Soon.. Buying real estate with cryptocurrency

كتب: وائل سلامة 02 Jun 2022

In the near future, some real estate companies will start selling real estate in exchange for cryptocurrencies, including Bitcoin. Mohammed bin Ghatti, CEO of Binghatti Real Estate Development Company - on the sidelines of signing an agreement, with Emirates Islamic Bank to provide a package of real estate financing facilities - revealed that the company will start accepting cryptocurrencies As a means of buying real estate, he explained that details will be announced in the next few weeks.

Bin Ghati pointed out that the company recorded during the current year an increase in the percentage of cash payment by buyers compared to bank financing through mortgage, explaining that this reflects the high level of liquidity among investors in light of the continuous economic growth, and he noted that the company's customer base is represented by buyers from within the state. Of all nationalities, he noted the high percentage of investors from outside the UAE, and stressed that the real estate sector in Dubai is achieving excellent growth, as leaps in sales have been achieved since the year 2020.

According to Benghatti, the company will deliver 1,500 real estate units in 2022, while 3,000 new units will be offered within 12 residential tower projects.

At the time, real estate transactions in the Dubai Land Department amounted to more than 1.7 billion dirhams; As 456 pledges of allegiance were recorded, worth 1.37 billion dirhams, of which 84 pledged allegiance to lands, with a value of 603.18 million dirhams, and 372 pledges to apartments and villas, with a value of 766.13 million dirhams.

According to experts, real estate investment is one of the most important investment sectors that contribute to supporting the national product of countries and providing job opportunities.