RAK Properties, one of the largest real estate developers in the UAE, announced the option for cryptocurrency payments for real estate transactions.
Cryptocurrency Payments at RAK Properties
RAK Properties now allows buyers to settle transactions using Bitcoin, Ethereum, Tether’s USDT, and several other major tokens. Payments will be processed through regional fintech firm Hubpay, which will handle conversions into UAE dirhams before funds are deposited into RAK's accounts.
Expansion Plans for 2025
RAK Properties, listed on the Abu Dhabi Securities Exchange since 2005, plans to launch 12 new projects in 2025 as part of its ongoing growth strategy. The company posted a net profit of 281 million dirhams in 2024, marking a 39% increase from the previous year.
Growth of Crypto Activity in the UAE
This move highlights the UAE's rapid rise as a global hub for digital assets. According to Chainalysis, crypto activity in the UAE surged, with retail activity climbing over 75% year-over-year as of mid-2024. With Dubai and Abu Dhabi pushing forward progressive frameworks, Ras Al Khaimah's entrance into crypto-driven real estate adds another layer to the country's fast-evolving digital economy.
The introduction of cryptocurrency payments in real estate underscores the growing popularity of digital assets in the UAE and opens up new opportunities for modern investors.
