Dubai real estate developer MAG has announced it will offer the opportunity to purchase real estate units using OneGram, the first Shariah-compliant crypto currency. Read more to find where else can you buy an apartment for crypto currency, and what is the future of this technology.
MAG Lifestyle Development, a part of the MAG group in the UAE, announced that it will soon begin selling properties in Dubai for the OneGram crypto currency.
According to the developer, this step will give real estate investors the chance to use their digital assets in full.
Talal Moafaq Al Gaddah, CEO of MAG Lifestyle Development, said: "In the promising real estate market of Dubai, where the introduction of smart digital solutions is a key priority for sustainable growth in line with the emirate's authorities vision, we are proud to help our customers to benefit from the growing potential of the OneGram crypto currency."
Each OneGram Coin (OGC) is backed with one gram of gold, which ensures that OneGram will remain a stable digital currency.
When buying OneGram coins equal to the value of the offered property at a current moment and at a current rate, investors will be given a 5% discount on their purchase from MAG. Later this amount in OneGram will be remitted to MAG according to the payment plan: 35 per cent of the property cost is due to be paid within six to nine months after transaction, and another 65 per cent — upon completion in late 2019.
This is a mega announcement for OneGram, as it will be the first real-world application of this crypto currency.
In late October, The Knox Group announced its intention to implement Aston Plaza and Residences project in Dubai, worth USD 325 million with the offered possibility to buy apartments with Bitcoin crypto currency. Back then, 1 BR apartments were estimated to be sold for 54 Bitcoins (about USD 250,000), while 2 bedrooms were expected to be marketed at a price of 80 Bitcoins (USD 380 000). However, since then, Bitcoin rate went on financial roller-coaster ride, eventually lifting the crypto currency even higher.
Initially underestimated and ridiculed, crypto currencies today add up to 400 per cent and more to their values. Thus, while some people are busy trying to determine if Bitcoin is a bubble, and, if so, when it will pop, others are investing in the latest technologies to earn them millions.
The government of Dubai has no intention to stand aside, and plans to fully implement Blockchain technology for the entire processing of all real estate transactions in the Dubai Land Department. Blockchain technology is the one, which, in fact, is the basis for crypto-currencies. When this happens, DLD is going to be the world’s first completely digital-managed official state body.