Crypto Payments Now Accepted for UAE Real Estate
RAK Properties has teamed up with Hubpay to enable crypto payments for real estate. International buyers can now purchase properties using popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). These digital assets are immediately converted into UAE dirhams.
Hubpay processes all transactions alongside VARA-licensed partners. This setup ensures full regulatory compliance and secure settlements directly into RAK Properties’ accounts, providing peace of mind to global clients.
Kevin Kilty, Hubpay’s CEO, stated, “This collaboration opens doors for larger groups of international buyers interested in UAE properties.”
- The initiative primarily supports RAK Properties’ Mina Al Arab community.
- A target of over 800 units is expected to be delivered by 2023-end.
- This move aims to attract more global capital aligning with Ras Al Khaimah’s Vision 2030.
Rahul Jogani, CFO at RAK Properties, commented, “Engaging a tech-savvy client base reaffirms our commitment as a progressive and trustworthy developer.”
The UAE’s property sector is seeing a rise in crypto adoption for real estate purchases. This trend began in 2022 with DAMAC Properties.
Beyond the UAE, buying real estate with crypto is also feasible in other nations such as Portugal, Turkey, and El Salvador.However, it hinges on the local regulations passed in each region.
for more insights, check out the latest trends at astons.com.
