As the UAE’s real estate boom continues to gain momentum with no signs of slowing down, many are asking about how to buy Dubai Jumeirah apartments with crypto. Like Andrew Carnegie, the billionaire industrialist, once said, “The wise young man or wage earner of today invests his money in real estate.” Owning property has always been a surefire way of keeping your capital safe and having something tangible to show for it. Although many countries make it cumbersome and complicated to own land as a foreign investor, the UAE has made it as easy as buying a car in California.
There are plenty of excellent investment opportunities in the UAE and a great many in and around Dubai, but Jumeirah is a place that should be taken seriously for both investors and those looking to move to Dubai.
Is Jumeirah a good place to buy a place
Jumeirah is one of the more laid-back and relaxed residential areas located in the city of Dubai. While being known for its luxurious developments and high-end real estate, Jumeirah gives a sense of calm when compared to the hustle and bustle of other regions in the city. There are a few good reasons why many people view this place as a prime candidate for real estate purchases, so let’s consider a few of these factors.
- Proximity to the beach: Jumeirah is a strip that extends along the coast of the Persian Gulf which helps to give it that sense of calm we spoke about earlier. Because of the location, many properties in this area offer stunning views of the sea while also being home to some of Dubai’s most famous beaches and beach activities. Along the shoreline, you will be happy to find the waterfront community called the Jumeirah Beach Residence and the Wild Wadi Water Park which can be found next to the iconic Burj Al Arab hotel.
- High-end amenities: Most of the properties in Jumeirah offer high-end and luxurious amenities that include private pools, fitness centers, and concierge services just to name a few.
- Strong job market: While Jumeirah itself might not be at the heart of the thriving job market, it is a great place to live if you are working in or around the Dubai area. Dubai has an ever-growing and thriving economy with a large number of international businesses moving their operations to this city. But, as the city grows, many areas can get a bit too hectic for some and the outstretched beaches of Jumeirah serve as a perfect place to come home to after a long day in the office.
- Cultural attractions: Last but certainly not least is Jumeirah’s host of cultural attractions. These include such icons as the previously mentioned Burj Al Arab, the world’s first and only seven-star hotel, the Lost Chambers Aquarium, and the beautiful Jumeirah Mosque to name but a few.
That being said, it’s worth mentioning that property prices in Jumeirah can be quite high and are continually on the rise as mere people seek out a chill place to live in the often busy Dubai. But, if you are willing to spend some money on a property that will probably only appreciate in value then there are some good options, including buying Dubai Palm Jumeirah real estate for crypto.
How expats can buy Dubai Jumeirah real estate for crypto
So, perhaps you have already been looking at what is available in this area and decided that to buy Dubai apartments in Jumeirah Beach with crypto is the way to go, well that’s great, but what do the laws say about foreigners owning property in the UAE? Luckily the United Arab Emirates has a number of laws that support and regulate foreign property ownership as well as the use of cryptocurrencies to pay for your real estate.
First off, the laws surrounding foreign property ownership are pretty clear, and generally allow foreigners to buy and own property, but only in certain designated areas. These areas are known as “freeholds.” There are also “leaseholds” available that allow you to take out a lease on a property for a set amount of time, more on all that a bit later.
It’s worth noting that the rules regarding foreign property ownership can vary by the emirate, yet Dubai has got things pretty well set up and the process is usually straightforward and easy.
As for the use of cryptocurrencies, well, if you want to use crypto to buy house Palm Jumeirah Dubai for instance, then you should have no issues either. The UAE has taken a very progressive approach to digital currencies when compared to the rest of the world; and while they are not considered legal tender yet, they are widely accepted and can legally be used to purchase property in Dubai and the rest of the UAE.
So all that you really need in order to buy property in Dubai Jumeirah with crypto is just some crypto and a valid passport. That’s it. While this is all you need to get started on a property purchase in the UAE, it is still highly recommended that you find a reliable real estate agent to help you make sure that everything goes smoothly. As the use of cryptocurrencies is still relatively new and not that well-understood by many people, it creates some risks that can easily be overcome by working with professionals in this field, e.g a real estate agent with a good track record like Coin Real Estate.
Something else that a real estate agent can do for you is to give you the ability to buy an apartment in Dubai Jumeirah with crypto, without even needing to go there in person. Some estate agents will be able to help you find the perfect place, help you broker the deal, allow you to pay with crypto, and do all the paperwork on your behalf, and in next to no time you can own a property in Jumeirah without you even having to take a flight to the UAE.
Leasehold vs Freehold
Earlier we mentioned the two types of purchases that expats can make into real estate in the United Arab Emirates, namely leasehold and freehold. Let’s have a quick look at what they are and how they work.
These are properties owned either by the government or a private landlord and can be leased out. If you take out a lease, then you will have the right to use the property for a specific period of time; usually, the maximum amount of time is 99 years. At the end of the lease, the property is returned to the government or the original landlord and all goes back to the way it was before. Leasehold properties are generally quite a bit cheaper than freeholds due to their nature of only giving temporary ownership, and many come with restrictions as to what you can chop and change on the property.
On the other side of the coin there are the freeholds. These properties can be purchased and owned outright by the buyer and will remain their property in perpetuity. Freehold properties offer full ownership and control, allowing you to make any changes that you see fit and sell the property if you ever desire to do so. However, these tend to be more costly than their leasehold counterparts, but are much more desirable to investors.
While the laws surrounding property ownership can vary by the emirate you plan to buy in, Dubai is a great place to own an apartment as the prices are generally very bullish and the laws are quite well set up when it comes to expat property ownership.
All-in-all buying property in the UAE is easy and straightforward and whether you are looking to buy an apartment Dubai Palm Jumeirah for crypto as an investment or planning to move to the beautiful beaches of Jumeirah to live, this is one of the best places to choose in Dubai.
Frequently asked questions about using crypto to buy property in Jumeirah Dubai
It certainly is. While you can probably find some properties online, it is best to use a real estate agent to help with the process as their fees are relatively low and they can help you sort out everything in terms of paperwork and the like.
Jumeirah has some of the best beaches that the UAE has to offer. Jumeirah Public Beach is a favorite among locals and tourists alike and offers some great views of the Burj Al Arab while you bask in the sun or take a dip in the Persian Gulf.