Fifty luxury apartments in Dubai with a price tag in Bitcoin have now been sold, according to the UK-based development team behind them.
Of the 1,300 apartments under development in Dubai's Science Park by Michelle Mone, a lingerie entrepreneur, and her partner Doug Barrowman, 50 could be bought by Bitcoin, with prices ranging between 15 (now around $120,000 or AED450,000) and 45 ($360,000 or AED1.35m).
Mone confirmed to Business Insider that not only had all been snapped up, but that one investor had bought 10. Construction of the development is now underway, with apartments scheduled for completion in 2020.
The pair, though, admit that the fluctuating price of Bitcoin has stopped them releasing another batch onto the market.
The price of the cryptocurrency hit its all-time high just before Christmas, falling just shy of the $20,000 dollar mark before falling back to around $8,000.
The pair have since launched their own cryptocurrency project, Equi, which is an investment platform using blockchain to harvest investments in developments and then distribute the profits.
“I like to see this crypto space being used to buy real-world assets,” Barrowman said. “That’s the spirit of Equi as well. It’s transcending the crypto space into the physical and real world.”
The $300 million real estate development Aston Plaza has launched in Dubai was touted as the world’s first ever scheme available for purchase using cryptocurrency Bitcoin.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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