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Blockchain Pioneer Dubai – Property Purchase on Mouse Click?

10-30-2017 02:30 PM CET | Industry, Real Estate & Construction

Press release from: Property Blog Dubai

Bitcoin and other cryptocurrencies like Ethereum and Litecoin have witnessed an unprecedented growth in media-related attention.
This went along with the sextupling of the Bitcoin`s exchange rate in US-Dollar since the beginning of 2017. Substantial price gains and a spreading utilisation of cryptocurrencies thereby nurture the user`s natural desire to utilise their virtual money for the acquisition of tangible assets like precious metals or real estate.

Virtual to Real
Aston Development, part of a group hailing from the UK, jumped the bandwagon in September 2017 by launching its off plan development dubbed „Aston Plaza & Residences“ which is projected for completion in 2019. On their website the developer offers the purchase of 1- to 3-bedroom units instantaneously by transfer of bitcoin currency.
It is not the scope of this article to assess the quality or yield prospects of the mentioned property offering. Rather, my objective is to depict and assess the status quo as well as the probable future development for the usage of bitcoin and comparable cryptocurrencies for the purchase and management of real estate within the Emirate of Dubai.
The said off plan proposition is, at least within Dubai, the first of its kind, although rumour has it that a number of property owners in Dubai`s „Citywalk“ community are already finding counterparts for their offering to rent their apartments against Bitcoin payment.

Innovation Driver Blockchain
Already at an early stage Dubai has recognised the potential that blockchain technology holds, giving birth to its „Dubai Blockchain Strategy“ in 2016 which is to lift all administrative and government processes into the blockchain by 2020. Furthermore, the emirate is confident to provide a host of industries like fintech, banking, real estate, e-commerce, tourism as well as healthcare with a further boost by leveraging this technology.

Considering the fact that Dubai keenly fosters blockchain-based technologies and is composed of a young population with an above-average technology affinity, it is likely that the applications brought about by this revolution will see a rapid adoption by its user audience.

That said, the advance of payment systems based on cryptocurrencies is only part of this change. At least equally disruptive effects are to be expected for practically all processes that are linked to acquisition and management of real estate assets.

The detailed article covering also the financial regulator`s point of view can be found under the following link:

The author`s blog covers subjects related to Dubai`s property market and its trends and influences from an institutional investor`s perspective.

The author has been actively engaged in the Dubai property market since 2005 and advises institutional investors pertaining to their overall investment strategy, ongoing asset management as well as the initiation and execution of property transactions.
Christian Atzert
Business Center 4, Floor 8
Ras Al Khaimah Free Trade Zone
Tel: 00971-56-7786475

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