• Damac, Dubai’s largest real estate developer, has begun accepting Bitcoin and Ethereum payments

  • Dubai is swiftly becoming the world’s crypto powerhouse, thanks to its crypto-friendly legislation! Damac Properties, Dubai’s largest real estate developer, announced on Wednesday, April 27, that it would begin accepting cryptocurrency payments in Bitcoin (BTC) and Ethereum (ETH) against property sales.

    According to the real estate tycoon, introducing property sales will alter the Dubai real estate industry. Furthermore, cryptocurrencies provide property developers around the world with convenience and flexibility. Ali Sajwani, Damac’s general manager of operations 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 previously said, Dubai is quickly becoming the most popular destination for crypto innovation due to its crypto-friendly legislation and taxation. As a result, businesses in a variety of industries have become more willing to accept cryptocurrency payments. YallaMarket, a Dubai-based delivery startup, has recently announced that it will begin accepting cryptocurrency payments.

    Real Estate and Cryptocurrencies

    The gap between the cryptocurrency and real estate markets is closing faster than planned! Previously, many consumers had to transfer their cryptocurrency into USD before purchasing a home. However, the situation has most likely altered.

    There are new companies and startups on the market that will allow real estate buyers to obtain a mortgage using cryptocurrency. As a result, consumers can now maintain their digital assets as collateral while avoiding capital gains tax during the conversion procedure.

    This has occurred as the cryptocurrency sector matures and individuals gain more trust in digital assets. However, because cryptocurrency is very volatile, the buyer may be required to put extra money, aka digital assets, up as collateral in the event of a crash.

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