A select number of landlords working with fam properties will begin accepting Bitcoin payments for residential property rental within City Walk, one of the Dubai's most attractive projects. Our CEO Firas Al Msaddi announced that from October 1st, some City Walk landlords whose properties are managed by fam properties are willing to accept Bitcoin rental payments. This is a major announcement since City Walk is in high demand and the only freehold project in Jumeirah. Landlords who are accepting Bitcoin rental payments will surely have regulatory guidelines in place.
Al Msaddi states that Bitcoin transactions in City Walk were inspired when a real estate project at Dubai Science Park became the first major development where property buyers can purchase with Bitcoins. “Some of the landlords we’re representing in property management at City Walk were very excited by the news because they’re Bitcoin traders, and they believe that Bitcoin opportunities in real estate will attract educated and savvy tenants. From the start of October they will sign a one-year contract with tenants who wish to pay in Bitcoin, and they will transfer the equivalent of 12 months’ rent to the landlord’s Bitcoin wallet. One of the landlords, prominent Emirati businessman Essa Al Khoory, said: “I’m very happy to have entered into an agreement with fäm Properties to facilitate the Bitcoin rental payments for apartments at City Walk. This is the future for real estate, and it’s exciting to see this happening first in Dubai."
Fäm Properties is currently in negotiations with two developers to start accepting Bitcoins as currency for their projects.“We aim to take the market lead in this area,” said Al Msaddi. “For all Bitcoin transactions, we will be carrying out the necessary KYC (know your customer) background check on all tenants.There are currently several players in the market preparing to launch Bitcoin related initiatives and it’s appropriate that this is all happening in Dubai which is a great driver and inspiration for innovative ideas.”