Whenever we ask a question as to where the best place to invest in the real estate market is, Dubai comes to everyone’s mind. When we are looking to invest in this growing economy, there are many ways to do so, as Dubai tries to attract more and more investors, and currently, we can even purchase properties with cryptocurrencies such as Bitcoin fairly easily. When we are looking for Bitcoin real estate in Dubai, we will first need to acquire some Bitcoin, after which, with the help of real estate agencies, we will need to look for the best possible property within our budget, and finalize the purchase. Thanks to Dubai’s relaxed laws, this can be done without much effort and fast, with some agencies even giving us the ability to finalize this purchase without the need to travel to Dubai at all. But of course, it will be much better to be there in person, to at least check the property yourself and see what you are getting.
4 Things you should know about buying real estate in Dubai with Bitcoin
- When purchasing real estate in Dubai with Bitcoin, settlements are instant
- Thanks to blockchain technology, purchases made through Bitcoin are safe and impossible to forge
- When purchasing real estate in Dubai with Bitcoin, you can avoid waiting time and extra fees banks may charge when making international transfers
- You can avoid flaws of the traditional banking system when purchasing real estate in Dubai with Bitcoin
Step-by-step guide on buying real estate in Dubai with Bitcoin
When you decide to purchase real estate in Dubai with Bitcoin, there are some steps you need to take before being able to say that you own a property in Dubai. Here we will be taking a look at these steps in detail and discussing how you can buy Dubai property with Bitcoin.
Acquire some Bitcoin
The first step we need to take is to get our hands on some Bitcoin, of course, this only applies if you don’t already have some stashed away in your crypto wallet. When you want to buy real estate with Bitcoin Dubai, there are multiple options as to where you can get these Bitcoins.
You can visit different crypto exchanges and acquire Bitcoin from there. But since cryptocurrencies tend to be volatile, there is a strong possibility that we might encounter slippage, and our order will be executed at a different price. To avoid this problem, we can visit exchanges that offer Over The Counter (OTC) exchanges, like Binance, where we can purchase large amounts of Bitcoin in one fast transaction and avoid slippage altogether. Once we own Bitcoin, we can simply transfer it to our personal wallet for maximum protection and move on to the next step.
Look for a real estate agency
Now that we own Bitcoin and have our eyes on Dubai properties, it’s time to look for a real estate agency that will help us find the right property and acquire it. When it comes to real estate agencies in Dubai, there are plenty of them to choose from, but not many offer Bitcoin as a payment option. Therefore, we should look for ones that do, with Coin Real Estate being one of the best choices.
In theory, this step is not mandatory, but not using a real estate agent’s services will make this whole process very complicated and difficult, especially if you are a foreigner. These agencies will take care of all necessary documentation, conduct talks with developers, and aid you in every step. There are also agencies that give you an opportunity to buy Dubai property with Bitcoin without you ever needing to go to Dubai in order to finalize the purchase. This is really handy if you don’t have much free time for travelling, and yet want to invest in the growing Dubai real estate market.
Choose the property
Well, the most important part of this is probably choosing the property you wish to purchase. You can do this independently and then get in contact with a real estate agency which will sort everything out. But if you are not familiar with Dubai’s real estate market, and with Dubai in general, it might be hard to choose the right property on your own.
But if we use the services of real estate agencies, this process becomes much simpler. These agencies will present you with many different property options that are available for sale, and you can choose them according to your personal preferences. Like, are you looking for a leasehold property in the middle of the city, in which case you will be leasing the property, instead of actually purchasing it. Or are you looking to purchase a freehold property where you will receive full ownership of the property and the land it stands on?
Once we have selected the property we wish to purchase, we can move to the final part of actually purchasing the property. This process might sound complicated, as you are purchasing a property in a foreign country, but with the help of real estate agencies, this process has been made much easier.
When buying real estate in Dubai with Bitcoin, the first thing you will need to do is to make a deposit on the property. Currently, the minimum deposit is 25% if you are a foreigner, but there are agencies that might ask you for a less down payment, while there are some that might ask you for more. While those that ask for less down payments might seem more attractive, you need to approach it with caution. There are a lot of agencies that present you with very good deals in order to lure in more customers, but there are some risks associated with these agencies. These agencies might not provide you with high-quality service, or sell you a property that seemed good at first sight, but in reality, is a bad purchase. Lastly, there is always a possibility that these agencies might scam you altogether, but if they operate from Dubai, the likelihood of that happening is low, considering the harsh punishments Dubai has when it comes to breaking different laws.
Because of this, it is crucial to learn as much as possible about the agency, before purchasing a property through them. With real estate agencies such as Coin Real Estate, proving their legitimacy and quality of services over the past 35 years, you can be sure of the legitimacy that they bring. So, in your mission to buy a Dubai property with Bitcoin, you should always look for legitimate and efficient agencies, preferably with a long-standing reputation of excellence.
You might also be wondering what documentation you will need in order to purchase a property in Dubai with Bitcoin. The answer is simple – a passport. If you have a valid passport, you are pretty much set to go, with other documents being taken care of by the real estate agents.
Final thoughts on buying real estate in Dubai with Bitcoin
When we hear about purchasing real estate with Bitcoin, it might seem complicated or like some sort of shady activity as people are still not used to seeing Bitcoin as an actual currency used all over the world. When we are deciding to purchase property using Bitcoin, in reality, things become much more simple. When we are buying a property, paying cash is not a common payment option, with some developers not even accepting such huge cash payments. When using Bitcoin, on the other hand, we avoid third-party involvement from banks and other financial institutions, and the transaction becomes person-to-person, with real estate agencies such as Coin Real Estate being a middleman that helps to make sure everything goes smoothly and no party is left unhappy.
We also need to mention that the fast-growing real estate market in Dubai presents some great opportunities for investment. As the world starts to move away from fossil fuels, these gulf countries will encounter huge losses, as the demand and the price of oil start to fall. This might not happen for decades to come, but Dubai knows that it is unavoidable and started to look for income sources other than oil. Because of this, the enormous amounts of money generated by these oil sales are going into different development projects, with real estate being one of the primary focuses. Considering the fact that Dubai is in the middle of a desert, the current approach they have for developing their country is the most effective, meaning that more money is going to go into these developments.
Because of everything we have mentioned thus far, investing in Dubai’s real estate market is a no-brainer if you have enough funds to do so. You can just purchase a property right now and watch as prices go up drastically as time goes on.
Frequently asked questions about buying real estate in Dubai with Bitcoin
While there are many different crypto wallets that work in Dubai, the best and most trustworthy among them is the Coinbase wallet. Coinbase has recently added UAE to the list of supported countries. With this, you can purchase Bitcoin on Coinbase and transfer it to your personal Coinbase wallet before purchasing a property.