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 😕.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[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.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[troubled soul]

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

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

 

[Fred]

Konstanz said:
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
Click to expand...

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 from 100k AED volume.

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

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[LiquiditySplash]

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

 

[Fred]

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

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[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]

Fred said:
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 from 100k AED volume.

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

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

and

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

Attachments​

• 
  finance-department-factsheet-updated-10-Jan-2021.pdf
  657.3 KB · Views: 275

 

[CaptK]

Mercury said:
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.
Click to expand...

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

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

 

[CaptK]

azb1 said:
Can Emaar any amount of Cash without asking for the source of the fund? I attach the Emaar Installment Payment PDF below.
Can someone put some light on this?
Or I miss something?
Is there any way around it?
Please Do share.

View attachment 2598


and

During My search I find Ellington Properties | top real estate developer in dubai | property for sale
Is it real or some scam?
They claim to accept Bitcoin directly.
View attachment 2596
Click to expand...

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]

CaptK said:
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.
Click to expand...

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.

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[Mercury]

Fred said:
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.
Click to expand...

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]

azb1 said:
Crypto Volatility is 10% day average.
And 1% fee is high ??????
Click to expand...

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]

Mercury said:
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?
Click to expand...

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[Martin Everson]

azb1 said:
Crypto Volatility is 10% day average.
And 1% fee is high ??????
Click to expand...

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

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Fred]

Martin Everson said:
Thats exactly what I thought..lol. Complaining about 1% fee when price has probably moved 1% in time I have written this.
Click to expand...

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.

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