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Dubai is quickly emerging as the crypto hub of the world and thanks to its crypto-friendly policies! On Wednesday, April 27, Dubai’s largest real estate developer Damac Properties said that it would start accepting crypto payments in Bitcoin (BTC) and Ethereum (ETH) against property sales.
The real estate giant said that introducing property sales will revolutionize the real estate market in Dubai. Besides, cryptocurrencies also bring convenience and optionality to property developers worldwide. Speaking to Kahleej Times, Ali Sajwani, general manager of operations at Damac said:
“This move towards customers holding cryptocurrency is one of our initiatives to accelerate the new economy for newer generations, and for the future of our industry. It is crucial for global businesses like ours to stay at the top of evolution. Offering yet another transactional mode is exciting, and we are glad to recognise the value this technology brings to our customers.”
As said, Dubai is becoming the most-preferred destination for crypto innovation due to its crypto-friendly laws and taxation. As a result, companies across sectors have been open to accepting crypto payments. Dubai’s delivery startup YallaMarket also added that they will start accepting crypto payments.
Cryptocurrencies and Real Estate
The gap between the crypto market and the real estate market has been bridging faster than expected! Previously, many people had to first convert their crypto into USD for buying houses. However, the scenario has likely changed.
There are new companies and startups in the market that will enable real estate buyers to a mortgage with their crypto. Thus, users can now directly keep their digital assets as collateral and avoid any capital gains tax during the conversion process.
This has happened as the crypto market continues to mature with time and people are gaining more trust in digital assets. However, with crypto being largely volatile, the buyer might have to put more money aka digital assets as collateral in case of a crash. Below is a Bloomberg report explaining the dynamics of the game.
New home loans are deepening the role of volatile digital assets in the real estate market. Bloomberg News Bureau Chief and Senior Editor Kara Wetzel explains
More: https://t.co/ydusLyL1gb pic.twitter.com/WuogdgUmyB
— Bloomberg Crypto (@crypto) April 28, 2022
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