Since the decision of the UAE government to allow foreign investors to purchase and own land in the United Arab Emirates, expats from around the world have been flocking to this little nation ready to make their real estate dream come true. This has been of great economic benefit to Dubai and the UAE as a whole. These days it is not only possible for foreigners to buy and lease land in the country, but thanks to their progressive forward thinking and the adoption of blockchain technology, buyers are even able to complete their purchases using cryptocurrencies.
While this alone is not enough to encourage investors to put their cash into the property, there is a nationwide push in the UAE for long-term sustainable development. This move away from oil has seen the government pumping all the fossil fuel money they are making into land development projects as well as other more sustainable solutions like focusing on expanding the tourism industry. These initiatives have made the UAE a very desirable place to invest in and as they are more westernized than most of the region in this area it has quickly become a hub for business people and remote workers. This has led to a boom in the real estate sector that has not gone unnoticed by the rest of the world as the UAE’s property market is currently one of the fastest growing on earth.
Even though most of Dubai can be considered a good place to live or invest in, Downtown Dubai is a special place that brings together all the best parts of the city into a single area.
Reasons to invest in Downtown Dubai
Downtown Dubai is a large area located in the heart of Dubai and plays home to many of the city’s most iconic landmarks and shopping zones. These include places like the world’s tallest building (the Burj Khalifa) and the world’s largest shopping center in the form of the Dubai Mall.
The area is also a hotbed of luxurious hotels and provides countless hours of delicious eating and fun through the numerous restaurants, cafes, and bars that can be found here. Then there is the Dubai Downtown crypto real estate market that manifests through the many residential buildings in the area, which offers a mix of apartments and townhouses for buyers to choose from.
But wait, there’s more. In addition to the commercial and residential side of things, Downtown Dubai also holds a good amount of cultural and entertainment attractions. Places like the famous Dubai Fountain with its spectacular light and water show and the Dubai Opera can be sound in the Downtown area.
Dubai Downtown Properties
As mentioned, Downtown Dubai is a big mixed-bag of developments, meaning they have a bit of everything all located in and around the heart of Dubai. This makes it a great place to buy Downtown property in Dubai with cryptos as you won’t just be buying an apartment, but will also be just a stone’s throw away from some of the city’s most iconic landmarks.
When it comes to property types that you might find available for purchase in this area, there is no lack of options. Although, it should be noted that the easiest to find will be apartments, as the area is heavily developed and features many high rise buildings.
Let’s take a quick look at the available options:
Apartments: These are simply spaces in a multi-unit residential building. These can range from studio apartments to massive 4 bedroom units with enough space to accommodate a large family.
Villas: Next up are the much desired villas. These are standalone houses and they often come with some private outdoor space that might include a garden or a pool. These can be quite expensive as they are a rare sight in areas like Downtown Dubai and can take up a lot of space.
Townhouses: These are a sort of mix between an apartment and a villa. They are multi-unit buildings that are attached to one another and are similar to row houses. These are also not a common sight in Downtown Dubai.
Duplexes: These multi-level units generally make up part of an apartment building, giving you living space on two floors that are usually connected via a staircase.
Penthouses: Penthouses represent the crème de la crème of living. These are top-floor units that occupy the entire top of an apartment building. These units often come with luxurious finishes, incredible views, and amenities such as a private pool or gym, but can cost a small fortune.
Commercial properties: Then there are the office buildings, retail spaces, and other properties that are set up for those looking to do business. As the tax laws in the UAE are quite good, many people have opted to open companies or move their existing business interests to the country and setting up an office in Downtown Dubai can give your brand a massive boost.
It’s worth noting that property prices in Downtown Dubai can show significant variations, depending on property type, size, and the exact location. Prices will also vary based on the quality of the finishes and amenities that have been included. That being said, if you want to buy Dubai Downtown real estate with crypto, it is hard to go wrong as that area is continually improving and drawing investment capital from around the world.
Laws
You might think that there are a couple of tricky things when it comes to finding property for sale in Downtown Dubai with crypto, but really it isn’t hard at all.
While many countries have made it quite tricky for foreigners to buy and own real estate and almost impossible to buy anything with crypto, the United Arab Emirates has set up a number of laws to allow foreign investors to purchase and own real estate and to even pay for it using Bitcoin or other cryptocurrencies.
While there are a few statutes in place relating to real estate ownership in the UAE, one of the main laws that govern foreign ownership is Federal Law No. 5 of 1985 Concerning Civil Transactions (the Civil Code). This law recognizes all contracts as legal and binding.
While this law alone can stand in defense of foreign investors, it wasn’t till 2006 when certain legislations were put through to give expats the right to outright own or lease land in certain areas. Article 3 of Regulation No. 3 of 2006 Determining Areas for Ownership by Non-Nationals of Real Property in the Emirate of Dubai, finally specified the so called “freehold” properties that investors could own and designated areas of the UAE, including certain areas of Dubai, where they could do so.
Then in 2018 and 2019 legislation was passed that recognized crypto purchases of land as legal, and so it became possible to buy Downtown Dubai apartments with crypto
Overall, the laws in the UAE generally provide a favorable environment for foreign investment in real estate and the country has been pushing for the adoption and acceptance of crypto and blockchain technology for the last 5 years. This has made it easier than ever for foreign investors to purchase Dubai Downtown property with crypto.
Frequently asked questions about Downtown Dubai property to buy with crypto
There are a variety of properties available for purchase in Downtown Dubai, these include apartments which is the main property type available, townhouses and villas, which are more expensive and not as plentiful, and a few others like commercial property, penthouses, etc.
Under UAE law, foreign investors are only allowed to own freehold property that have been designated in certain areas. There are such areas in Downtown Dubai.
To buy property in Downtown Dubai all you will need is a valid passport and crypto. While it is possible to venture off on your own and buy something, we highly recommend using a real estate agent with years of experience, just to be sure that all the paperwork is done correctly and handed to the right authorities. Coin Real Estate is a great choice as they work with crypto and have over 3 decades of experience in this market. Whoever you pick to work with though, make sure they are legit.
