Dubai Apartments Now Being Sold For Bitcoin

 

 

Aston Plaza and Residences is offering studios for 30 bitcoin, and one-bedroom apartments for about 50 bitcoin ($242,000), although the prices may vary because they’re pegged to the dollar.

Baroness Michelle Mone and Douglas Barrowman, announced the sale of 2.4 million square feet of Dubai residential property, all in exchange for Bitcoin, these are luxurious apartments on the 40-storey towers in Dubai’s Science Park.

“I’ve been invested in cryptocurrency for some time, it’s not a new thing,” Mr Barrowman said. “We’re offering the opportunity for people who’ve made significant gains to invest it in land.”

His company, the Knox group, has done a deal with BitStamp to immediately convert the bitcoin payment into dollars so it has no exposure to the volatile cryptocurrency. The apartments are priced in dollars and converted into bitcoin for buyers.

Aston Development properties offer unique views of Dubai’s hills and city horizon, and the project was developed by renowned architects John R Harris & Partners in partnership with Michelle Mone Interiors, an interior design company. According to Knox Group representatives, the project will have three floors of restaurants, cafés, a supermarket and boutiques.

A studio apartment in the complex starts from around 30 bitcoins, or $133,000, rising to 85 bitcoins for a two-bedroom flat. They come with access to a gym, swimming pool and residents’ lounge, and have views over the Dubai Hills and the city skyline.

Baroness Michelle Mone of Mayfair OBE said:

The one we are dealing with is a goal that since the launch of Michelle Mone Interiors was pursued: to unite my two passions in business, which are design and real estate. Considering that Doug and I are pioneers in our business areas, we wanted something different, unique and very exciting, not only in the property world but also in the technology side. That’s why we decided to set the price at Bitcoin “.

Douglas Barrowman, CEO of Knox Group, explained that the project has been a longstanding and arduous ongoing effort. Barrowman thinks that Dubai’s real estate development is on a unique level and they wanted to “combine the areas of real estate and technology”. Barrowman added:

Bitcoin’s meteoric rise in record time has established it as the world’s leading cryptomoney. That is why we decided to bet on the asset and do something that had never been traced in this crypto-currency; I believe that, as Bitcoin gains more adoption, many will follow our example. As a businessman I am very excited.

The construction of two apartment towers and a shopping mall will give rise to the first and largest sales made using Bitcoin. Aston Development properties state that early investors should receive a 9% return on their investment rentals after the construction is completed.

 

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