RAK Properties in the UAE starts accepting Bitcoin and other cryptocurrencies for home purchases

RAK Properties, a publicly listed real estate company in the UAE emirate of Ras Al Khaimah, recently announced it will officially accept cryptocurrencies such as Bitcoin, Ethereum, and USDT as payment for international property transactions.

This move places RAK Properties among the pioneers in the regional real estate industry in embracing digital currencies. All cryptocurrency transactions will reportedly be processed through Hubpay, a well-known regional payment platform.

Hubpay will convert received digital assets into local fiat currency in real time and then transfer them to RAK Properties' accounts, effectively mitigating the financial risks associated with cryptocurrency price fluctuations.

Rahul Jogani, RAK Properties' Chief Financial Officer, stated that this decision is intended to align with global trends in digital finance and attract more tech-savvy and investment-savvy international clients, particularly younger generations and cryptocurrency investors.

He noted that by offering more diverse and flexible payment options, the company hopes to broaden its customer base and enhance its competitiveness in the Dubai and global real estate markets. Industry analysts believe that RAK Properties' move is not only a significant strategic transformation for the company, but also reflects the growing acceptance of cryptocurrencies in high-end asset transactions in the Middle East. This move is expected to further promote the deep integration of blockchain technology and the traditional real estate industry, laying the foundation for more similar transactions in the future.