Starting from 1st of October 2017, tenants in Dubai will be able to pay their house rents using bitcoins to their respective property owners, and real estate brokers.
Arabian business states that, some of the landlords will start to accept bitcoins as a method of rental payment in the near future. The first ones to take the step would be the landlords owning properties in City walk with fäm properties.
Even if there is a long way to go in terms of legal procedures and appropriate legislature before this practice is to become common in Dubai, this giant step towards normalizing digital currency should be appreciated by all Dubai citizens who wish to advance to the future.
According to Firas Al Msaddi, the CEO of fäm properties, many of the landlords who are represented by their company owning properties at City walk were thrilled by the news. According to him it’s because some of these owners are already bitcoin traders and they think by using digital currency they will be able to attract more educated tenants to their properties in the future.
However the bad news is, if someone wants to use this method that person will have to transfer one full year total rent to the landlord prior to the deal. Even if this is a huge turn off for many it’s important to note that, the request for the advance payment for the trial period is also a must when you use the normal currency in some cases, so it’s nothing new.