When we think about crowdfunding, particularly with cryptocurrency, real estate is not the first thing that comes to mind, especially in the Middle East.
However, UAE real estate crowdfunding platform Durise recently announced its acceptance of bitcoin. According to its website, the platform offers a variety of real estate products. In seeking to modernize what can now be considered an old-fashioned art, it looks to the strategies employed by large real estate firms to make the products ideal candidates for investment.
It also offers flexibility to real estate’s version of the day trader, who’s looking to take risks in an effort to make large, quick returns, as well as the long term investor seeking the dividends of steady rental income.
Founder and CEO Waleed Esbaitah said that while Bitcoin seems revolutionary to traditional investors, his region aims to adapt toward new technologies and trends. Hence:
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“It was a natural next step for us to accept and even encourage payment in Bitcoin as we do not want to deter young, tech-savvy investors by only accepting traditional payment methods. Equally we wish to open the UAE real estate market for international investors who actively adopted Bitcoin as part of their investment currency.”
On the future of Bitcoin for payments in real estate, he added:
“I believe that Bitcoin can become a standard means of payment both in real estate and other major investments. Everyone knows how Bitcoin works so it’s not a crazy concept anymore, but a reality.”
Another commonly discussed example where crypto can come in handy for real estate is the use of smart contracts/smart property as a decentralized vehicle for transacting and registering title to property.