Nakheel accepts cryptocurrencies for rent and real estate purchases in Dubai

Gulf Today, Staff Reporter

Customers of Dubai real estate developer Nakheel can now pay their rent, service fees and property purchases using cryptocurrency, after an exclusive partnership with Hayvn, a cryptocurrency platform was finalised.

Hayvn said in a statement that this is the first time that solutions for purchasing real estate with cryptographic marks from a major developer in the UAE have been activated.

“Cryptocurrency is a $1.8 trillion market,” said Christopher Flinos, CEO of Hayvn. And when you open the market to investors, you will see some investors switching from cryptocurrencies to the real estate market in the UAE.”

He added: “This is the biggest change in the real estate sector in the UAE since the announcement of the Palm Jumeirah project. Our work with Nakheel reinforces our leadership position in the market.”

And this week, Damac Properties revealed that it would begin accepting Bitcoin and Ethereum as payments for the purchase of real estate. DAMAC is not the first real estate group to accept cryptocurrency as a payment method. In September 2017, a Dubai-based real estate brokerage, Fam Properties, revealed that some landlords would start accepting Bitcoin payments for residential rentals.