By Alimat Aliyeva
RAK Properties, a leading developer in the UAE, has launched a new service that allows property buyers to purchase real estate in Ras Al Khaimah using cryptocurrency. This strategic move comes as part of a new partnership with digital payment platform Hubpay, Azernews reports.
While payments will be made in cryptocurrency, transactions won’t be processed directly in digital assets. Instead, all crypto payments will be automatically converted into UAE dirhams through Hubpay before being credited to the developer’s account. This approach ensures regulatory compliance while offering flexibility to tech-savvy investors.
Currently, RAK Properties accepts Bitcoin, Ethereum, USDT, and several other cryptocurrencies, though the complete list of supported assets has not yet been disclosed.
Hubpay is a licensed entity registered with the Virtual Asset Regulatory Authority (VARA) and operates under the supervision of the Abu Dhabi Global Market (ADGM). These regulatory frameworks provide a secure and transparent environment for digital asset transactions.
According to Rahul Joghani, Chief Financial Officer at RAK Properties, the new service will make real estate investments—particularly in the premium Mina Al Arab area—more accessible and convenient for international buyers.
"Supporting digital assets helps us attract tech-savvy investors and enhances RAK Properties’ image as a forward-thinking and trustworthy developer," Joghani stated.
The initiative is fully aligned with Ras Al Khaimah's Vision 2030 strategy, which promotes the adoption of blockchain technologies and digital assets as part of the emirate’s broader economic transformation.
Interestingly, this is not the first time the UAE has embraced crypto in real estate. Several developers in Dubai and Abu Dhabi have launched similar initiatives, signaling a broader trend toward integrating digital finance into the country’s real estate sector. As the UAE positions itself as a hub for innovation and fintech, Ras Al Khaimah is quickly emerging as a key player in this transformation.
