The biggest property development company in the world outside of China is reportedly allowing its clients to buy properties using both Bitcoin and Ethereum.
Emaar Properties Accepts Bitcoin
Emaar Properties, which is the biggest property development company outside of China has been reported to accept Bitcoin.
The company is primarily known for developing the world’s tallest building - the Burj Khalifa in Dubai.
Emaar managed to hand over more than 51,800 residential units in 2018 throughout the entire world. It has over 29,800 residences currently being developed in the United Arab Emirates and more than 17,500 in other regions of the world.
Multiple Twitter accounts belonging to different real estate agencies have posted that the real estate giant has begun to accept Bitcoin and Ethereum. Nevertheless, an official statement is yet to be made by Emaar.
According to Micky’s report, Emaar Properties recorded annual revenue of around $7 billion in 2018, which is around 10 percent of Bitcoin’s entire market capitalization according to data from CoinMarketCap.
Not the First Developer to Accept Bitcoin
While Emaar might be the largest property developer to reportedly accept Bitcoin, it’s definitely not the first one to do so.
In fact, lingerie tycoon Michelle Mone put 50 of the total 1,300 apartments in Dubai’s Science Park for sale for Bitcoin last February.
What is more, all of the units were sold successfully as many of the individuals bought one or two units and one investor buying a total of ten with Bitcoin.
What do you think of buying an apartment or any other residential unit with Bitcoin? Share your thoughts down below!