You Can Pay For Your Dubai Apartment With BTC

You Can Pay For Your Dubai Apartment With BTC

We are halfway through February and while the market is undergoing major corrections, some 50 lucky cryptocurrency investors had the stunning opportunity to turn their virtual assets into real estate.

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We are halfway through February and while the market is undergoing major corrections, some 50 lucky cryptocurrency investors had the stunning opportunity to turn their virtual assets into real estate.

In Dubai, Aston Plaza & Residences, which is located in Science Park Dubai, near the international airport and Burj Khalifa, has successfully exchanged 50 apartments for some bitcoins. The whole project consists of 1300 apartments and its construction began in September 2017. Aston Property Ventures and its Aston Development company are the main constructors together with Michelle Mone Interiors.

Aston Property Ventures is part of Knox group and its founder, Douglas Barrowman, noted that during the sale some investors bought more than one apartment. One sole bitcoin trader even paid with crypto coins for ten apartments. According to Mone, the majority of buyers acted like early bitcoin devotees, whatever this means. Anyway, it is getting easier to transform digital assets into real commodities on a global scale. And it seems like the UAE and Dubai are catching the wave.

Aston Plaza & Residences’ official website indicates that early investors have bought 400 apartments already. Nevertheless, the pre-sale is still in “Phase 1” and currently 150 apartments are for sale. The cheapest price goes as low as 9 BTC. After “Phase 1” the prices will increase, as the project moves closer to completion.

Douglas Barrowman emphasized that the interest is great but at this stage, all sales are put on hold because, after the December all-time highs, traders started to cash out. The complex offers a gym, running and walking tracks, supermarket, swimming pool, medical center, play area, retail shops as well as food and beverage.

What about the prices? Well, if you have some spare bitcoins you can get a studio for 15 to 16 BTC. One bedroom apartment will cost you 27 BTC, while for two-bedrooms you need to dig deeper – 41 BTC. BitPay supports all purchases in Aston Plaza & Residences.

However, Mone and Barrowman have another crypto-related partnership. They plan to launch an ICO, offering Equi tokens, which will run on the Equi platform. Douglas believes that this way people who like to invest their crypto assets in real-world assets would eventually cover the whole process much faster and easier.

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