Question: With the recent increase in the value of certain cryptocurrencies, I’m thinking about selling some of my coins to buy real estate here in Dubai. Is this possible and what should I look out for?
PT, Dubai
Answer: The UAE has been making great progress in technology and innovation, so using cryptocurrencies to buy real estate might become common soon. However, right now, you cannot buy real estate directly with cryptocurrencies alone.
Instead, you can use third-party services to sell your cryptocurrency and turn it into regular money. Then, you can use that money to buy the property you want.
Some developers have tried accepting digital currencies in the past, but it’s not common yet. If you find someone who does accept crypto, make sure to do your research and be careful. It’s better to use recommendations from friends, family, or colleagues who know and trust the people you’re dealing with.
In the secondary market, you cannot buy with digital currencies because the Dubai Land Department does not recognize them as a payment method. If you find a property seller who accepts cryptocurrencies, you can agree on a deal and arrange the payment yourself before going to a trustee office to complete the paperwork.
Q: The property market has been increasing for a while now and I’m regretting not buying an investment property beforehand, but my question is, have I missed the boat or is it still a good time to buy real estate for capital growth?
CJ, Dubai
A: Are you sure you want to ask a real estate person whether you should buy real estate? I’m just kidding! This is a very good question. The first thing to know is that no one can perfectly time the market. This means no one knows exactly when prices will go up or down.
However, there are signs that can help us make smart decisions about the real estate market. Right now, one main reason the real estate market is strong is because the population is growing. Thanks to the efforts of the federal and local governments, there are policies and procedures that make the UAE attractive to international buyers and investors.
These policies include making it easy to do business, offering golden visa programs, ensuring the Land Department is transparent and efficient, providing safety, excellent healthcare and education systems, and investing in infrastructure and transport. All of these factors attract people from around the world who want to move to the UAE and start a life here.
As long as these efforts continue and the population keeps growing at the current rate or faster, the real estate market will keep doing well for some time. However, after 2027, when many new projects are completed and enter the market, there might be more supply, which could affect prices. So, I always advise any investor to do their own research and think carefully before making any investment purchases.
