Team Blitz India
DUBAI is witnessing a flourishing real estate business with thousands of residential properties getting ready to welcome their owners. These include villas, independent dwellings, town houses, as well as apartments. And despite the phenomenal increase in the number of new units, property prices are also rising due to a strong demand.
One aspect that is being considered as influencing the real estate market is the spurt in young digital currency traders coming to the UAE. The boom in the digital currency market is helping the property sector with these traders investing their wealth in housing.
Dubai is one of the fastest-growing cities in the world, with a population of 3,604,030 as of July 2023. Thus since July 2022, when the population was noted as 3,515,264, there has been an addition of 88,766 people in the last 12 months. And on December 17, the population grew by 100,240 to touch 3.65 million.
A preferred destination
The figures prove how Dubai has emerged as a preferred destination for people from around the globe. Reports link this rise to the promise of a safer surrounding, better lifestyle and leisure, and favourable business and tax environment.
Meanwhile, Government policies and a suitable regulatory environment helped Dubai evolve into a preferred destination for digital currency traders and investors.
The Dubai blockchain strategy was launched with collaboration between the Digital Dubai Office and the Dubai Future Foundation to continually explore and evaluate the latest technology innovations that demonstrate an opportunity to deliver more seamless, safe, efficient, and impactful city experiences.
With this, Dubai has positioned itself as one of the global nucleus for blockchain innovation and application.
Blockchain technology
It was launched by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai. Blockchain technology is a new, powerful tool that is already shaping the future of the internet with simple, safe and secure transactions.
Many banks in Dubai are n ow using the blockchain system to enhance security and facilitate digital currency transactions. In 2022, Dubai Virtual Assets Regulatory Authority was launched to oversee and protect virtual asset transactions. Similar initiatives like setting up digital currency zones and providing regulations have helped boost investor confidence.
Property is considered a safe investment where one can be comparatively comfortable in parking expendable income. Thus, many experts are attributing the surge in the real estate sector as related to the increase in digital currency traders coming to Dubai.
