Bitcoin for Apartments In Dubai.
Credit: Aston Developments/Shutterstock/CNN Money Aston Plaza and Residences are offering studios for 30 btc, and one-bedroom apartments for about 50 btc ($242,000), although the prices may vary because btc are pegged to the dollar.
By Zahraa Alkhalisi
DUBAI (CNNMoney) — Bitcoin fans are being offered first dibs on 150 apartments in a new Dubai development.
Aston Plaza and Residences are offering studios for 30 btc, and one-bedroom apartments for about 50 btc ($242,000), although the prices may vary because they’re pegged to the dollar.
Once a buyer decides to go ahead with the purchase online the btc price is fixed for 15 minutes.
Michelle Mone, a British lingerie entrepreneur and partner in the project, said more apartments would be offered in October for people interested in buying in conventional currency.
“We want to give an opportunity to the bitcoin world,” she told CNNMoney. “It’s a good way for btc users to trade in their btc into bricks and mortar.”
The development in the Dubai Science Park consists of two towers, a swimming complex, an outdoor cinema and a shopping mall. Buyers can also pay with btc for interior design.
One btcis now worth just over $4,600. It has more than quadrupled since the start of the year.
But Mone said the developer won’t be holding onto any btc once a sale is made.
“We’re not in the currency trading market, we’re in the development market… so as soon as someone buys in bitcoin we convert into dollars so the development is not at risk at all,” she said.
BitPay, which provides bitcoin payment services, will process the transactions.
Mone said 432 apartments in the development have already sold off-plan for conventional money. The project is scheduled to be completed by September 2019.
There are 1,130 apartments in total and Bitcoin users will still be able to purchase with the digital currency after the initial 150 are sold.
TM & © 2017 Cable News Network, Inc., a Time Warner Company. All rights reserved.
Time To Be A Bitcoin Millionaire!
Find Out How