In a groundbreaking move that signals the future of real estate transactions, RAK Properties has embraced Bitcoin payments to attract global digital investors seeking innovative investment opportunities in the UAE’s thriving property market.
RAK Properties Embraces Bitcoin Payments
RAK Properties, a leading UAE real estate developer, has partnered with fintech platform Hubpay to implement Bitcoin payments for property transactions. This strategic initiative allows international buyers to purchase properties using major cryptocurrencies including Bitcoin, Ethereum, and USDT. The digital assets are instantly converted to UAE dirhams through Hubpay’s regulated platform, ensuring seamless settlement directly into RAK Properties’ accounts.
Targeting Global Digital Investors
The company specifically targets digitally-savvy international investors through this Bitcoin payments system. This approach particularly focuses on the Mina beachfront community, where over 800 units are expected for delivery by year-end. Consequently, the developer positions itself at the forefront of real estate innovation while expanding its global reach.
Regulatory Compliance and Security
All Bitcoin payments undergo processing through Hubpay and its partners licensed under Dubai’s Virtual Asset Regulatory Authority. Therefore, this ensures full regulatory compliance and transaction security. Moreover, the system guarantees transparency for high-value real estate investments, building trust among international buyers.
Alignment with UAE Vision 2030
This Bitcoin payments initiative aligns perfectly with Ras Al Khaimah’s Vision 2030 strategy. The strategy emphasizes economic diversification and foreign investment attraction. Additionally, RAK Properties reported a 39% year-over-year profit increase in 2024, demonstrating strong financial performance alongside this innovative approach.
UAE’s Growing Crypto Adoption
The UAE has witnessed remarkable cryptocurrency adoption growth, with retail transactions increasing 75% year-over-year as of mid-2024. Furthermore, experts predict crypto could become the UAE’s second-largest economic sector within five years. This Bitcoin payments move by RAK Properties contributes significantly to this trend.
Future Expansion and Impact
RAK Properties continues expanding its portfolio with 12 new projects while celebrating its 20th anniversary. The Bitcoin payments system enhances appeal to international investors and supports the UAE’s broader economic transformation. Additionally, tax-free crypto gains and clear regulatory frameworks make the UAE increasingly attractive for digital asset investments.
Frequently Asked Questions
Which cryptocurrencies does RAK Properties accept?
RAK Properties accepts Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) for property purchases.
How are cryptocurrency payments processed?
Payments are instantly converted to UAE dirhams through Hubpay’s regulated platform and settled directly into RAK Properties’ account.
Is this payment method available for all properties?
Currently, the focus is on the Mina beachfront community, with potential expansion to other developments.
What regulatory framework governs these transactions?
All transactions comply with Dubai’s Virtual Asset Regulatory Authority (VARA) regulations.
How does this benefit international investors?
Investors gain faster transaction processing, tax advantages, and increased investment flexibility through cryptocurrency usage.
What is the conversion process for cryptocurrency payments?
Cryptocurrencies are automatically converted to AED at current market rates through Hubpay’s secure platform.
