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DUBAI-BASED ARTIST MADIHA’S PAINTING ‘INTO THE SHALLOWS’ GRACES THE MAIN LOBBY OF BELGRAVIA III

Is architecture an art form? Or is art infringing into architectural territory? The lines between them are often blurred yet somehow, they find beautifully entwined ways to enchant. At Ellington Properties we encourage this infinitely stretching conversation between art and space through Ellington Art Foundation. The initiative, now in its 8th year, has attracted an eclectic mix of artists and produced works of art that adorn our properties. The newest entrant in this ever-growing community of artists is the interior designer turned painter Madiha, gracing Belgravia III’s main lobby with her painting “Into the Shallows”. Madiha is from Pakistan and has been living and working in Dubai for the last seven years. The first step in her initiation into artistic space was as an interior designer, working with leading design organizations. During the Covid-19 lockdown she found herself gravitating towards painting – an antidote to the heaviness surrounding the world. In painting Madiha found her artistic passions renewed. It became her way of interacting with her surroundings and sharing the joy that it brought her with the world.   Her work is inspired by the art world, but she also experiments and explores the possibilities or her own imagination. Her artistic sensibilities are inhabited by the works of artists like Jean-Michel Basquiat and Vincent van Gogh. Despite the riot of artistic influences that permeate her mental space, she has developed her own process. Detailing her process, she said, “Whenever I start a painting, whether it’s a commission or for my ongoing series, I always take time to think it through before starting on actual canvas, from doing a lot of research to creating endless compositions and swatches either on sketchbook or digital, to make sure it’s aesthetically pleasing, well balanced and perfectly aligned. I believe when you’ve been associated with the design industry, obsession with forms and composition comes naturally.” ‘Into the Shallows’ is an attempt to condense the expanse of the ocean and its magnificence onto the canvas. Employing acrylic and metallic embellishments, she captures the movement and mood of the sea by layering and blending many tones and hues. With this artwork she heightens the drama of the ocean and then lays it on the canvas for the residents and visitors of Belgravia III. Since switching to painting she has collaborated with multiple designers and art consultancies within and outside the UAE, majoring on large-scale contemporary abstract art in various mediums. She is not just creating art but also enjoying the process of its creation. It motivates and inspires her to live life to the fullest.

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Cryptocurrency

Cryptocurrency payments for Dubai real estate transactions are gaining traction

Would you buy a studio apartment in Dubai using cryptocurrency? Or invest in your dream villa using Bitcoins? Many developers in Dubai are actually willing to accept cryptocurrency as a mode of payment.  With these innovative modes of payment gaining popularity in Dubai real estate transactions, mortgages and cash are no longer the only ways you can purchase a home. However, it is important to highlight one caveat: Property purchases in Dubai using cryptocurrency are in reality cash purchases at the core, since the cryptocurrency is actually converted into cash at a crypto exchange house prior to the transfer. This is because using cryptocurrency to purchase real estate in not yet officially permitted in the UAE. Estimates suggest that using cryptocurrencies to buy residential properties generally occurs when their prices are at their peaks. Using them is just as easy and convenient as using a home loan or cash to secure a deal. More and more developers in Dubai are now offering the option to pay through these novel methods. When it comes to cryptocurrency payments for Dubai real estate, here are some key points to remember: Developers who accept the payment in Bitcoin or any other cryptocurrency, will always sign the sales and purchase agreement (SPA for short) in UAE Dirhams and receive actual cash. But they will run their own know-your-customer (KYC for short) programs and offer cryptocurrency as a payment mode via a third-party crypto broker. At present, no developer in Dubai can sign an SPA based on Bitcoin or any other cryptocurrency. That’s because the law of the land will first have to be modified to permit cryptocurrency as an official, direct means of payment. Only then cryptocurrencies will be able to become mainstream in real estate transactions. As of now, the UAE Central Bank doesn’t approve the use of virtual currencies as a mode of payment or for conducting online transactions. All this means is that currently the seller and buyer must go through a crypto-trading firm that’s licensed.  There’s no regulatory activity in Dubai that limits the usage of cryptocurrency or regulates its oversight. For these reasons, even though Bitcoin and various other cryptos are gaining traction, they have a long way to go before they can become a direct, integral part of the Dubai real estate market. Advantages of buying real estate with crypto Once cryptocurrencies become a direct and mainstream mode of payment for real estate transactions, there will be several key advantages that will be unlocked. Here are the main ones: Reduced transaction costs Bitcoin transactions tend to be cheaper because transaction costs are much lower compared to other traditional modes of payment. Most leading crypto exchanges allow free Bitcoin accounts and charge lower fees than conventional financial institutions for moving funds. 2. Quick and timely payments Digital sales are convenient because they can be done almost instantaneously. You no longer need to worry about transferring money between foreign banks or about currency conversions. These things often slow down the process by days, even a few weeks. 3. Less paperwork Last but not the least, buying real estate using cryptocurrencies involves less paperwork. The procedures are less time-consuming, hassle-free, and short. Some words of advice When paying through Bitcoin or any other cryptocurrency, it is important that you pick a reputable crypto trading firm. Make sure the firm you choose has previously executed crypto transactions. Also, ensure that the firm you pick is fully in compliance with the law of the land. In addition to these things, cover all bases before you close the deal. This involves making sure the property you have chosen is being constructed by a genuine and reputable developer like Ellington Properties. Also, ensure all the paperwork is in order. So, the key takeaway is… The UAE law prevents cryptocurrencies from going mainstream as of now. They will have to be fine-tuned before cryptos can become a key part of real estate transactions in Dubai. The Central Bank of UAE at present prohibits using virtual currencies as a payment mode. However, there’s a way out. And it involves using the services of a 3rd party operator. In fact, at present buyers and sellers use this workaround to get a real estate deal cleared and to make sure things are done in accordance with the law of the land. There are many such 3rd party crypto brokers in Dubai, and you can easily find one if you want.

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