UAE might face rise in real estate payments in cryptocurrency

UAE might face rise in real estate payments in cryptocurrency

Real estate transactions involving cryptocurrency in Dubai and throughout the UAE could become more popular, with the region positioning itself as a digital money hub.

The UAE is becoming more of a base for innovative companies and individuals to set up shop, including those interested in cryptocurrencies, with a recently passed law making it even easier and more attractive for people to work with digital currencies in Dubai.

According to a recent report by accounting giant PwC, the UAE’s share in the global crypto market increased by 500 percent between July 2020 and June 2021 and there are reportedly more than 400 crypto businesses in the country.

[I] think more people [will be] be moving over that are interested in that world and, obviously, they all need somewhere to live or [want] to invest in properties,” Paul Kelly, Operations Director at Allsopp & Allsopp Real Estate told Al Arabiya English.

“I think as we go on over the next few years, there’ll be an increase in demand [for paying for real estate with cryptocurrency],” he added.

“A crypto grows, as it is utilized by more people around the world, the number of use cases will grow and one of many use cases [is] real estate,”