Dubai has always been a hotspot for real estate investment, attracting investors from all over the world. With the increasing popularity of cryptocurrency, investors are now exploring the possibility of buying property in Dubai using digital currency. In this article, we’ll explore the pros and cons of buying property in Dubai with cryptocurrency and whether it is a smart investment.
Pros of Buying Property in Dubai with Crypto
- Increased Transparency
One of the key benefits of using cryptocurrency to purchase property is increased transparency. Blockchain technology, which is the underlying technology of cryptocurrency, enables a transparent and tamper-proof record of transactions. This makes it easier to verify the ownership of the property and reduces the risk of fraudulent activities.
- Lower Transaction Fees
Another advantage of using cryptocurrency for property transactions is lower transaction fees. Traditional real estate transactions can involve a number of intermediaries, such as banks and brokers, who all charge their own fees. With cryptocurrency, the transaction can be completed directly between the buyer and the seller, resulting in lower transaction fees.
- Global Accessibility
Cryptocurrency transactions can be conducted globally, which makes it easier for foreign investors to purchase property in Dubai. This reduces the need for investors to convert their currency into AED, the local currency, which can be a costly process. Additionally, cryptocurrency transactions can be completed quickly, which is important in the fast-paced world of real estate.
Cons of Buying Property in Dubai with Crypto
- Volatility
Cryptocurrency is notoriously volatile, with prices fluctuating rapidly and unpredictably. This can make it difficult to determine the value of the property being purchased and can result in significant losses if the value of the cryptocurrency falls after the transaction is completed.
- Regulatory Uncertainty
There is still a significant amount of regulatory uncertainty surrounding cryptocurrency, particularly in the real estate industry. This can make it difficult to determine the legality of using cryptocurrency for property transactions and may result in additional costs and delays.
- Lack of Acceptance
While the use of cryptocurrency is becoming increasingly popular, it is still not widely accepted in the real estate industry. This means that finding a seller who is willing to accept cryptocurrency can be challenging, particularly for those looking to purchase high-value properties.
Conclusion
Buying property in Dubai with cryptocurrency can offer a number of benefits, including increased transparency, lower transaction fees, and global accessibility. However, it is important to consider the potential risks associated with cryptocurrency, such as volatility and regulatory uncertainty.
Investors should carefully weigh the pros and cons of using cryptocurrency for property transactions and ensure that they fully understand the process before making any investment decisions. It is also important to work with a reputable real estate agent who has experience with cryptocurrency transactions to ensure a smooth and successful transaction.
Ultimately, whether or not buying property in Dubai with cryptocurrency is a smart investment depends on a variety of factors, including the investor’s risk tolerance, financial situation, and long-term investment goals. As with any investment, it is important to conduct thorough research and seek professional advice before making any decisions. For more info, visit us at The Assets Advisors – Crypto!
Only the real estate agent who puts you from the beginning in the corridor of the full truth regarding all the details of the real estate purchase process in Turkey, where he tells you all the additional expenses that are required for the purchase process as determined by Turkish laws, which makes you as a foreigner willing to own and aspires to double the financial wealthAs entering the world of real estate investment in Turkey is comfortable, far from any kind of fraud, manipulation or inability to pay costs, due to the direct investment process that you have been waiting for so long.
And because we are in Al Huda Real Estate company, work conscientiously with investors who have trusted us from the first phone call and extended their hands to us in order for the success of their real estate investments in Turkey, it was incumbent upon us as a team to put you in the picture regarding all the expenses that you as investors must pay during real estate purchase transactions, whether they are taxes and fees or additional costs arising from the extraction of documents.
The following are the most important expenses that accompany the purchase of a property in Turkey: Real estate appraisal expenses, which is an essential step for determining the property price in the market, and here the buyer is obligated to pay about 1,500 TL to the Real Estate Appraisal Department for a real estate appraisal client.Value-added tax or VAT that is paid to the Turkish state and is calculated from the total area of the property at the market value price at the time of buying the property and is paid according to the type of property as it is estimated at 18% in commercial properties, but in residential properties it is calculated according to the area of the property, which is usually 18% in the event The area of the property exceeded 150 square meters, and the smaller the area of the property, the lower the value of the tax, which ranges from 1% to 18% depending on the area, area, price, level of construction, its quality, and others.Land tax or title deed paid to the Real Estate Documentation Office during the subscription process and its price is determined based on the total value of the property.Transfer taxFees for translating the passport into Turkish.Fee of sworn translator, which is usually used to translate documents and contracts during real estate purchase transactions.Certification fees for the notary public.Photo graphics.Power of Attorney fees if the property buyer chooses to adapt one of his relatives for him on his purchase.Commercial registration fee if the property is investment, not residential.The costs of the real estate developer, agent, or broker who has the right to receive commission from both parties of the purchase, provided that it is licensed and operates according to the provisions of Turkish law.The costs of a lawyer who accompanies all the legal procedures for the property purchase.Real estate tax or ImlakVergisi which is paid annually to the Turkish state that uses it to improve waterways and security and the other services that the region needs.Earthquake insurance, which is a mandatory document that is calculated in square meters, through which the investor guarantees compensation for all damages in the event of an earthquake, which entails several dangers, including fires, landslides, etc.The energy identity document is also mandatory, through which the efficiency of the building is secured in terms of the extent of energy consumption and the extent to which the conditions for protecting the environment from dangerous gas emissions are observed.Property insurance from fire, disasters and theftSubscription fees for electricity, gas, water and internetRevenue fees, which are usually in residential compounds that provide services such as swimming pools, playgrounds, elevators, etc.
In this way, you will know all the expenses that you encounter before, during and after the process of buying a property in Turkey without being exposed to any kind of play or fraud, and it should be noted that all the fees and costs mentioned above are symbolic and very lowCompared to global capitals and major cities with strong infrastructure such as the cities of Istanbul, Ankara, Antalya, Bursa and other Turkish provinces that have witnessed a great demand for property purchase by foreigners in recent years.
