DAMAC Properties, has confirmed that it will embrace the digital economy by enabling the conversion from fiat currencies and the sale of the property to Bitcoin and Ethereum holders.
DAMAC will Adopt BTC and ETH
DAMAC Properties has announced that it will accept some cryptocurrencies for property purchases to provide more flexibility to investors.
According to the development company, Bitcoin and Ethereum holders would be able to convert their funds to currency and sell properties.
The Middle East has a substantial drive to enhance the growth of crypto and its adoption, which has garnered substantial interest from corporates. Additionally, many crypto exchange firms have been shifting their headquarters to Dubai owing to the Government’s support.
Dubai will be a crypto force in the world. Other digital assets are also being promoted by the Emirates, which has crypto-friendly policies.
Real Estate and Cryptocurrencies Future Predictions
DAMAC is poised to change the future of real estate as one of the first developers to allow customers to purchase property using bitcoin. Damac Group had also revealed earlier this week that it would invest $100 million in creating digital urban centres in the metaverse.
“DAMAC Properties has always been at the cutting edge of technology, from designing luxury residences to providing unique experiences,” said Ali Sajwani, General Manager of Operations at DAMAC, the company’s digital transformation projects leader. This shift to clients holding bitcoin is one of DAMAC’s attempts to drive the new economy for future generations and the industry’s future.”
“Multinational firms like ours must stay on top of evolution,” he continued. It’s great to offer another transactional option, and we’re eager to see how valuable this disruptive technology will be to our clients.”
Adopting cryptocurrencies to purchase a home has become more convenient and rewarding. According to experts, Cryptos are expected to become a comprehensive form of payment. Many real estate agencies and individual homeowners have adopted this new mode of payment, and you may now buy homes using cryptocurrency.
How’s this Move Beneficial?
Previously, exclusive exchanging luxury assets like real estate through the internet was not the norm. But this is changing; hence over 19 Blockchain companies have been promoting real estate companies to adopt crypto.
Cryptocurrency has the potential to be a fantastic investment. When investing in real estate with this payment method, you gain several advantages, including privacy when shopping, tighter control over transactions, and no involvement of third parties. International property trades are also less complicated.
You can increase your security by relying on the blockchain. Finally, if you have bitcoin and are unsure what to do with it, investing in real estate is one of the finest ways to make a respectable return on unpredictable assets.
In addition to real estate companies, numerous restaurants and other companies, including start-ups, have begun to accept cryptocurrency as payment.