Bitcoin News Today: Ras Al Khaimah Paves New Digital Path for Global Real Estate Investment

RAK Properties, a major real estate developer in the Ras Al Khaimah emirate of the United Arab Emirates, has announced its decision to accept cryptocurrency payments for international property transactions. The move, made public on Monday, allows international buyers to use Bitcoin (BTC), Ether (ETH), and Tether’s USDt (USDT) to acquire real estate, marking a significant shift in the UAE’s property market. This initiative is part of a broader strategy to attract a new generation of investment-savvy, digital-first clients and to support Ras Al Khaimah’s Vision 2030 economic diversification plan. The decision aligns with the UAE’s growing adoption of digital assets and its aim to become a global hub for blockchain innovation and crypto finance [1].

The company has partnered with Hubpay, a fintech platform based in the UAE and regulated by the Abu Dhabi Global Market (ADGM), to manage the crypto transactions. Under this arrangement, digital assets are converted into UAE dirhams before being deposited into RAK Properties’ accounts. This ensures compliance with local regulations while facilitating seamless and secure transactions for international investors. Hubpay operates through its Virtual Assets Regulatory Authority (VARA)-licensed partners, ensuring that all transactions meet the highest standards of oversight and security [2].

RAK Properties, which has a market capitalization of approximately $1.3 billion, has been expanding its portfolio with 12 new projects set for 2025. The firm’s recent financial performance has also shown strong growth, with a 39% year-over-year increase in net profit in 2024. The company’s first-half revenue for 2025 reached AED 774.79 million, with net profit surging 80% year-on-year to AED 160.6 million. CFO Rahul Jogani emphasized that the company’s adoption of crypto payments reflects its commitment to innovation and its role in making investment in Ras Al Khaimah more accessible and attractive to a global audience [1].

The move is part of a larger trend in the UAE, where crypto adoption has been increasing steadily. According to data from Chainalysis, UAE crypto activity has grown across all transaction size brackets in recent years, with small retail transactions rising by over 75% year-on-year as of June 2024. The country has become a preferred destination for Web3 businesses and investors due to its clear regulatory frameworks and lack of taxes on crypto profits. Other emirates have also begun accepting digital assets for property transactions, with Dubai’s Damac Properties and the Dubai Land Department already integrating crypto payments into their operations [3].

The acceptance of cryptocurrencies in the UAE real estate market is expected to attract a broader range of global investors, particularly those who are already active in the digital asset space. With over 800 units set for delivery in the Mina Al Arab development by the end of the year, RAK Properties’ new payment options are expected to enhance the project’s appeal and accelerate its expansion. This shift also supports the UAE’s broader economic strategy, which seeks to diversify away from traditional sectors and position the region as a global leader in blockchain technology and digital finance [2].

Source:

[1] UAE's RAK Properties to accept Bitcoin, crypto for real estate transactions (https://cointelegraph.com/news/uae-rak-properties-accept-bitcoin-cryptos-real-estate)

[2] Major UAE Real Estate Developer RAK Properties to Accept Crypto Payments (https://finance.yahoo.com/news/major-uae-real-estate-developer-125740562.html)

[3] UAE: Now, investors can buy property in RAK through cryptocurrency (https://www.khaleejtimes.com/business/uae-international-investors-buy-property-rak-cryptocurrency)