Dubai: The age of bitcoin payments is coming to Dubai’s rental space.
Brokerage firm fäm Properties said that from October 1 some of the landlords whose properties are managed by it are willing to accept Bitcoin rental payments. These are for a limited number of apartments at City Walk. But this is provided that “there are clear regulatory guidelines in place”.
The initiative was “inspired” by a recent announcement that a real estate project at Dubai Science Park is to be the first major development where buyers can purchase property in Bitcoin.
“Some of the landlords we’re representing 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.”
Fäm Properties is currently in discussion with two developers with a view to them starting to accept Bitcoin as currency for their projects.
According to Al Msaddi, “For all Bitcoin transactions, we will be carrying out the necessary KYC (Know your customer) background check on all tenants. There are currently several players in the market preparing to launch Bitcoin-related initiatives and it’s appropriate that this is all happening in Dubai, which is a great driver and inspiration for innovative ideas.”