Raffles The Palm Dubai – new launch in Dubai
The UAE is set to become a cryptocurrency hub after two major real estate developers recently announced the use of digital currency for real estate transactions. DAMAC Properties, the developer that recently launched Safa One and Cavalli Estates, was the first real estate developer in the UAE to accept cryptocurrency. Nakheel Properties quickly followed suit and is allowing its clients to pay for service fees, property purchases, and rent using digital currency. This change will impact the UAE real estate market on a fundamental level.
We expect real estate company equity prices and property valuations which lag public equities to react very positively to this massive stimulus injection
says Christopher Flinos, CEO of Hayvn, a global digital currency platform.
Investors and residents in the UAE will have the opportunity to pay rent and purchase a home using cryptocurrency. This shift offers several benefits, including not paying taxes, fees, or loans, as well as lower costs. It is expected that this initiative will also appeal to first-time homeowners since about 68% of cryptocurrency holders are under the age of 30, and they collectively account for a market size of more than USD 1T.
Consumers need to trust the system and that the payments process works. This can be overcome by working with regulated corporations
continues Christopher Flinos, CEO of Hayvn.
The UAE is a cryptocurrency hub and this move further cements this incredibly wise position taken by the leaders of this great nation.
Earlier this year, Dubai established the Virtual Assets Regulatory Authority (VARA) to control and regulate the expansion of the virtual asset market. With connection to the Dubai World Trade Centre Authority, VARA will come into effect throughout the emirate, including free zones and special development zones, except for the DIFC free zone.
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Is living in Dubai for 13 years and helping Tenants, Landlords and Investors for the past 7 years. She will share with you her wealth of experience, assist you to make the right property choice and answer all your questions related to documentation, procedures, property inspection, move in and many more.
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