Visa, Checkout.com and Stake introduce innovative cross-border account funding solutions.
UAE property investors have been handed a financing boost thanks to an international payment innovation from a trio of finance companies.
Visa has partnered with Checkout.com and MENA digital real estate investment platform Stake 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.
UAE real estate payments
This cutting-edge solution simplifies digital payments, ensuring seamless and convenient investments from anywhere in the world.
It creates a new digital investment opportunity for both regional and international investors, facilitating their entry into the vibrant UAE real estate market and promoting the democratisation of real estate investment.
Salima Gutieva, Visa’s VP and Country Manager for UAE, said: “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 in the region of our cross-border account funding for real estate transactions.
“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, said: “As a payment solutions provider, flexibility, agility, and performance are paramount, and at Checkout.com, we take pride in embodying these qualities.
“Upon the announcement of Visa’s new product launch, we promptly adopted it, aligning with our commitment to ensuring our merchants continually enhance acceptance rates while minimising costs and maximising performance”.
Manar Mahmassani, Co-founder and co-CEO of Stake said: “We at Stake are passionate about making real estate investing easy and accessible to everyone, no matter where you are.
“Through our new partnership with Visa and Checkout.com, we have not only strengthened our global connectivity and reach, we have also brought to the MENA region a first-of-its-kind innovation, allowing more people to seamlessly connect and invest in our part of the world.
“This is a major step towards fulfilling our vision of making real estate truly borderless.”
Amidst the UAE’s expanding economy, the real estate market is experiencing significant growth.
According to ValuStrat, the third quarter of 2023 witnessed the highest quarterly capital gains in a decade, with prime property valuations growing by 16.5 per cent year-on-year.
Notably, villa valuations surpassed the peaks observed in 2014 by 2.6 per cent, reflecting a substantial 19.8 per cent year-on-year and 7.6 per cent quarter-on-quarter increase in villa prices.
Dubai real estate sales have topped $15bn already this year, top ten transactions reached $1.4bn.
For a detailed perspective on the property market, visit: Dubai - Real Estate Review Q4 2023
