Damac Properties, Dubai’s leading developer of bespoke homes and luxury destinations, has announced that it will begin accepting cryptocurrency as payments.
Since 2002, Damac Properties has been at the forefront of the Middle East’s luxury real estate market. The group’s goal is to provide residents from all over the world with luxury living experiences.
Parts of the United Arab Emirates appear to be experiencing an increase in crypto culture (UAE). In a current advancement, Dubai-based real estate developer Damac Properties has chosen to take cryptocurrency payments. Bitcoin and Ether, the top two cryptocurrencies in terms of valuation, have been designated as acceptable payment methods for real estate purchases. The company intends to be at the forefront of “revolutionizing the future of real estate,” while also providing customers with more payment options.
“From developing luxury homes to creating unique experiences, DAMAC Properties has always been at the forefront of innovation,” said Ali Sajwani, the company’s general manager of operations and the leader of its digital transformation initiatives. “This shift to customers holding cryptocurrency is one of DAMAC’s initiatives to accelerate the new economy for younger generations and the future of our industry.”
Dubai is heading towards becoming the crypto hub of the world. The emirate is also promoting the growth of NFTs and other virtual assets with crypto-friendly regulations. DAMAC Properties is fuelling this ambition by implementing new technology, starting with cryptocurrency as a medium of payment.