How to purchase real estate in Dubai with Ethereum

How to purchase real estate in Dubai with Ethereum

With Dubai putting more and more money towards real estate development, it has become a great place to invest your money. If we take a look at the whole Persian Gulf region, where oil-rich countries are concentrated in the center of the world, we can see that many of them are investing a lot of money into the development of their country, as they know that they can not be dependent on oil forever. Dubai is the biggest developer among them and has already taken on the name of a luxury holiday destination.

If you are looking to invest in this market, the procedures are simple, especially if you are using a real estate company to do so. For this, the one thing you need to have is a valid passport, while everything else can be easily taken care of by real estate agencies, with some even giving you the ability to not travel to Dubai for finalizing the purchase. That’s right, some agents allow you to complete the entire transaction from wherever you are. With prices going up each year, as demand for properties increases, investing in Dubai real estate right now is a good decision to make.

Things you should know about purchasing real estate in Dubai with Ethereum

  1. Making purchases using Ethereum has become relatively fast and cheap
  2. When purchasing real estate in Dubai with Ethereum, you are avoiding third-party involvement from banks and other financial institutions that might charge extra fees for their services
  3. There are special real estate agencies that help in purchasing Dubai real estate with Ethereum
  4. You just need a valid passport to purchase real estate in Dubai with Ethereum

Step by step guide on how to purchase real estate in Dubai with Ethereum

When you decide to buy real estate with Ethereum in Dubai, there are a few steps that we need to follow before finalizing the purchase. You might be thinking that this is a complicated process, but if approached correctly it can become as easy as ordering something online from Amazon. Below we will be taking you through these steps, and explaining each of them.

Get some Ethereum

Well, the first step is pretty simple and obvious. You will need to get yourself some Ethereum in order to buy Dubai property with Ethereum. There are many ways to purchase Ethereum, and you should choose the one most suitable for you. The easiest way to purchase Ethereum is through centralized exchanges such as Binance, but there might be quite a lot of fees involved unless you use their OTC services. There is also a possibility of finding someone who is selling Ethereum and purchasing it from them directly, here you will avoid a lot of fees, but be careful as there are a lot of scammers out there. 

Find a real estate agency

The next step in our path of purchasing Dubai real estate with Ethereum is finding a good real estate agency that will make this whole process simple and fast. There are many different agencies such as Coin Real Estate that operate in Dubai and help investors acquire properties using different cryptocurrencies including Ethereum. These agencies will provide you with a list of different available properties for sale from which you can choose the one you like the most. After that, these agencies will help you with real estate to Ethereum payment Dubai. 

This step is not mandatory and you can of course purchase real estate without the help of real estate agencies, but there are downsides to operating alone. First of all, if you are not familiar with the Dubai real estate market and don’t know how this market works exactly, you might get scammed. Someone might sell your property for way more than it’s actually worth. Someone might also scam you into believing that the location of the property is good, while in reality, it’s not. 

Choose the property you want to buy

Once you have chosen which real estate agency you wish to work with, the next step is to choose the property you wish to purchase. There are a lot of options available, as Dubai is investing a lot into real estate development, with a lot of apartments, villas, and mansions available on the market.

When choosing which property to purchase with Ethereum in Dubai, there are some things that need to be considered. First of all, is the location of the property. If you are looking for real estate in the middle of Dubai, you will be purchasing a leasehold property, meaning that you will be leasing the property for several years. Usually, this lease gives you ownership of the property for 99 years, but there can be instances where you will lease the property for less time. There are also freehold areas scattered across the whole UAE, where you will actually be purchasing the property and not leasing it. While freehold real estate seems like a better option, the locations of these properties are generally worse than leasehold ones, but they are also cheaper. 

Because of this, it is important to thoroughly think through whether you wish to purchase property in the middle of Dubai for several years or to purchase less demanding property with full ownership.

Make a purchase

Now, once you have Ethereum, and have chosen which property to purchase, and which real estate agent to work with, it’s time to make a purchase. This process is similar for everyone, with small differences being associated with the agency you work with or the seller you are purchasing from. 

When making a purchase make sure that you have a valid passport. If you have one, everything else can be easily taken care of. When making a purchase, you will need to sign a few documents and make a 25% deposit. When it comes to this deposit, by law, foreigners have to pay 25% of the total price upfront, but there are developers that might ask for less, in order to attract buyers.

Also, we mentioned that you will need to sign some documents, but there are ways to avoid travelling to Dubai for this. Some real estate agencies, such as Coin Real Estate give investors the ability to purchase real estate with Ethereum in Dubai, without requiring them to travel to Dubai. This is a good service for those that might be unable to travel to Dubai, but still wish to invest in this market. 

Final thoughts on purchasing real estate in Dubai with Ethereum

Investing in Dubai real estate has become a great investment strategy in the last few years. Dubai has started to invest unreal amounts of money into real estate development, in the hopes of making their city one of the most luxurious and desirable places to be at. With sights such as the infamous Burj Khalifa, the world’s tallest building, Deep Dive Dubai, the world’s deepest pool, and other record-breaking attractions all being in Dubai, this has become a first destination place for the wealthy. 
Because of this, the real estate market in Dubai is booming. With yearly sales volumes doubling in 2022 when compared to 2021, investing in Dubai real estate right now is the best choice to make if you have the funds to do so. With real estate agencies such as Coin Real Estate accepting cryptocurrencies as payment methods, this process has become much simpler and more private. You can purchase Dubai real estate with Ethereum in a fast and simple manner, with the help of these real estate agencies, and avoid the traditional banking system altogether. The main benefits of purchasing Ethereum real estate Dubai, and not using traditional fiat currency are that we avoid the extra time it takes banks to make international transactions, and we also avoid the fees that these transfers take. Lastly, it is all done in private, meaning that if your country does not have very strict crypto regulations, you can purchase real estate in Dubai without leaving a massive paper trail behind.

Frequently asked questions about purchasing real estate in Dubai with Ethereum

What are the fees when purchasing Dubai real estate with Ethereum?

When purchasing real estate in Dubai with Ethereum, you will only encounter Ethereum gas fees. Since we are avoiding the traditional banking system, we won’t have to pay extra transfer fees, and the only fee is a gas fee that has become relatively low since Ethereum’s Merge.

Are there crypto-friendly real estate agents in Dubai?

There are multiple crypto-friendly real estate agencies in Dubai, but you need to be careful. With it being crypto, it should come as no surprise that there are many scammers out there. Because of this, you should always do research about real estate agencies and make sure you find one that is legit. Our suggestion would be to use Coin Real Estate, as they have proven themselves as a trustworthy and reliable company, and have been involved in real estate for more than 35+ years.

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