Buying property in Dubai with cryptocurrency

[Konstanz]

What is average fees / margins when you buy real estate in Dubai with cryptocurrency?
I see there are services who do that, but there are no price indications

 

[Martin Everson]

You would need to firstly find out what the TRUE fiat asking price for the‌ property. Any service offering low margins may have inflated the actually fiat property price in‍ first place before converting to a crypto price 😕.

 

[troubled soul]

Most of the Dubai developer directly accept Bitcoin using Bitcoin Suisse - Buy, Sell, Store‌ & Earn Cryptocurrency
Services. There are offering very good price for crypto to fiat operation.‍

And for price Dubai property prices, recently sold homes in UAE.
This tool you⁠ can see all recent transactions in Dubai. Just enter date , area and project name.⁤
You can get idea about the price of property.

 

[Martin Everson]

If you want to have a laugh at Dubai property market. Pick a home you‌ like and call up the agent and offer 20% below asking price and see what‍ they say 😉.

Dubai market has been a joke for some years now. Everything is⁠ overpriced and fixtures and fittings are of low quality in my experience. Low quality stainless⁤ steel kitchen sinks that rust and everything is knocked together by slave Indian laborers.

 

[troubled soul]

Even in palm Jumeirah some villas have low quality and⁢ most funny part comes when you buy property and find the service/maintenance charges . They︀ are like day time robbery.

In some case half of the rental income goes to︁ service charges.

 

[Fred]

Hi @Konstanz ,

in reality no developer is accepting Bitcoin directly.⁠

All the Bitcoin Payment is always marketing from the Real Estate Brokers.

So what they⁤ do in reality is they put 5% on the real fiat price and do the⁣ OTC on your behalf. It's a rip off.

The way to go is to arrange⁢ with the developer (let's say Emaar) cash payment and arrange the OTC by your own.︀

We can link you with reliable institutional OTC desk's that charge 2% only starting from︁ 100k AED volume.

Used them several times for 5-10m AED OTC deals for one time︂ purchase as well as frequently for 400-600k AED downpayments.

 

[LiquiditySplash]

Can you use the same OTC desk method to cash out crypto to your own‌ (personal or business) uae bank account ?

 

[Fred]

No, it's physical‍ cash only.

The OTC desks charging by far more for Wire Transfer that's why we⁠ use other routes in case of Wire Transfer for just 1%.

 

[Mercury]

Hi @Fred,

Once UAE resident, will it be possible to transfer 6/7 figures (EUR‌ or USD) from Kraken personal account with KYC to either personal or business UAE bank‍ account?

Kraken OTC fees are rather cheap at 0.04% for 6 figures and 0.03% for⁠ 7 figures.

 

[troubled soul]

Can Emaar any amount of︁ Cash without asking for the source of the fund? I attach the Emaar Installment Payment︂ PDF below.
Can someone put some light on this?
Or I miss something?
Is there︃ any way around it?
Please Do share.

and

During My search I find Ellington Properties | top real︇ estate developer in dubai | property for sale
Is it real or some scam?
They claim to accept Bitcoin directly.

 

[CaptK]

Not possible. You need to make payments to⁤ Kraken first.

Then your salary need's to correspond with what you are cashing out.

 

[CaptK]

Cash is KING in UAE.
What they say and what actually happens on the ground are 2 different things.

When it⁣ comes to The First Group, Emmar, Al Habtoor, Damac and Nakhel. Those guys have the⁢ power to accept cash of any amount.

 

[troubled soul]

Thanks for your Reply.
Really Appreciate it.
I thought You are ignoring⁤ me for my Ignorance.

 

[Fred]

@CaptK named it.

We already had several clients with doenpayments going on or signed contracts.‌ After we gave the hint to ask for cash every developer accepted it.

Kraken works‍ if used organic means you invest your salary and then cash out.

So if you⁠ are new to the UAE and want to cash out in the current bull market⁤ then you have to stick to one of our innovative methods.

 

[Mercury]

Ok, so using your workarounds I read you mention at least 1%⁤ fees to cash out cryptos to Fiat in UAE.

That sounds a bit expensive for⁣ large amounts, is there a way to get better fees/spread for 6 or 7 figures⁢ AED/USD/EUR?

 

[troubled soul]

Crypto Volatility is 10% day average.
And 1% fee is high ??????

 

[Mercury]

Everything is relative. I meant if you compare with OTC rates from crypto‌ exchanges. For example, Kraken OTC fees are less than 1% for large amounts. Besides, if‍ you want to cash out stablecoins there is no more volatility.

@CaptK @Fred Let's say⁠ I sell my coins and got EUR/USD in my Kraken account. Could I use it⁤ as a Capital contribution or as a loan to UAE company and eventually transfer it⁣ to the business bank account?

 

[troubled soul]

fin4774"fin4774"fin4774"

 

[Martin Everson]

Thats exactly what I thought..lol. Complaining about 1% fee when price has probably‌ moved 1% in time I have written this.

 

[Fred]

It's all the‍ time the same.

Invested 10k USD in a Coin -> made millions -> don't want⁠ to spend any single Dirham to get a reliable setup.

Congratulations to everyboday that became⁤ rich over night, really. But get rid off your poor mindset or you will loose⁣ your money pretty fast.