What happened?
RAK Properties, a leading real estate developer in Ras Al Khaimah, has partnered with Hubpay, a UAE fintech company. This allows property purchases to be made using digital assets such as Bitcoin, Ethereum and Tether. Cryptocurrency payments will be converted into dirhams instantly through Hubpay’s platform and directly deposited into RAK Properties’ accounts.
Who does this affect?
This move primarily affects younger, digital-first investors looking to purchase property with cryptocurrency. It also impacts real estate development in Ras Al Khaimah as it aligns with their Vision 2030 strategy of economic diversification, infrastructure growth, and increasing foreign investment. It opens up the property market to international buyers, especially those affluent in digital assets.
Why does this matter?
This initiative matters because it signifies a shift in the way real estate transactions are conducted, reflecting the growing acceptance of cryptocurrencies as a legitimate payment method. It’s a significant step for the UAE real estate sector towards integrating crypto transactions, which can attract global players and influence market trends. The move also potentially widens the investor base for key developments like Mina Al Arab.