If you are into the cryptocurrency thing and want to find a place to invest the coins you have been holding on to, then look no further than the UAE. Over the last 10 years this country has made many strides in the direction of crypto acceptance and today they stand among a select few governments that actually see these tokens as legal assets.
When looking at where in the UAE to pick up a nice apartment or villa with your crypto, there are several great areas to look at, but one that stands out is Al Ain. Al Ain is a city known for its spectacular natural beauty and rich history spanning many decades. Situated in the Abu Dhabi emirate, it is known as the “Garden City” due to the abundance of palm groves and natural springs that can be found in this area.
This is what makes buying Al Ain properties for crypto such a great investment. The city is rich in history and plays home to a number of cultural and historical attractions, including the Al Hili Archaeological Park and the Al Ain National Museum, which displays artefacts from the region’s ancient past.
So let’s jump into a bit more detail on what makes purchasing Al Ain real estate with crypto one of the best property investment options currently available for real estate investors and how you can buy Al Ain houses with crypto.
Reasons why buying Al Ain crypto real estate is a choice worth making
- Al Ain is a beautiful city located in the Abu Dhabi emirate and is known as the “Garden City” due to its great abundance of palm groves and natural springs. Along with this the city also plays host to cultural and historical attractions, making it one of the best places for people looking to move to the UAE and live in a place with some history and beauty.
- While living in a nice place is good and well, many also have the need to be in a place with a strong economy. While most of the UAE can offer up economic incentives like 0% taxes, Al Ain has a strong tourism, retail, and real estate sector that is booming.
- Next up is the high standard of living that Al Ain has to offer. Here you will find some of the top schools, healthcare facilities, and recreational areas in the UAE. While the UAE in general has a great reputation for high-class living, there are some areas that might feel too busy for some, while in Al Ain you can find peace.
- Buying Al Ain real estate with cryptocurrency can be as simple as pie. While it is relatively easy for foreigners to purchase property in the UAE, doing so with crypto can be a big plus point for many investors.
- While the entire UAE is known as a safe haven for investors, many flock to the better-known areas, leaving the lesser-known places a tad more relaxed when it comes to living.
Guide to buying Al Ain real estate with crypto
To buy Al Ain real estate with crypto you simply need two things: a valid passport from almost any country and enough crypto to purchase the property. Simple right? Well yes and no. You see, there are several things that need to be taken into account before jumping in and just buying.
First off, let’s look at the different types of ownership structures that are available in the Emirate of Abu Dhabi. While each emirate in the UAE has some different restrictions on the ownership of land by foreigners, Al Ain operates under the same rules and regulations as the capital city of Abu Dhabi, making it fairly easy to get information about Al Ain crypto property.
In 2005 a new law was passed. This law is called “Law No. 19 of 2005 Concerning the Regulation of the Real Estate Sector in Abu Dhabi” which stipulates the structure which allows expatriates to purchase and own property in the Emirate of Abu Dhabi but only in certain areas. In this law, it is outlined that expats can only own property in the form of floors and apartments (not lands), through one of 4 systems; ownership, Musataha, Usufruct, and long-term lease.
With the first method, expatriates are granted 99-year ownership deeds for residential units. This would give the buyer full rights to the property but not the land it is on. As such you are allowed to alter the property for the duration of the ownership period. While this was where things started, in 2019 the government made some amendments to the Abu Dhabi Real Estate law. These changes made the allowance for foreigners to own full ownership of properties in Abu Dhabi investment zones.
In this case, expats are able to own a residential unit for 50 years and it comes with a clause that the agreement can be renewed if both parties agree to it. These Masataha contracts give the holder the use of the property for a period not exceeding the 50-year max and allow the contract holder to do construction and alterations to the property during this time.
Under this contract, the property is “sold” to an expatriate for no more than 99 years, but during this time they are not allowed to make any alterations to the property or change anything relating to it.
Last but not least comes the long-term lease. In this case, the leaseholder will be given a lease of no less than 25 years. Usually, a lease property comes with a lot more limitations than some of the other forms of ownership, but it can still be a useful way of living in the UAE as it comes with the same perks as holding a title deed. We will discuss these benefits later in this Al Ain property guide for crypto buyers.
The benefits of buying a house for sale in Al Ain with crypto
Now that you have some idea of what types of properties are on offer, let’s look at the benefits that you might bet from Alain properties for sale with crypto.
It is quite important for you to understand the taxation rules and other legal considerations that may apply when buying property in Al Ain with crypto. The UAE doesn’t levy any tax on property purchases, which is fantastic for real estate investors and people looking to move there. The UAE is tax-free, so even moving your business there is a great idea if you want to save some costs and get one over on the tax man back in your own country.
Another great benefit of buying a property in Al Ain (or anywhere in the UAE) is that by purchasing a property of a certain value, you will be able to obtain a long-term residence visa. This is something that was started in 2019 with the amendment of the real estate law and has given foreign real estate investors just one more positive reason for putting their investment capital into the UAE market.
It must be noted that there are certain conditions to this visa being issued, but it hinges primarily on the amount invested. To qualify for a 5-year visa you will need to pump more than AED 5 million into the property of your choosing and the invested amount can not be in the form of a loan. There are some cheaper options available, but the less you invest the shorter the duration of the residence visa. One big plus is the fact that you can keep renewing this visa for as long as you have the property, meaning that you won’t lose access to your asset just because your visa has run out.
Paying with crypto
You might be wondering, why is there Al Ain property for sale with crypto at all. Well, the United Arab Emirates has been implementing new regulations over the last few years to encourage the use and adoption of virtual assets. For this reason, the UAE is considered one of, if not the, most progressive digital asset countries on the planet. They have taken things to a level where using crypto to purchase anything, or just owning or investing in digital tokens is completely legal and regulated.
But, as with so many things in life, just because you can do something does not mean it is the safest thing to do. Crypto has gotten a bad rap in recent years due to many market fluctuations and scams. Because of the latter, it is very important to make sure that if you plan to make a crypto investment, you are dealing with legitimate people. This is the main reason why we recommend working with a reputable real estate company that is licensed to operate in the UAE and has a track record of helping foreign investors find a worthy investment.
When it comes to the Al Ain real estate crypto market you can head out on your own and try to uncover a good deal, then organize with the seller of the property and cut out the middleman; but this can easily become a tricky situation as there is quite a bit of paperwork that needs to be done and handed into the proper authorities before your ownership of a property can be recognized by the state. So if you are planning to buy property in Al Ain or anywhere else in the UAE, make sure to work with a well-established real estate agency such as Coin Real Estate to make sure that everything is done right and all parties involved get their dues.
Frequently asked questions about Al Ain properties by crypto buyers
Absolutely. While Al Ain is not the biggest city in the UAE there are still plenty of opportunities for buying crypto property in Al Ain. In the United Arab Emirates, crypto is considered legal tender and you can purchase properties without having to worry that the government won’t accept the purchase as legitimate.
While it is possible to buy directly from a seller, this can be a dangerous and complex undertaking. The main reason for working through a reputed estate agent is that they know all the ins and outs when it comes to paperwork and making sure that you get what you are paying for. Generally, agent fees in the UAE are quite low and you will be able to rest assured that all is in place.