Ras Al Khaimah: Overseas buyers can buy property using cryptocurrencies

Dubai: One of the UAE's master-developers, RAK Properties, now allows overseas buyers to make purchases in Ras Al Kahimah using cryptocurrencies.

RAK Properties has struck a partnership with Hubpay, the ADGM-regulated fintech, to enable international clients to purchase property using cryptos.

This allows the developer to 'attract a new class of global buyers looking to invest in Ras Al Khaimah's booming real estate market'.

Clients can pay using major digital assets like Bitcoin, USDT, ETH, and others.

Hubpay's platform 'ensures payments are instantly and seamlessly converted to UAE dirhams and settled directly into RAK Properties' account'.

"By diversifying its payment options, RAK Properties is evolving the investment landscape and cementing its position as an innovative leader in one of the world’s most dynamic real estate markets," said a statement.

Ras Al Khaimah's property market is on the up and up, helmed by projects such as the Wynn casino resort, the wider Al Marjan Island, multiple investments by Abu Dhabi's Aldar in the emirate, as well as projects such as a dedicated free zone for digital asset businesses.

Into this scheme of things, offering overseas investors - and there have been many - to pay using cryptocurrencies would make perfect sense.

"We continue to make investment in Mina, and Ras Al Khaimah, easier and more attractive to a growing international clientele," said Rahul Jogani, CFO at RAK Properties.

"By enabling and supporting the use of digital assets, we are engaging with a new ecosystem of digitally and investment savvy customers.”

No direct handling of crypto payments

RAK Properties will not directly handle any digital assets. All payments will be processed through Hubpay and its VARA-licensed partners, thus 'ensuring every transaction is fully compliant and transparent'.

"This partnership is about enabling a leading real estate developer to attract a new class of global buyers looking to purchase property with digital assets," said Kevin Kilty, CEO of Hubpay.