Dubai real estate market attracts cross border investments
Dubai's real estate market is now welcoming cross border payments, which will welcome investments and empower the niche
The regional-first partnership leverages Visa Direct cross-border Account Funding Solution to facilitate digital investment in real estate. Over the past decade, Dubai has made strides to make its region recognizable among others via innovations of different sorts, making it much more convenient for investors through its friendly environment. Visa, a global leader in digital payments, has partnered with Checkout.com and Stake, MENA's leading digital real estate investment platform, to introduce an innovative cross-border account funding solution.
This first-of-its-kind partnership in GCC leverages Visa Direct cross-border Account Funding Solution, enabling consumers to seamlessly and swiftly upload funds to their Stake accounts to invest in prime rental properties in the UAE. This cutting-edge solution simplifies the complex global digital payment landscape, ensuring seamless and convenient investments from anywhere worldwide and round-the-clock coverage 365 days a year.
Furthermore, it creates a new digital investment opportunity for regional and international investors, facilitating their entry into the vibrant UAE real estate market and promoting the democratization of real estate investment.
Zawya.com quotes Salima Gutieva, Visa's VP and Country Manager for UAE, saying, "At Visa, we're committed to enabling individuals and businesses to move money domestically and globally. This partnership with Checkout.com and Stake marks the inaugural implementation of our cross-border account funding for real estate transactions in the region. With this innovative digital payment capability, investments in the UAE's thriving real estate sector from anywhere in the world will now be easier, quicker, and more secure than before."
Remo Giovanni Abbondandolo, General Manager at Checkout.com MENA, is quoted by an international platform, "As a payment solutions provider, flexibility, agility, and performance are paramount, and at Checkout.com, we take pride in embodying these qualities. Upon tannouncingVisa's new product launch, we promptly adopted it, aligning with our commitment to ensuring our merchants continually enhance acceptance rates while minimizing costs and maximizing performance."
Amidst the UAE's expanding economy, the real estate market is experiencing significant growth. ValuStrat said the third quarter of 2023 witnessed the highest quarterly capital gains in a decade, with prime property valuations growing by 16.5% YoY. Notably, villa valuations surpassed the peaks observed in 2014 by 2.6%, reflecting a substantial 19.8% YoY and 7.6% quarter-on-quarter increase in villa prices.
Dubai's real estate market is poised for a significant transformation, thanks to the introduction of innovative cross-border payment solutions by leading financial institutions. The strategic move aims to simplify the investment process for global investors, address traditional barriers such as currency conversion and transfer issues, and thereby enhance the sector's accessibility and efficiency.
Dubai, for sure, has become a region that, by example, helps pave the way for many other areas, whether on the business side or the side of promoting inclusivity.