Cryptocurrency has taken the world by storm. As the world now has shifted to a more digital paradigm setting, especially after COVID 19, currency is naturally following suit. The last 10 years have been extremely focused on the development of multiple virtual currencies. Some of these have been known to give tons of profits to the investors while others are matching potential and working their way up.
Dubai’s Real Estate is a giant industry where billions of dirhams worth of investments are recorded annually. Last year in 2021, Dubai broke a 12 year record as transactions worth Dhs 151.07bn were recorded. This is equivalent to 74.77 percent increase in sales volume. To lure and attract more investors, one of the leading Real Estate giants, DAMAC properties announced the acceptance of Crypto payments mainly done in Bitcoin (BTC) or Ethereum (ETH).
Ali Sajwani who leads DAMAC Properties Digital Transformation shared his vision behind the decision, which was to ‘accelerate the new economy for newer generations, and for the future of our industry.’
Some of the most notable locations in Dubai where crypto payments are accepted include; BlueWaters, One JBR, Address JBR, Bulgari Residences, Madinat Jumeirah Living, Port De La Mer, Downtown Dubai, Palm Jumeirah and others. These luxury properties are well established with elite facilities provided to home owners and investors. The question is, are more residential and commercial projects willing to accept payments via cryptocurrency or is this just a limited scheme for the premium side of Dubai’s Real Estate?
Some of the benefits concluded due to this advancement are;
- Faster Transactions – As compared to the traditional banking system, where tons of paperwork and formalities are supposed to be in order, the crypto channel is convenient in terms of speed.
- Zero Transaction Fees – With the transfer of huge amounts, the traditional banking system usually deducts a percentage as a service fee, this however is not the case with crypto transactions.
Other than DAMAC Properties, more Real Estate developers are now headed towards accepting crypto channels as their payment means. The revolutionary trading and constant evolution of the business has drastically changed, making Dubai a leading and fast-paced ideator when it comes to impeccable and trending services.
