Damac Properties, a Dubai-based real estate company, accepts property payments in Cryptocurrencies. In the initial rollout, buyers can pay in Bitcoin (BTC) and Ethereum (ETH).
The firm is the largest property developer in Dubai, and the support for Crypto payments is likely to boost the adoption of Cryptocurrencies in the global financial city. The new development is also likely to allure other real estate companies in Dubai to offer Crypto payment options to address the needs of their target clients
Cryptocurrencies Are Revolutionizing the Financial Space
In an interview with Khaleej Times, the general manager of operations at Damac, Ali Sajwani, revealed that the real estate firm is keen on offering its customers a new option for payment.
Sajwani confirmed that the company is recognizant that cryptocurrencies are futuristic. The future of the real estate industry depends on digital payment transactions, especially because of its global nature.
The city of Dubai offers premium real estate properties that are the supporting pillar for the rapidly expanding diversified market economy that the government has been creating for years.
The UAE is at the forefront of the digital revolution regarding the digital asset space. For instance, the Abu Dhabi Global Market calls for stakeholders’ feedback and perspectives ahead of the scheduled DeFi regulation.
The gulf nation has one of the most conducive environments for Crypto adoption globally. This environment is one of the key factors that incentivizes startups and other firms in traditional industries such as real estate to offer their clients the option of paying in Cryptocurrencies.
Adoption of Crypto in The Real Estate Industry is Rising
Traditionally, Crypto hodlers had to convert their digital assets to fiat money to transact in the real estate market. Lately, buyers can choose to increase the transfer of their tokens directly to the addresses of the purchases following the developments of blockchain ecosystems that can support secure B2B and B2C transactions.
In the US City of Miami, FL, Milo, a Crypto fintech firm, started offering Crypto mortgage facilities. This move indicates that the real estate industry is responding to the market trend where the preference for digital payments is on the rise, especially for cross-border transactions.
Digital Assets Are Becoming Stable
Unlike traditional financial instruments such as derivatives and commodities, Cryptocurrencies are mainly stable, with the market capitalization remaining at a range of $2 Trillion and $1.8 Trillion as of 28th April 2022.
BTC and ETH have a 41% and 19% market dominance, respectively, and their maturity makes the market more stable. Hence, Cryptocurrencies are becoming ideal investment instruments, with leading corporates such as Tesla leading the way in hodling cryptos for a high return on investments.