UAE property: Is it possible to sell cryptocurrency to buy real estate in Dubai?

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 in general has made great strides when it comes to innovation and technology, so the adoption of cryptocurrencies is definitely one form of payment that probably won’t be long in becoming mainstream for the purpose of buying real estate. So, to answer your question, it is not presently possible to buy real estate directly with cryptocurrencies only. Having said this, there are third-party operators that will facilitate any sales in order to liquidate your portfolio, which you can then proceed to buy whichever property you wish to. In the past, some developers have experimented with accepting digital currencies, but this is not mainstream, so if you do find someone willing to accept crypto, as with everything in life, I would recommend you do your due diligence and be cautious. When using anyone you come across online, it is preferable you take recommendations from friends, family or colleagues that can vouch for their dealings in the past. For the secondary market, buying with digital currencies is not possible as it is not presently recognised as a form of payment by the Dubai Land Department. If you happen to meet a seller of a property you wish to buy and that person also deals in cryptocurrencies, you are free to agree a deal between yourselves and arrange payment before going to a trustee office to finalise 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 about whether one should or shouldn’t buy real estate? I’m only joking and in fact, this is a very good question. The first thing I would say is that nobody has the ability of timing the market, by this I mean, nobody knows when the market will go up or indeed down. There are indicators, however, that can help us to make informed decisions as to the health of any real estate market. Currently, there is one specific driver that is fuelling the real estate market and that is the current population growth. Through the great work of the federal and local governments, certain policies and procedures are in place to put the Emirates front and centre in the eyes of international buyers or investors. Policies and procedures such as, the ease of doing business, the golden visa programmes, the transparency and efficiency of the Land Department, the safety, the excellent healthcare and education system, the forward thinking governmental approach to improving all of our lives, the infrastructure spending, the world class transport system, the list goes on and in doing so, attracts talent from around the world that want to move to the UAE and start a life here. So, as long as this continues and as long as the population grows at the same level or more as we are currently experiencing, then this bull run will continue for some time. The only point to add would be that beyond 2027, when the handover of many of the projects announced previously come to market, this may tip the balance negatively and, therefore, could have an effect on prices, so I would always request any investor to do their due diligence before embarking on any investment purchases. The opinions expressed do not constitute legal advice and are provided for information only. Please send any questions to mario@novviproperties.com