Real Estate Meets Crypto in the UAE
RAK Properties, headquartered in Ras Al Khaimah, has announced that it will accept cryptocurrency for global property transactions.
This makes the company one of the first major developers in the UAE to support direct crypto payments, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
RAK Properties’ Crypto Integration via Hubpay
The integration will be facilitated by Hubpay, a global payments platform in the UAE.
- Accepted tokens: BTC, ETH, USDT, and more.
- Hubpay will convert crypto into UAE dirhams (AED) before funds are deposited.
- Designed to simplify overseas investments into the UAE’s property market.
According to Rahul Jogani, CFO of RAK Properties, the company aims to attract a digitally-savvy, investment-oriented customer base by embracing cryptocurrencies.
Also Read : UAE holds $700M in mined Bitcoin, ranking 6th among nations
Financial Growth and Market Position
- Founded in 2005, RAK Properties is listed on the Abu Dhabi Securities Exchange.
- Market capitalization: 4.7 billion dirhams ($1.3 billion).
- 2024 net profit: 281 million dirhams, up 39% year-on-year.
- Expansion: 12 new projects planned by 2025.
Ras Al Khaimah, with a population of over 400,000 residents, is one of the fastest-growing real estate hubs in the UAE.
UAE’s Rising Crypto Adoption
The UAE is increasingly positioning itself as a global crypto economy.
- Chainalysis reports a 75% year-on-year increase in small retail crypto transactions as of mid-2024.
- Experts like Chase Ergen of DeFi Technologies suggest crypto could become the nation’s second-largest economic sector within five years.
- Regulatory frameworks in Dubai and Abu Dhabi are being aligned to strengthen the UAE’s role as a Web3 business hub.
Conclusion: Crypto Reshaping UAE Real Estate
RAK Properties’ adoption of digital assets for property purchases highlights the UAE’s leadership in blockchain-powered real estate.
By enabling crypto payments in high-value transactions, the company is:
- Opening doors to global capital inflows.
- Signaling the mainstream acceptance of digital currencies.
- Encouraging other developers in the UAE to follow suit.
This bold move further positions the UAE as a pioneer in crypto-led real estate investment on the global stage.
