Dubai landlords to accept rental payments with Bitcoin
If you were lucky enough to get in on Bitcoin in the early days, then you’ve probably gathered a wad of virtual money since the boom… granted, you’ve got slightly less than you did a few weeks ago, given the slump, but nevertheless, you’ve got a lot more cryptocurrency than you started with. And a lot more than us…
Following news that you can actually buy property using Bitcoin, there’s good news for Dubai’s renters too. Starting next month, one Dubai real estate brokerage will allow residents to pay with Bitcoin.
From October 1, fäm Properties have a number of landlords that will start accepting Bitcoin as a form of rental payment, according to Arabian Business. These landlords all have properties in City Walk in Jumeirah.
“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,” said Firas Al Msaddi, CEO of fäm Properties.
“From the start of October they will sign a one-year contract with tenants who wish to pay in Bitcoin, and they will transfer the equivalent of 12 months’ rent to the landlord’s Bitcoin wallet.”
Essa Al Khoory, an Emirati landlord, said: “I’m very happy to have entered into an agreement with fäm Properties to facilitate the Bitcoin rental payments for apartments at City Walk. This is the future for real estate, and it’s exciting to see this happening first in Dubai.”
This follows news that a real estate development in Dubai is the first ever scheme where you can buy property using Bitcoin. The $300 million project in Dubai Science Park launched by Aston Property Ventures, which owned by Ultimo founder Michelle Mone and partner Doug Barrowman, is scheduled for completion in 2020.
The first batch of 150 properties for sale will range from studios for $169,000 (or 30 Bitcoins) to two-bedroom apartments for $380,000 (or 85 Bitcoins). Once the 2.4 million square foot scheme is finished there will be 750 apartments.
The development will also have a plaza with space for boutiques, restaurants, cafes and a supermarket.