Investors who struck gold in cryptocurrency are investing in UAE real estate

SourceArabian Business
SectorFinancial Markets
CountryMiddle east

Cryptocurrencies have fuelled demand for real estate investments as early adopter investors who grew rich from digital currency look to diversify their assets. Early-stage adopters of cryptocurrency have suddenly seen their assets-value surge, making them multi-millionaires or “crypto-rich as we call them,” said Paula Wehbeh-Gambrell, Chief Executive Officer-Strategy, Ellington Properties. “Now, these people want to diversify and hence invest in properties whether it's for them, a family home for their kids, or for purely investment purposes,” said Wehbeh-Gambrell. First-time buyers looking to invest in Dubai property should be aware of several elements While most transactions are still made the old-fashioned way, a few investors have begun to look to make purchases by converting cryptocurrency. “So that automatically opened up and impacted the real estate market because you had this new wealth that suddenly came up, especially if you look at the wealth that came in from China, Switzerland or Poland for example,” she continued. Being one of the early adopters of cryptocurrencies, Chinese investors are more...