DAMAC, one of the largest luxury real estate companies in Dubai (UAE) is now accepting Bitcoin as a form of payment for properties and development projects.
Buying real estate has frequently been considered a promising long-term investment, as well as very profitable for those in the business of selling property. Recently, some Nations allow their clients to purchase properties with Bitcoin. Dubai now aims to take the same approach.
The first few countries that allowed for real estate to be purchased with Bitcoin are located in Central America, such as El Salvador, Belize, Costa Rica, and Nicaragua.
Just a few days ago DAMAC, a Dubai-based luxury real estate company, announced that it would start accepting Bitcoin as a form of payment:
‘’The power Bitcoin introduces to a new sales platform for real estate businesses. This new economy breaks geographical barriers, simplifies international transactions and offers a higher level of privacy.’’
The Middle Eastern ‘’extravagance hub’ has long been taking leaps toward embracing novelty and innovation,recently with the inauguration of the Dubai Museum of the Future.
The steps the firm has taken are very significant. It showcases the willingness and interest Dubai has in becoming a leading destination for Bitcoin enthusiasts and displays that they too want to allow citizens and visitors to use Bitcoin as a form of payment. The Nation has often shared its support for Bitcoin and the potential it sees, especially to keep pace with a world that is implementing Bitcoin more and more into people’s everyday lives.
Can you now buy a home on Dubai using Bitcoin? Apparently yes and the the trend is just about to get started. Recently airline Emirates, and Swiss watchmaker TAG Heuer also announced to accept bitcoin.