Dubai Landlords to Accept Bitcoin Rent Paymentsbr>
Tenants in Dubai will be able to pay their house rents using bitcoin starting next month.
Brokerage firm Fäm Properties said starting October 1, some Dubai landlords will accept bitcoin payments for residential property rental. These are for a limited number of apartments at City Walk, one of Dubai’s major new developments. The firm added that clear regulation, laws, and legal processes will have to be in place before using digital currency to pay for rent.
“The decision comes on the heels of recent real estate projects in Dubai Science Park involving bitcoin transactions,” said Fam Properties CEO Firas Al Msaddi. “Some of the landlords we’re representing in property management at City Walk were very excited by the news because they’re bitcoin traders, and they believe that bitcoin opportunities in real estate will attract educated and savvy tenants.”
Msaddi added that for all bitcoin transactions, they will be carrying out the necessary KYC (Know Your Customer) background check on all tenants. He said that there are currently several players in the market preparing to launch bitcoin-related initiatives and it’s appropriate that this is all happening in Dubai, which is a great driver and inspiration for innovative ideas.
The company said that if someone wants to use this method that person will have to transfer one full year total rent to the landlord prior to the deal.
Fäm Properties is a tech-driven real estate agency. As a member of the fäm Group and with annual revenues of over AED 1.8 billion, Fäm Properties is one of the UAE’s leading real estate companies.