Guide to Buying a Property in Dubai with Cryptocurrency - Coin Real Estate

Guide to Buying a Property in Dubai with Cryptocurrency

Buying Property in Dubai

Investing in property is every investor’s goal, regardless of economic status, class, or race; let’s face it, who doesn’t feel like getting rich and owning property?

However, owning a property in Dubai is a different thing altogether because UAE is one of the fastest-growing economies. It’s slowly becoming the go-to tourism hub and center of economic excellence.

How you buy the property is not the biggest question, but with the growing acceptance of Cryptocurrency worldwide, it’s becoming one of the safest ways to buy property when you want to invest in Dubai real estate.

Why choose Crypto when buying property in Dubai

Although Cryptocurrency is not regarded as a legal tender in UAE, it is accepted for trade-in various economies, including the real estate sector. I know that’s great news for Cryptocurrency traders, right? 

Technology has made the world a global village and offers endless potential for investors to invest anywhere, anytime, as long as their hard-earned cash is safe. Completing transactions with Cryptocurrency guarantees this safety and, even better, convenience. Here are four reasons:

  • Cryptocurrency ensures instant settlement
  • It is impossible to forge because transactions can be traced
  • Offers incredible security
  • It is truly centralized because you can complete the entire process remotely.

All you need is a credible real estate partner like Coin Real Estate and a goal.

The process of buying property in Dubai with Cryptocurrency

If you are looking to invest in Dubai real estate, you must first scout for a reputable real estate company certified by the Dubai Economic Department (DED). If you already have a crypto wallet, the transaction can be completed with the Crypto of your choice, for instance; Bitcoin, Etherium e.t.c.

The transaction price entirely depends on the current crypto prices, and that’s why you should be smart. Here is a step-by-step guide to crypto property transactions in Dubai.

Confirmation of property

When you are looking to invest in the Dubai real estate market, you must first identify the nature of the property you want to buy. It is advisable to deal with credible real estate companies or agents to be safer. 

After identifying the property type, then comes the hardest part: discussing the terms and conditions of the purchase. This is super important because it forms the basis of what will be written in the purchase and sell agreement. 

If there is any down payment to be made (which is often 20% of the property’s valuation), this is the phase in which the transaction should be made. However, this only happens after confirmation of the property status and ownership.

How can I verify the property is real in Dubai?

The authenticity of listed properties in Dubai can be done through the Dubai Land Department. However, property ownership is confidential and not available on the public register.

Obtaining legal paperwork

After confirmation of the property status, you can then move on to another crucial step; obtaining legal support papers. This step is critical because it is your anchor if a case regarding the validity of property ownership or fraudulence ever arises. 

All the parties must read and understand the terms and conditions properly before appending their signatures. It’s advisable to involve a lawyer at this point. 

After signing all the legal papers, they must be submitted to the Dubai Land Department for authentication and review.

What documents do you need when buying a property in Dubai with Cryptocurrency?

Here are the documents you will need;

  • International passport
  • Identity document (ID)
  • Proof of a residential address
  • Contact details
  • A power of attorney, only if your representative conducts the transaction

Crypto transfer to the property developer

When all the parties are satisfied with the terms of sale and all the legal documents are signed, the investor can proceed with transferring money to the developer. 

However, this process happens with the help of an intermediary because the Central Bank of the UAE requires by law that all transactions within its territory must be made in the national currency. 

Therefore, you should transfer the Cryptocurrency to the trading company. The trading company will then obtain a bankers-cheque which is then presented to the property owner/developer.

The price of the chosen property is determined in Dirhams, UAE’s fiat currency and the value is converted to Crypto. The conversion rates depend on the current crypto prices. 

For legal purposes, the agreed amount is penned down and cannot be changed even if the Crypto prices fluctuate afterward. Note that you must also pay a registration fee which is 4% of the property cost, and a real estate agent/company service fee, which is 2% of the total property cost.

Issuance of Ownership Documents

After all the legal processes are done, and money is transferred, the investor is issued property ownership documents proving that you are the legal owner.

Conclusion

Dubai was one of the few cities in the world to introduce buying and selling property with Crypto. This made it a center of economic excellence and a game-changer in the real estate sector. 

You will never go wrong with investing in Dubai. It’s growing fast, and the property market is becoming more lucrative by the day. If you ever had any doubts, bury them and go get that property!

STAY INFORMED

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