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New rules for UAE real estate industry for property bought with cryptocurrency

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The Ministry of Economy (MoE) and the Ministry of Justice (MoJ), in partnership with the UAE Financial Intelligence Unit (FIU), have announced the introduction of new reporting requirements aimed at certain real estate transactions.

The UAE is one of the first countries to implement such a mechanism for real estate transactions involving virtual assets, marking the latest example of the UAE’s global fight against money laundering and terrorist financing.

All real estate agents, brokers, and law firms are obliged to file reports to the FIU for purchase and sale transactions of freehold real estate properties in the UAE that include any of the below three methods of payment, whether for a portion or the entirety of the property value:

  1. Single or multiple cash payment(s) equal to or above AED 55,000
  2. Payments that include the use of a virtual assets
  3. Payments where the fund(s) used in the transaction were derived from a virtual asset.

The reporting mechanism requires real estate agents, brokers, and law firms to obtain and record the identification documents of the parties to the applicable transaction, among other relevant documents related to the transaction.

The rules apply to both individuals and corporate entities that are parties to the above real estate transactions.
The relevant private sector entities have been informed about the specific requirements in regulatory circulators issued by the MoE and MoJ.

Additionally, to ensure preparedness, UAE authorities have collaborated to host three separate workshops with real estate agents and brokers, as well as law firms, helping to guide them through the new reporting requirements and enhance their familiarisation with the FIU’s anti-money laundering system. The MoE and MoJ apply a proactive, risk-based supervisory approach in line with UAE legislation and the international standards set by the Financial Action Task Force (FATF).

Cryptocurrency terms in the UAE

According to real estate agency OPR, though you can buy real estate with cryptocurrency, it is impossible to pay with it directly. According to the requirements of the UAE Central Bank, all transactions outside the territory of the state must be carried out using the national currency – the dirham (AED).

In this case, it is necessary to transfer the digital currency to the account of the trading company and then get a cheque for the agreed amount of money. Only then can you pay for the purchase.

How to buy and from whom to buy with your virtual assets

FAM Properties has tied up with Singapore exchange company Huobi to facilitate such transactions while Binance and other cryptoexchanges have set up bases in the UAE.

The most well-known Dubai developers are ready to offer real estate to cryptocurrency holders. Among them are Emaar Properties, DAMAC Properties, Select Group, Dubai Properties, Meraas, Fam Properties and MAG Lifestyle Development. But an important condition is the co-operation with only licensed real estate agencies, brokers and trading companies with an impeccable reputation.

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Emaar Beachfront is one of the properties you can buy with cryptocurrency.

The following projects have been listed as of December 2021 that can be bought with cryptocurrency, although the list has widened much more since:

  • Emaar Beachfront by Emaar Properties, located between the Palm Jumeirah and Mina Seyahi
  • Bulgari Residencies, located on Jumeirah Bay Island, is a complex by Meraas
  • Port De La Mer, also by Meraas, in Jumeirah 1 area
  • Cavalli Tower, a project by Damac Properties, on Dubai Marina

Announcements

RTA Unveils ‘360 Vision’ to redefine smart mobility in Dubai

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Dubai’s Roads and Transport Authority (RTA) has launched the next-generation 360 Services Policy, aimed at enhancing customer experience by providing integrated, seamless, and proactive digital services without requiring in-person visits. As part of its ongoing digital transformation efforts, RTA is shifting its services to self-service models, enabling customers to access them smoothly via shared digital platforms, such as the “Dubai Now” app.

Mattar Al Tayer, Director General, Chairman of the Board of Executive Directors of RTA, emphasised RTA’s commitment to developing a modern and smart service ecosystem that efficiently meets customer expectations. This drive aligns with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of Dubai, to enhance the quality of life in Dubai, positioning it as the world’s best city to live in, and establish it as the smartest city globally.

Al Tayer also attributed the development of the policy to the continuous follow-up and guidance of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of the Executive Council of Dubai. He highlighted RTA’s commitment to leveraging smart technologies to enhance its services and improve the customer experience. As a result, RTA has transformed its services into smart solutions accessible through various digital platforms, ensuring they are innovative, user-friendly, and easily accessible.

Al Tayer added: “RTA has completed Phase II of the ‘360 Services Policy,’ through which driver and vehicle licensing services had been transformed into fully digital, proactive, and integrated services. This phase, which accounts for 40% of RTA’s total services, has enhanced service efficiency, improved the customer experience, and raised the customer happiness index to 98.9%. It had also led to a 96% improvement in service accessibility, zero waiting time for 82 services, and the elimination of in-person visit requirements for 63 services. Additionally, service process steps had been reduced by 36%, while new digital options have expanded service availability by 61%. Digital adoption also surged to 96% in Q4 of 2024.

“In 2024, RTA collaborated with 32 partners from the public and private sectors to achieve service integration, leading to the enhancement of 71 services, which can now be accessed without prior requirements. RTA will embark on Phase III of the policy this year, which, according to the plan, will involve the development of all RTA services. This phase will further enhance the customer experience and contribute to achieving the targeted customer happiness indicators.”

