The Dubai Land Department (DLD) and Crypto.com have signed an agreement to establish a digital marketplace for real estate investing. This step comes in line with Dubai’s aspiration to become a leading city of technology, smart economy and smart real estate.
Under the agreement, the pair will examine the use of blockchain and digital currency in property transactions. It also follows an announcement by the Dubai Government to allow people to pay government fees using digital currencies, a significant move for adoption of cutting-edge technologies in public services.
Supporting Dubai’s Real Estate Goals
This collaboration is in line with the Dubai Real Estate Strategy 2033 to shape a smart and sustainable real estate sector. Dubai hopes to hit 1 trillion AED in property deals by 2033.
The cooperation will focus on:
- Leveraging the blockchain for digital asset metadata transfers
- Investigating how digital currencies could be used to buy and sell homes
- Facilitating digital real estate investment transactions for investors
- Creating secure systems for digital property transactions, custody and settlement
The idea is to make the real estate market in Dubai more robust and attractive to overseas investors who are in search of contemporary investment opportunities.
Quick & Safe Real Estate Investors
DLD will be there to advise on joint projects, ensure that all rules will be complied with and create a legal framework for these new technologies.
Crypto.com, will recommend technologies that can enable the use of digital currencies in property purchases, provide technical support and offer data to help the city make good decisions.
Both parties wish this alliance will assist Dubai in maintaining a lead in digital real estate and smart investment.