I hope you have had a refreshing week. At Track Capital, we have been discussing the imminent merging of cryptocurrency and the real estate market, with Dubai being a fantastic example of this evolution.
Real estate has often been seen as one of the most stable ways of holding onto your capital, along with precious metals. Now we are moving into an age where the digital world and the material world are combining in new and exciting ways.
We would love to hear your thoughts on this subject. Please feel free to reply to this post to give us your take on the latest developments in the world of real estate.
Now, let’s take a look at all the headlines that caught our attention this week. I always try to summarise the links to save you from having to click through.
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Property News This Week
Developer Damac Will Accept Bitcoin and Ethereum as Payment – On Wednesday, Damac Properties made a ground-breaking announcement that will cause ripples in not only the real estate sector but also in the world of cryptocurrency. Staying true to Dubai’s vision for technological innovation, Damac revealed its intention to enable buyers to purchase properties with Bitcoin and Ethereum. This news comes as other Dubai businesses begin opening the doors to real-world crypto transactions. It is unsurprising then that several major crypto exchanges are now opting to move their bases to Dubai as one of the most affluent crypto-friendly cities in the world.
- Dubai’s First Metaverse Mansion Sale in Pipelines – In one of the world’s best cities for technological advancement, it was only a matter of time until real estate itself went digital. The Union Square House has revealed its plans to Dubai sell “metaverse mansions” – the first of its kind in Dubai, with buyers owning a representative non-fungible token (NFT) with or without the real brick and mortar acquisition. The company’s implementation of online mansions will allow buyers to view their properties in virtual reality. The idea will even grow new mortgage types, built on the concept of owning a luxury metaverse property. This entire concept is another example of how cryptocurrency may expand and evolve over time, with people investing in their avatar to live and interact genuinely on a digital platform.
- Highest Number of Property Transactions in 12 Years Recorded – Dubai’s official sales and rental performance index the Mo’asher has reported 25,972 transactions for Q1 of 2022. This reflects the highest volume of sales reported for a single quarter in the past 12 years and is also the highest number since the first quarter of 2014. It is anticipated that we will see more of these upward trends, with steady growth over the next few years as Dubai hits its stride. Dubai’s real estate market has continually strengthened since its spectacular V-shaped comeback in 2021. The Dubai government is committed to taking proactive and innovative action in all areas of its leadership, holding Dubai’s place as one of the most important business and economic hubs in the world and bringing together the brightest minds to build the best and most authentic life for its residents.
- Record-Breaking Price Per Sq. Ft Just Achieved in Bulgari Resort – With Dubai house prices steadily rising across the board, the luxury niche continues to outperform all other real estate sectors as overseas interest in premium Dubai properties drives sales to shocking new heights. In fact, a 3-bedroom unit in the prestigious Bulgari resort and residences has recently sold for a record-breaking price of 12,624 AED per square foot. This eye-watering transaction is now the highest recorded price per square foot in the history of Dubai. Set in the stunning community of Jumeirah Bay Island, the Italian-inspired property is a masterpiece of both setting and architecture. The success of Dubai’s luxury property market is evidence of its incredible potential for investors as it outperforms other comparable markets worldwide.
That is all we have for you this week. If you have any comments or questions on this week’s news summary then please feel free to send us an email at [email protected] – if not, see you next week.