( By- WAM)

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Why Bollywood’s biggest stars are snapping up homes in Dubai

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Dubai isn’t just a preferred hotspot for travellers — it’s practically Bollywood’s second home. From ultra-glam villas to sky-high penthouses, A-listers from one of the world’s largest movie-making industries are making major real estate moves to the city.

Why Dubai?

With zero property tax, top-tier security, and jaw-dropping luxury, it’s no surprise that Bollywood’s elite are snapping up prime properties here. To be honest, which celebrity would not want a private beach to escape the paparazzi?

The Hottest Real Estate Market

Dubai’s property value is booming, and Bollywood stars know a good investment when they see one. The city’s skyline is expanding, and real estate in premium locations like Downtown Dubai, Palm Jumeirah, and Jumeirah Golf Estates is only going up in value.

Here is a look at which B-Town star owns what in Dubai:

Shah Rukh Khan – Palm Jumeirah

The King of Bollywood reigns over a stunning seaside villa, complete with a private beach and state-of-the-art luxury. The best part? He didn’t even buy it — it was a gift from the developer.

Shilpa Shetty – Burj Khalifa

The popular actress and fitness queen lives in the clouds, with an apartment in the world’s tallest skyscraper, a gift from hubby Raj Kundra.

Abhishek & Aishwarya Rai Bachchan – Jumeirah Golf Estates

Bollywood’s golden couple live it up in a Mediterranean-style mansion with access to a world-class golf course and a private pool.

Salman Khan – The Address Downtown

The superstar owns a super-swanky apartment with panoramic views of the Burj Khalifa and Dubai Fountains.

Sohail Khan – Palm Jumeirah

Salman’s brother also snagged a beachfront property with breathtaking views of the Arabian Sea.

Meet Brothers – Skyz Towers

The chart-topping, singing duo invested in a luxury property, that blends contemporary style with top-class amenities.

Anil Kapoor – Al Furjan

Mr. India owns an ultra-modern apartment in this family-friendly, high-end community.

Tejasswi Prakash – Jumeirah

Bigg Boss 15 winner Tejasswi turned reality show winnings into real estate gold, buying a beachside retreat in the city.

Malaika Arora – Palazzo Versace Dubai

Only the best for Bollywood’s style queen. Malaika’s Versace-designed home screams high fashion and elegance.

Sania Mirza – Palm Jumeirah

India’s tennis star kicks back in a stunning waterfront villa, enjoying the ultimate luxury experience the place has to offer.

Kiku Sharda – Al Barsha

The comedy king, known for his work in ‘Comedy Nights with Kapil’, owns a high-end apartment in Al Barsha.

The perks for Bollywood stars in Dubai?

Luxury on another level – Think private beaches, infinity pools, and sky-high penthouses.

Privacy and security – Gated communities, no intrusive paps, just VIP treatment.

Tax-free perks – No property taxes, capital gains taxes, or income taxes on real estate.

A global hotspot – Close to India but with an elite, cosmopolitan lifestyle.

Fine dining choice – The city features several Michelin-star restaurants.

Top fashion – Some of the best brands in the world are available in the city.

With more stars investing in the city, Dubai’s love affair with Bollywood is only getting stronger.

(Source: www.dxbproperties.ae, DNA)

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Dubai’s most expensive villa? Jumeirah Bay mansion fetches Dh330M

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Dubai’s luxury real estate market has hit another milestone with the record-breaking sale of a custom-built six-bedroom villa on Jumeirah Bay Island for Dh330 million. The transaction, facilitated by Dubai Sotheby’s International Realty, marks the highest-ever price for a home on the exclusive island, surpassing the previous record of Dh240.5 million.

Often dubbed ‘Billionaire’s Island,’ Jumeirah Bay is an ultra-exclusive enclave featuring just 128 plots, attracting elite buyers seeking privacy, rarity, and an unparalleled waterfront lifestyle. The recently sold villa occupies one of only three plots at the island’s tip and is the only one offering uninterrupted views of the Burj Khalifa and Downtown Dubai skyline.

Spanning 26,895 square feet, the villa is a masterpiece of design, encased in full-height glass walls and boasting soaring 13-metre-high ceilings. The residence is crafted with exquisite materials, including Taj Mahal Quartzite, Patagonian marble, and walnut wood veneer, exuding sophistication at every turn. A beachfront infinity pool and a private stretch of pristine white-sand beach further enhance its exclusivity.

Dubai Sotheby’s International Realty associate directors Regan Faulkner and Ioana Armeanu represented the seller in the landmark transaction.

“AED 330 million is more than just a figure—it’s a statement,” said George Azar, CEO and chairman of Dubai Sotheby’s International Realty. “The demand for properties of this caliber marks a shift where provenance and exclusivity hold more value than ever.”

This historic sale cements Jumeirah Bay Island’s status as a premier destination for ultra-luxury real estate, further driving demand for its limited and highly coveted properties.

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