When it comes to living in Dubai, few places compare to the luxury and glamor that can be found in and around Dubai Marina. This residential neighborhood is well known for its extravagant level of top-tier amenities and retail experiences that will leave you feeling like a king. From the marina with its classy yachts passing by to the Dubai Marina Walk promenade where the craft markets are plenty and the luxury shopping brands seem to never end, this area of Dubai gives a whole new meaning to the idea of high class.
As a must-visit tourist destination Dubai Marina is a done deal, but these days it is also possible to buy the best Dubai Marina apartments for crypto. You no longer need to be just a passerby, as it is now possible to purchase a place in this exclusive area and live in this paradise all year long.
Why buy in Dubai Marina
Dubai Marina is a completely artificial canal city that has been built along a two-mile stretch of the beautiful Persian Gulf shoreline. This utopian wonderland is located right in the heart of Dubai and is well known for its stunning futuristic skyscrapers, super luxury apartments, and high-end shopping and dining experiences that will fulfill every heart’s desire.
Dubai Marina might be considered an up-class residential district in Dubai; it is also home to a number of popular attractions such as the Dubai Marina Mall which features more than 130 stores, a cinema, and a number of deliciously good dining options. If you don’t feel like being cooped up in the mall then there is a string of high-end restaurants lining the marina and offering cuisine from all over the world for the enjoyment of your tastebuds. After a good meal, you can head to one of several bars and nightclubs in the area to enjoy the growing popularity of Dubai’s nightlife.
But what if you buy apartment in Marina Dubai with crypto and want to spend a bit of time in the lovely UAE sun; you are in luck, Dubai Marina is quite well known for its outdoor recreational activities ranging from a number of walking and biking trails to a number of beautifully designed parks and open spaces to allow people to get some fresh air. If things are getting a bit too hot then you can always head to one of the water sports providers where they offer activities such as jet skiing and parasailing to help cool you down.
With all this in mind, there is no question why so many people are looking for flats to buy in Dubai Marina with crypto. But this begs the question, who can actually buy apartments in Dubai and what will you need to get it done?
Can foreigners buy Dubai Marina apartments with crypto?
To answer this question, let’s break it into two portions. First, we will look at foreign ownership of land in Dubai and then we will look at the question of how and why crypto can be used to purchase said land.
Foreign land ownership in Dubai
Foreigners can buy property in Dubai and have full ownership rights just like UAE nationals, but only in areas designated as freehold according to Article 3 of Regulation No. 3 of 2006 Determining Areas for Ownership by Non-Nationals of Real Property in the Emirate of Dubai. Other than that there are no restrictions on foreigners owning property in Dubai and the government is actively encouraging foreign investment in real estate. The reason is that the UAE is starting to move further and further away from being a purely oil-based economy and using land development as a way to help sustain economic growth.
To help work towards this end, Dubai has implemented a number of laws that aim to protect the rights of property buyers, including the Dubai Property Law and the Dubai Real Estate Regulatory Authority (RERA) Law. These were put into power in order to establish a set of regulations for the real estate market in Dubai, thereby providing a framework that needs to be followed when purchasing or selling land. Along with this, the government established rules that relate to the management and maintenance of properties and gave clear procedures that need to be followed when it comes to resolving disputes.
Apart from buying property, foreign individuals and corporations are also able to purchase a lease for up to 99 years.
It is of the utmost importance that expats looking to buy apartments in Dubai Marina with crypto are aware of these laws and it is advised that anyone looking to buy real estate in Dubai should use a well-established real estate agent such as Coin Real Estate to ensure that their rights are protected. While it certainly is possible to find a property seller and deal directly with them, there are a lot of documents that need to be filed which can usually be done by your estate agent without the need for you to be in attendance.
Acceptance of crypto in Dubai and the UAE
From the early days of the blockchain boom, the United Arab Emirates has taken a pro-cryptocurrency stance supporting and encouraging the development and use of digital currencies in the country. Over the last 5 years, the UAE has even gone so far as to draft new laws and take a number of steps in order to promote the continued adoption of cryptocurrencies and the use of blockchain technology.
Things really started to take off back in 2018, when the UAE Central Bank issued guidelines that would be used to regulate the use of digital currencies throughout the UAE. This came along with statements confirming that virtual currencies are not illegal and can be used freely even though they are not accepted as legal tender. The guidelines came with a list of warnings that outlined the dangers associated with digital currencies and people were advised to be cautious when using them.
But this was just the start. Then 2019 rolled around and the Dubai Land Department came out with a sudden announcement that it would begin accepting the cryptocurrency Bitcoin as a form of payment for real estate transactions. This changed the game for many investors who had large amounts of wealth sitting in their crypto wallets and after this announcement, we immediately started to see flats for sale in Dubai Marina to buy with crypto.
While the government of the UAE remains very much pro-crypto, they are yet to make any crypto-specific laws to overwatch the governing and use of cryptocurrency in the UAE. This notwithstanding, UAE Central Bank has stated that it is in the process of drafting fresh regulations that will help to regulate and improve the use of digital currencies in the country.
What you will need apart from crypto to buy Dubai Marina flats
Buying property in Dubai is surprisingly easy as the only thing that is required to get the purchase started is a valid passport and the right amount of crypto. If you have these two things in hand then all that remains is finding Dubai Marina apartments to buy with crypto. There are two ways to go about this. The first is simply surfing the internet and finding a place then organizing with the buyer and completing the deal.
This method is risky as there are many scams online and even if you do manage to find a legitimate deal you will still need to jump through many hoops to get your paperwork in order and filed with the correct authorities. To do this will probably require a trip to the UAE and it can all take a while.
The next method, and the recommended one, is to find a reliable real estate agent that operates in the UAE and will be able to help you in finding a good deal in the Dubai Marina area. In some cases, you won’t even have to travel to the UAE to complete the deal and can rest assured that everything is taken care of in a proper way.
Overall, Dubai Marina is a beautiful, vibrant, upscale neighborhood that offers something for everyone and abounds with good real estate purchase opportunities that can be scooped up using crypto.
