I Bought an Apartment in Dubai with Crypto

This happened, ladies and gentlemen.

I bought an apartment in Dubai, fully remotely (from the Netherlands), and I paid with USDT.

But how did we get there?

After a few good years in the market and hefty profits, we were sitting on a large pile of cash that needed to be utilized.

With the yield curve inverted and everything at all-time-highs, my wife and I decided to expand our real estate empire in one more country.

Let’s understand the background of this decision.

Background – Real Estate in Europe

For a few months already we’ve had an idea of acquiring a property that we can use for vacations and rent out.

Initially we looked into Spain and Greece as there are very good opportunities in both. I even talked with agents from both places and got to know the regions really well.

But there was always “something”.

Things like: “there’s a new regulation about [X]”, “if we register here, we’ll be hit with tax [Y]”, “AirBnb is restricted to [Z] months per year”, etc.

In summary, Europe reeked with socialism.

Too many rules, regulations, and uncertainty made it uncomfortable for us to commit to anything.

UAE and European Agents

One day, I was approached by a Dutch company that helps locals to buy a property in Dubai.

They tried to sell me the idea that I should look for opportunities outside of Europe. I never considered it before, but decided to give it a chance.

Not only that this sparked my global interest, but my follow up research showed me a beautiful place where government interference in individuals’ financial affairs is minimal.

Literally, straight forward procedures, no rules regarding how you use your property, no property tax, no rental income tax, almost no taxes in general.

I was hooked!

I immediately went full on research mode – the procedures, developers, zones, pros/cons of each, visa opportunities, etc.

Within days, I had a clear picture of what I want and I was ready to make the move.

I wrote to the Dutch agents for a follow up meeting and…

…

A day went by with no response.

…

Another day without a response.

…

As a serious lead, I wasn’t going to finance the European habits of “48 HoUrS tO rEsPoNd”. I’ve seen enough and decided to take my money where they’ll want it!

We discarded Europe as an option before, now we discarded European agencies as well.

It was time to go straight to the source!

Local Agents From Dubai

I reached out to real estate agencies in Dubai and my phone blew up immediately!

The communication was smooth, clear, and extremely efficient! Also, nobody was pushing a standardized package, but the process felt extremely personalized. Something I’ve forgotten about in socialist Europe. I loved every moment of it!

I decided which agent to proceed with and at no point in time I was rushed, upsold to, or advised without me asking for it.

After a lengthy introductory session and understanding my preferences thoroughly, she sent me multiple properties to choose from. I spent the next day in detailed comparison of each.

After I had concluded, I asked which one she considers the best opportunity. She advised to go with the same option for the same reason as I did. This strengthened my conviction even further, not only because it was the right choice, but because it was with my best interest at heart (not the most expensive, optimizing for cost, quality, developer track record, etc.).

I slept on it and I gave her a green light the next day. I even felt that the agent didn’t expect the speed and conviction I had.

Within a week, I signed a few documents, paid the EOI (expression of interest), and waited for the apartment allocation.

Paying With Crypto (USDT)

Now for the best part!

I could’ve relied on my bank for the transfer. I could’ve used a card. Or I could’ve used online banking services for the EUR to AED conversion, etc.

But a lesson was learned!

Do I want a European company blocking my funds, delaying the process, and questioning me what I’m doing with my money? Do I want to pay 2-5% fees for foreign transfers, FX conversions, card fees, or any arbitrary charges?

The answer was a resounding NO!

I asked my agent for an alternative payment method and she told me that the developer can accept Tether (USDT).

This is how easy global payments should be!

They simply provided their EVM address. I sent a test amount and asked my agent to confirm with the developer that everything is as they expect it.

Not only that she followed up within minutes, but the developer sent me an official receipt of received funds right away. I wasn’t used to conducting business this fast and efficient!

I swapped my EUR to USDT, withdrew it to my wallet, and paid onchain for a fraction of the cost I would’ve paid by going the “traditional route”.

So next time someone says that “crypto has no use case”, just send them this post.

Afterword

So yes, I became a proud owner of a property in the United Arab Emirates. 🇦🇪

The way the whole process played out really resonated with me on an ideological level.

For the first time ever, I felt at ease while handling official affairs, with full clarity and minimal bureaucracy. The fiscal freedom was obvious from afar!

I even sent my agent this message:

“I’m very pleasantly surprised by the efficiency and clarity throughout the whole process. Incomparable to how things are done in Europe.”

But hey, this is just a brief overview, dear reader. I’ll publish more posts with info and detail the procedure if there’s interest.

Until then, make sure to subscribe below and don’t miss my future posts!

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