The United Arab Emirates is a fast-growing economy. There are endless investment opportunities, especially in the real estate and hospitality sectors. And now that the world is slowly but surely doing away with paper currency, bitcoin is filling the void, and most investors prefer using it to buy property.
When buying property in Dubai with crypto, you must ensure that the paperwork is correctly done according to property laws. For this reason, most investors prefer commerce and blockchain since such transactions are safe and void of paper-based red flags. But how safe is buying property in Dubai with Crypto?
Buying property, especially with Crypto, is not as straightforward as you might think. It would be best to first scout for sellers willing to trade with Crypto before making any other move. Even though Crypto is not a legal tender in The United Arabs Emirates, the government has enacted laws and regulations to encourage crypto investors. This has made it safer to invest in Real Estate with Crypto compared to prior years when Crypto was unregulated in the UAE.
How can you buy Real Estate in Dubai with Cryptocurrency?
In this digital era where Crypto is becoming a global currency, most investors prefer buying property in Dubai with Crypto. This saves you lots of time because of less paperwork compared to purchasing a property with Dirhams, which is the local currency. Despite the process sounding straightforward, you must ensure that you do enough groundwork to avoid being conned. Crypto transactions are irreversible. Yes, you got that right, irreversible!
That said, Crypto remains one of the safest payment methods to buy property, even in Dubai. However, there are a number of things you should consider before you buy property in Dubai with crypto.
After identifying the real estate company or agent you want to do business with, ensure that it is a clean deal since Crypto is not a legal tender in UAE. As much as the government has embraced the use of Cryptocurrency, asking for a refund might be a tall order since there are currently no laws regulating the use of cryptocurrencies in Dubai. However, this should not be a big deal because the government of the UAE has made tremendous efforts to make crypto trading easier and safer.
Here are some factors that make buying property in Dubai with Crypto safer compared to other countries.
Several merchants accept Cryptocurrency
Crypto trading is one of the biggest things right now. This massive wave has impacted all sectors, and several millionaires are in a rush to acquire Crypto; Elon mask included! In a bid to maintain its relevance as a center of global economic excellence, UAE has embraced the use of Crypto. This has seen several players in the real estate sector follow suit making it easier and safer to purchase property in Dubai with Crypto.
The UAE government introduced an anti-money laundering act to protect investors from crypto fraudsters.
The rise of the use of Crypto has pushed the government to introduce laws that regulate crypto transactions. This law was purposely introduced to protect crypto investors from falling trap of crypto fraudsters. The new law requires that any developer or brokerage accepting crypto payments must satisfy the regulations on Anti Money Laundering.
The enactment of this law shows the government’s goodwill in promoting and attracting investors to the country. How? By making favorable laws and regulations that assure economic safety. Moreover, it has also played a significant role in combating finance terrorism. This was a huge problem before the law was enacted.
This law enabled private investors to accept digital currencies through a trusted cryptocurrency broker. These brokers will then pay them in Dirhams, which is the legal tender or US dollars. If you need any other help, consult a legal expert in Dubai.
Bitcoin transactions are irreversible
The irreversibility nature of Cryptocurrency is an excellent security policy that cubs fraud. So once you have found your dream home, know that crypto transactions are sufficient proof of property ownership.
What should the government do to make buying property in Dubai safer?
Firstly, there is a need for proper regulation. Even though Cryptocurrency is slowly becoming a global currency, there is a need for strict laws and regulations to increase general acceptance and reduce volatility.
What should I do when buying property in Dubai with Crypto?
- Thoroughly research the property market.
- Only deal with reputable parties
- Beware of all the risks before making any money move