Nakheel has partnered with Hayvn to accept cryptocurrency payments for renting and buying real estate

The Nakheel Properties development company has started to accept crypto payments for the purchase and rental of real estate, in cooperation with the global institutional digital currency platform, Hayvn. The partnership between Nakheel and Hayvn will strengthen the position of the emirate of Dubai as a global cryptocurrency hub and will follow the decision of the government to provide virtual asset licenses under the Virtual Assets Regulatory Authority (VARA), which was established to control and regulate the expansion of the virtual asset market.

As of now, customers of the Nakheel Properties development company can pay for real estate purchases, rentals and service fees using cryptocurrency. According to the statement by Hayvn, this is the first time a regulated UAE real estate cryptocurrency payment solution has been used in this sector. Cryptocurrency is a USD 1.8 trillion asset class, as stated by the CEO of Hayvn, Christopher Flinos. Earlier, another leading real estate developer in the UAE, DAMAC Properties, began to accept cryptocurrencies such as Bitcoin and Ethereum as property purchase payments.

Nakheel Properties is the original pioneer of real estate in the emirate of Dubai and the exclusive agreement on cryptocurrency between Nakheel and Hayvn is the biggest change in the UAE real estate sector since the announcement of Palm Jumeirah, which indicates the ongoing evolution of real estate in the country. Paying rent and buying a residence using cryptocurrency has many advantages, including the absence of fees, taxes and loans, as well as the lower cost of residences.

The expansive portfolio of the Nakheel developer includes different master communities, entertainment, hotel and retail projects. The most popular residential complexes by Nakheel Properties comprise Jumeirah Lake Towers (JLT), The Gardens and International City, just to name a few.