Dubai Property Developer Now Accepts Crypto For All Properties

By Kevin • May 1, 2022 9:24 pm • Comments

Business within Dubai have been increasingly open to the crypto industry and have been quite open to using it as an alternative payment method.

To add on to the list of growing list of businesses who are crypto friendly, major real estate developer Damac Properties has just revealed that it will be accepting payment for all of its properties in crypto.

The company announced that it would specifically accept Bitcoin and Ether as payment for any of its real estate assets with the hopes that this new flexibility will make things more convenient for investors looking to acquire real estate in the Dubai region.

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The use of crypto to acquire real estate has been a type of adoption that has been in works for the past few years and we are quickly seeing how fast it could potentially transform the real estate industry.

CryptoPotato.com reports:

Damac was established in 2002 and provides residential and commercial properties in the United Arab Emirates (UAE), with an international presence in Qatar, Lebanon, Jordan, Oman, Saudi Arabia, Iran, and the United Kingdom.

Commenting on the company’s latest decision to adopt crypto, Damac’s general manager of operations, Ali Sajwani, 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 recognize the value this technology brings to our customers.”

The company has also revealed that it is getting into the crypto industry on a more wholistic level by building cities in the metaverse.

So far, it has been investing around $100 million in order to accelerate growth in this area which will likely entice other top competitors within the region to start investing in crypto.

Asides from accepting the most popular digital assets like Bitcoin as payment methods, businesses within Dubai are also utilizing stable coins for payment.

Examples of such stable coins would be USDC or USDT and there has even been mentions of paying employees with crypto as well.

Micky.com.au reports:

The company is poised to transform the future of real estate as one of the first developers to allow customers to purchase property using bitcoin.

This will help Damac continue to provide ease and flexibility to real estate investors around the world.

Damac general manager, Ali Sajwani, said the Dubai-based firm has upheld cryptocurrency as part of its initiatives toward digital transformation.
The UAE’s drive to grow the crypto market has recently attracted significant big businesses.

Following the government’s decision to issue virtual asset licenses under the Dubai Virtual Assets Regulatory Authority (VARA), major crypto exchanges are relocating to Dubai.

After obtaining a highly sought cryptocurrency license, Binance, the world’s biggest crypto exchange, has opened more than 100 jobs in the UAE FTX and other players have also chosen to establish themselves in the Gulf state.

This could be the start of the real estate industry being transformed internationally which would provide trillions of dollars of capital to be integrated with the crypto markets.

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