An increasing number of real estate companies are accepting cryptocurrencies as a form of payment.
The London-based Westbury Investments real estate company will now accept cryptocurrencies for investments in real estate in Dubai, the company announced on Wednesday.
The announcement will allow investors to use cryptocurrencies as a method of buying properties that are part of the company’s ongoing projects being done in partnership with the Dubai-based Samana Developers.
According to Westbury, the transparent and secure nature of blockchain technology “makes it an incredibly effective solution in carrying out transactions of this nature”.
“Many people around the world have invested in cryptocurrencies, and a lot of these people are also regular investors in real estate and properties,” said Westbury Investments chairman Asim Bhutto.
“So, it makes sense to offer a digital currency as a mode of payment for property buying and investments, providing utility to existing cryptocurrencies.”
Westbury Investments and Samana Developers recently launched “Samana Greens”, a community located in Dubailand’s Arjan. At the time, Samana said it would offer a 7 percent discount to buyers who wish to make payments in cryptocurrencies.
Bhutto added that the company will eventually also accept cryptocurrencies for its UK real estate and property projects.
Around the world, a number of real estate and property companies have announced that the acceptance of cryptocurrency payments.
In September 2017, for example, the Aston Plaza and Residences in Dubai Science Park announced that off-plan units could be purchased using digital currencies, while MAG Lifestyle Development also announced that it will accept Shariah-compliant cryptocurrencies such as OneGram.