accept cryptocurrencies. Luckily there is still a good number of agents that do accept payments in cryptos, such as Coin Real Estate, that help investors purchase flats and villas in Dubai with cryptocurrencies such as Bitcoin, Ethereum, and USDT.
Things to know about buying a flat in Dubai with crypto
- The majority of Dubai’s real estate market is taken up by flats and apartments
- When you buy a new flat in Dubai with crypto, you might also receive a residency visa
- Foreign investors can buy apartments in Dubai with crypto by just having a valid passport
- The prices of flats in Dubai start from around $200,000
Step by step guide on buying flat in Dubai with crypto
If you have decided to invest in Dubai’s growing real estate market, purchasing a flat is probably the best decision you can make. They are easy to maintain and easy to sell afterward compared to villas. Below we will be taking a look at exactly what you will be needing when making this purchase.
Buying apartments in Dubai with crypto is a good decision, and the first step is to get some cryptocurrencies. Which cryptocurrency you should get will depend on the seller, but in general, the cryptos that are accepted include Bitcoin, Ethereum, and stablecoins such as USDT.
You can purchase cryptocurrencies by different means, but the most simple one is to purchase them from a big crypto exchange that provides Over The Counter services. Once you have crypto, we suggest moving it to a personal crypto wallet, as some exchanges might not be providing their services in the UAE, meaning you won’t be able to make transactions there. But when you have crypto in a personal wallet such as MetaMask, you can transfer it to anyone, anywhere, at any time.
Find a real estate agency
While the Dubai real estate market is really big, and there are not that many agencies that accept cryptocurrencies. Because of this, you need to choose the best agency that does, and one that provides high-quality services.
When doing so, be sure to double-check everything, as with crypto there are a lot of scammers out there trying to prey on unsuspecting victims. You should check the legitimacy of these agencies, how long they have been operating, if they have any licenses, any prior sales that they have made, etc. But don’t be afraid as there are still plenty of real estate agencies that meet these criteria such as Coin Real Estate which has been in the real estate market for decades.
Choose an apartment
Once you have decided on the real estate agency you are going to work with, you can then choose an apartment you wish to purchase. You can do this in two different ways. One way is to look at different apartments that are on sale and then the real estate agent will start talks with the developer on your behalf. This is probably the best way to purchase a flat in Dubai with crypto, but you need to know the ins and outs of Dubai’s real estate market in order to make the right decision. At first glance, some flats might seem like good investment opportunities, but the reality might be different and it might be hard to spot that without a trained eye.
The second option is to let your real estate agents look for apartments on your behalf. Most of these agencies already have a long list of flats that are up for sale, and they can give you the list of flats based on your preferences. Here the agency will send you the properties that fit your budget, needs, and other preferences, and you can simply choose the one that you like the most.
We should also mention that there are two types of properties in Dubai that you can purchase. Leasehold properties are usually in and around the center of Dubai and as the name suggests, you will be leasing, instead of actually buying the flat. The duration of a lease is usually 99 years, but it can be more or less depending on the developer and the property. While the second option is a freehold property, which you will actually be owning outright. It should be noted that a majority of these properties are away from the city centers, but still a good investment opportunity.
Purchase a flat
Lastly, you will need to finalize the purchase. For this, the one thing that you will need is a valid passport, everything else can be easily sorted out. When making a purchase, you will need to sign a few documents and make a down payment. According to the country’s regulations, foreigners need to make a deposit of at least 25% of the property value, but there can be instances where you are asked to pay less.
One upside of using a good real estate agent is that some agencies have the ability to finalize the purchase without the need for you to be there in person. What this means is that, if you choose an agency such as Coin Real Estate, there is a possibility that you might be able to buy a flat in Dubai with crypto and not travel to Dubai at all. On top of that, you might also get a resident visa if your property is valued at over 1 million AED, or around $270,000.
Final thoughts on purchasing a flat in Dubai with crypto
If we take a look at the gulf states, we can see that most of them have started to invest a lot of money into real estate development, with the UAE being a front-runner. Dubai has become a luxury holiday destination, and also a good place to move your business to, as there is no tax in Dubai. Because of this, buying an apartment in Dubai with crypto can be a good investment opportunity, especially if you do it through a trusted real estate agency such as Coin Real Estate that makes sure you are investing in something that’s actually worth investing in.
With this huge amount of development going on, the UAE also made it really easy to invest in their real estate market, and provide investors with many different benefits. For example, if you invest 1 million AED into a single property, you become eligible for a 3-year residency visa, while if you invest 5 million AED, you can receive a 5-year residency visa. These visas are renewable, meaning that as long as you own these properties, you can renew your visa.
Lastly, the benefit of buying this property with crypto brings additional benefits and makes this whole process much faster and easier. When you buy 1 bhk flat in Dubai with crypto, you avoid the need of having third parties involved, such as banks and other financial institutions, and the transaction is done simply through buyer and seller, with a real estate agency playing the part of a middleman, which is better than banks. It is also much faster, secure, and cheaper as you avoid paying extra fees that go into international transactions.
Frequently asked questions about buying flat in Dubai with crypto
Can I buy a house in Dubai with Bitcoin?
Yes. Currently, there are a good number of real estate agencies that accept cryptocurrencies as payment methods. You can contact real estate agencies such as Coin Real Estate that accept Bitcoin payments and buy flats or houses with their help.
What cryptos can I use to buy a flat in Dubai?
There are many different cryptocurrencies that can be used to buy flats in Dubai, and it will depend on the real estate agency and developer based on what they accept. But there are cryptos that most of these agencies accept and they are Bitcoin, Ethereum, and USDT.
What are the advantages of buying a flat in Dubai with crypto?
There are many advantages that come with buying a flat in Dubai with crypto. One of them is that you avoid the traditional banking system and everything is done between you and the developer, with the real estate agency playing as a middleman. Dubai also has a relaxed crypto law, meaning that you can make this purchase with crypto really fast and easily, while it is completely legal.