Cryptocurrency 13 Jun 2020

Know What It Takes To Buy Homes With Cryptocurrency In Dubai ?

All of a sudden, investors and discerning buyers are showing a lot of interest with cryptocurrency. The flexibility in terms of completing the transaction along with safe and secure mode is something that draws the attention of all. Besides, it does so without having to involve any bank or the need to pay any service charges. Since there is no third party involved, it does become easy and convenient to complete the whole transaction.

How does cryptocurrency work?

When it comes to Bitcoin or any other cryptocurrency types, the working methodology is very simple and straightforward. It basically involves with each user having an anonymous address and primarily works on blockchain technology. The core structure of the system makes it easy and safe for you to utilize the cryptocurrency, without having to face any major obstacle.

Using cryptocurrency to buy homes in Dubai

There was a lot of noise related to cryptocurrency and real estate in Dubai. However, things have started changing at the ground level. For instance, the property sector is showing considerable interest in Bitcoin and other forms of payment. The real incentive being quick processing of the payment and the non- involvement of the third party, which indeed changes the whole scenario.

One such project that accepted only Bitcoin as payment is The Aston Plaza, developed by entrepreneurs Michelle Mone and Doug Barrowman. The $325 million development in Dubai offers the investors to choose from studios, 1 & 2 bedroom apartments. As per the information available on the official website, more than 400 units are already sold out. This surely gives you an indication of the popularity of Bitcoin.

With the global outbreak of Covid-19 pandemic, the circumstances have changed for good. As of now, the key emphasis is on presenting suitable alternatives. In short, investors now have a good chance to diversify their real-estate portfolio by using cryptocurrency.

Will cryptocurrency bring about any real change?

Cryptocurrency in Dubai is not something new. There are several elements that in general cover the whole process of the transaction. Right before finalizing a deal, the investor has to consider the following aspects, listed below:

• The very first step is to make sure that the developer is registered at RERA and that the project you are interested in is also duly registered by the developer.
• Please make sure to use a RERA registered broker for the smooth processing of the transaction. You can also make it a point to check and ask your broker for their respective RERA credentials.
• After the transaction, it is necessary for you to have the title deed. It is important for you to register the property with the concerned Dubai Land Department.

By following and adhering to these simple procedures, you will be in a position to secure your investment, irrespective of the circumstances.